Comment by chad_oliver

That's an entirely separate issue, isn't it? In my country (New Zealand) there are no requirements to have auto insurance. If you don't have insurance and you hit a million-dollar car you're gonna be in an awkward situation, but that's a risk you're allowed to take.

Note that you _are_ legally required to pay your annual ACC levies, which fund no-fault cover for injuries. However that doesn't cover property damage.