You don't have any insurance on your car, your collector car or your home. All hell lets loose on the way to work and your car slides off the road into a water filled ditch and is totaled, you return home and your house has just burned to the ground and your collector car in the garage is also toast.
Next step, hello XYZ Insurance I'd like to insure my Car, Collector Car and my Home. I need to mention there are pre-existing conditions: The car was totaled, the collector Car was burned to the ground and so is my house. You the insurer now need to fix/pay for all my pre-existing conditions now that I started policies on them.
Surely you have heard under the new mandated Gov't health insurance there is a maginal fine for not having insurance and the insurers must accept pre-existing conditions.....hmmm
