So like you can do that if you’re rich. You out $1M in a bond, or show some proof annually that you’ve got that available, and poof - that’s your insurance.

Most people can’t afford a car without payments. So insurance is there so when / if you break someone else’s car, you’ve already made those payments.

Plus some capitalistic grift for the insurance companies, of course. It’s a courtesy they’re providing you, after all.