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I forget but I seem to remember there was an alternative to buying car insurance. The bits and pieces that I remember is that you need 1) Court Approval 2) A bank account funded with enough funds to cover an accident. Does anyone know what this type of coverage is called? I can't seem to find it... that way, you don't need to pay premiums to the Insurance company and the money grows (as long as you don't have an at-fault accident, that is)...
I forget but I seem to remember there was an alternative to buying car insurance. The bits and pieces that I remember is that you need 1) Court Approval 2) A bank account funded with enough funds to cover an accident. Does anyone know what this type of coverage is called? I can't seem to find it... that way, you don't need to pay premiums to the Insurance company and the money grows (as long as you don't have an at-fault accident, that is)...
It's called self insured. It requirement varies in different states. Some companies does that. I was hit by an Avis rental vehicle and learned that they are self insured. I had to go with their claim department and they paid for my repair along with a free vehicle rental.
It's called self-insured. Rarely done by individuals, mostly by businesses. Large ones. The problem is having enough for the liability coverage. Got $500,000 in the bank that can just sit there?
It's called self-insured. Rarely done by individuals, mostly by businesses. Large ones. The problem is having enough for the liability coverage. Got $500,000 in the bank that can just sit there?
The requirements are nowhere near that high. In Arizona and Nevada the requirement is $40,000.
The requirements are nowhere near that high. In Arizona and Nevada the requirement is $40,000.
Very possibly, LVD . . .
But an accident costing less than $40k is not likely nowadays. In fact, I have a feeling most accidents cost in excess of $400k even without major injuries.
Definitely not a check I would care to sign my name to.
But an accident costing less than $40k is not likely nowadays. In fact, I have a feeling most accidents cost in excess of $400k even without major injuries.
Definitely not a check I would care to sign my name to.
I agree with you Bummer, but I was only stating what the law required. My own insurance only covers $15,000/$30,000/$10,000 ($40,000) total. Others have also told me it is not enough either.
Keep in mind, if you ding someone and they find out you've got enough cash just laying around the bank to not have to carry insurance, they quite possibly could suddenly have neck pain. This country is sue happy. I wouldn't want to give anyone the impression that I've got anything worth suing me for. Just seems like you're asking for trouble.
Take that money and stick it in a nice little Roth IRA and let it earn the money there with no liability to lose that little nest egg to some sue happy jerk.
I agree with you Bummer, but I was only stating what the law required. My own insurance only covers $15,000/$30,000/$10,000 ($40,000) total. Others have also told me it is not enough either.
Damn shame our lawmakers are still living back in the 60's, isn't it, LVD?
I just hope if and when I am involved in an accident the Driver At Fault has more insurance than the cost of a simple Ambulance Trip to the Emergency Room. Any wild guesses on the cost of one simple Fender Bender or one of those Mega-Wrecks on I-10? More than likely, they'll be staggering and the judgements could last for decades if insurance is inadequate even though they meet the minimum requirements.
NOT WORTH THE RISK as increasing the coverage is relatively inexpensive.
The requirements are nowhere near that high. In Arizona and Nevada the requirement is $40,000.
what happens if you hurt someone bad and they sue you for 1 mil?
BTW- I work for a university and we are self insured.
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