2006-07-06 11:26:43 · 12 answers · asked by Jose 2 in Cars & Transportation ➔ Insurance & Registration
My accounting instructor said that you can purchase a bond (cosing $30,000) from the DMV declaring that you're financially responsible and, therefore, don't need to purchase car insurance.
2006-07-06 11:34:52 · update #1
Only Bodily Injury Liability and Property Injury Liability is required by the state. This is b/c these are the coverages that pay for the OTHER party's injury and property damage if you hit them and it is your fault.
Hope this helps!
P.S. Yes- you can purchase a $30,000 bond through the state in lieu of insurance. But this means you need $30,000. This amount is the state minimum in liability required in CA. If this limit ever goes up- you'll have to put more money down. Also- if you ever injure someone in an accident- you only have $30,000 to pay for their injuries and property damage. Over that, you'll be sued.
2006-07-06 12:27:32 · answer #1 · answered by bellytail 5 · 2⤊ 0⤋
Okay, you are required to have a minium of Liability Insurance in the all States. As for a bond, I am not sure of CA, but in Texas, Kentucky, and Ohio, you can have a bond of a certain amount in Lieu of the extra coverage required when operating a Limo or taxi service.
2006-07-07 19:25:59 · answer #2 · answered by sfcjcl 5 · 0⤊ 0⤋
Are you kidding, have you seen a hospital bill lately? get insurance it`s not cheap especially in California, but if you get in a accident and hurt or kill someone you`ll be damn glad you have it. also if you can spring for a little extra find out about an umbrella policy that takes over after you`ve reached your policy limits. And no I`m not an insurance agent. GOOD LUCK TO YOU !!!
2006-07-06 18:51:24 · answer #3 · answered by ozzyfanjordan 2 · 0⤊ 0⤋
Yes
2006-07-06 18:56:01 · answer #4 · answered by mistress_coleen_01 4 · 0⤊ 0⤋
yes you can buy a bond to post as car insurance but if something happens the bond company will come after you for their money!!!
P.S> yes it's mandatory to have car insurance in Califournia<--------the way arnold says it!!!
2006-07-09 01:41:46 · answer #5 · answered by joy ride 6 · 0⤊ 0⤋
By law yes, proof is required for registration . When stopped by police proof is needed if asked.
2006-07-06 18:29:31 · answer #6 · answered by M D 3 · 0⤊ 0⤋
I don't think a surety bond is approved anymore but you can try.
2006-07-06 23:00:17 · answer #7 · answered by trailsman1961 3 · 0⤊ 0⤋
yes
2006-07-06 18:29:16 · answer #8 · answered by Wolf 3 · 0⤊ 0⤋
its mandatory in every state, you must carry proof of ins, in your car
2006-07-06 18:30:19 · answer #9 · answered by hellsqueen05 2 · 0⤊ 0⤋
your accounting instructor is correct.
2006-07-06 19:03:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋