2007-08-19 13:16:04 · 14 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
I think it is still law that if you place £500,000 in trust with an approved bank or financial institution for the duration you want car insurance... you can use that backup money to drive 3rd party without being covered by any insurer.
2007-08-19 13:22:03 · answer #1 · answered by Narky 5 · 0⤊ 0⤋
In short, no. There is no way around car insurance in most states. In some states however, you can post a bond with the state in place of car insurance.
The bond is different by state but usually around $50,000. Remember that not every state allows you to do this so check with your state if you are interested.
2007-08-19 20:21:21 · answer #2 · answered by Anonymous · 2⤊ 0⤋
You can take out a security in the UK
144 Exceptions from requirement of third-party insurance or security
(1) Section 143 of this Act does not apply to a vehicle owned by a person who has deposited and keeps deposited with the Accountant General of the Supreme Court the sum of £15,000, at a time when the vehicle is being driven under the owner’s control.
(This is quoted directly from the act - the sum has been increased to £500,000 in 1992)
(1) Section 143 of this Act does not apply to a vehicle owned by a person who has deposited and keeps deposited with the Accountant General of the Supreme Court the sum of [£500,000], at a time when the vehicle is being driven under the owner’s control..
Please note that if you went this course and had an accident you would have to pay all the costs to the injured party - e.g. £100,000 injuries as well as the vehicle damage - so it is NOT recommended!
2007-08-20 18:52:36 · answer #3 · answered by welcome news 6 · 2⤊ 0⤋
All states will allow you to post a cash bond in lieu of insurance. Generally it needs to be equal to the BI and PD liability amount. In most cases the interest you would forgo would be more than the cost of insurance so it's generally not a sound way to provide proof of financial responsibility.
If you are a firm with a strong D&B rating you may be allowed to self insure.
2007-08-19 22:19:00 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Well, you could file a statement of financial responsibility, in the states that allow it, which means putting into an escrow account monies to cover liability for any and all accidents you have. It also means means any and all damage to your car and yourself that is not the fault of another driver, comes out of your pocket. It is probably the single stupidest thing a person who is not a billionaire could think of. It works for cities with enough vehicles, like a few hundred cars, trucks, buses, that self-insurance pays for itself, but not for individuals.
2007-08-20 02:57:51 · answer #5 · answered by Fred C 7 · 0⤊ 0⤋
Yes, the law simply states that you must be underwritten, but it doesn't say by whom. In other words, you can underwrite yourself - if you're rich enough.
When the London buses were operated by London Transport, none of them were insured by an insurance company - LT put up the money themselves. I believe other big fleet operators do it as well - it makes sense if you've got a lot of vehicles, there's no premiums to pay.
2007-08-19 20:30:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sure! I think all states will allow you to post a bond to cover any accident you may have in leiu of insurance. Of course the bond will most always cost over $100,000 but if you have that much money you could probably afford insurance.
2007-08-19 20:28:56 · answer #7 · answered by Anonymous · 3⤊ 0⤋
Depends. In California, you can post a bond of $30,000 and be self-insured. However, if there is a loan on the car, the lender will require insurance.
2007-08-19 20:20:47 · answer #8 · answered by Anonymous · 2⤊ 0⤋
well, do you have enough money to pay an entire family that is injured in an accident if you are at fault?
Lets add it up....
5 permanant injuries claimed @ 20k each = 100,000
car damage = 20,000
You got 120,000 laying around? NO? THEN PAY FOR INSURANCE.
2007-08-19 20:30:04 · answer #9 · answered by la428282 6 · 2⤊ 0⤋
no you have to purchase at least the minimum insurance for your state. you have to find out what the minimum requirements are by going to the dmv website for your state. if you register a car in your name and drive it, and do not have insurance you can get your drivers license suspended. and it will not be reinstated until you prove you have insurance and pay a fee. i suggest shopping for insurance online through esurance.com, geico.com, progressive.com, etc...remember to check first to see what the min reqs are. good luck!
2007-08-19 20:23:24 · answer #10 · answered by my 2 · 0⤊ 3⤋