In the UK are you able to Insure yourself?

Question

As in, sign something promising to pay for all damages to third parties in the event of an accident caused by yourself?

Referring to Car Insurance BTW haha

I mean is there anything I can sign to say that if I cause an accident I'll pay for the damages myself?

Coz I'm not going to cause an accident, so shouldnt have to pay for insurance haha

Answer 1

Get car isurance you loser

Answer 2

You don't need to sign anything, if you cause an accident you WILL be paying for it, one way or another. If you're sufficiently wealthy you can deposit funds with the high court to cover your liabilities, I forget how many millions is required these days. Military vehicles are not "insured", for example, as we understand it, there's some high-level shenanigans whereby the MoD makes such a deposit, though it's an governmental paper-shuffling exercise.

Answer 3

Actually yes, you can.

You would need to get it all drawn up by a solicitor, who will outline what is necessary to undertake 'self insurance' as it is known. The contract would need to be witness by a notary. This will all cost you about £2,000 to £2,500.

Then, all you need to do, is deposit the minimum amount required to cover yourself for public liability (at present £2 million) and you're away.

Oh, and if you think you won't cause an accident, you've obviously only just passed your test.

Answer 4

You have to remember that as well as damage to a 3rd party vehicle you could be liable for huge costs in respect of damage to the other driver and his passengers. The majority of the insurance premiums relate to this potential liability for personal injuries and if you are uninsured there is no doubt that you would be bankrupted.

Answer 5

By law you are required to have third party indemnity as an absolute minimum.

So consider the following:

You park on a slight hill in a supermarket, while you are shopping your handbrake fails, the car rolls into a group of shoppers, killing two children and seriously injuring three adults.

The car also smashes a plate glass window causing multiple injuries to people inside the shop - you being one of them.

Your injuries are such that you suffer extensive damage to your lower torso and left leg resulting in the fact that, a, you will never walk again, and b, you will never work again.

The cost of medical damages run into the hundreds of thousands of pounds, the claim for damages to property runs to tens of thousands of pounds.

And the claim for death of a child due to your negligence through failing to a, comply with the law, and b, maintain your vehicle correctly - priceless.

Don't be such a prat.

Answer 6

You used to be able to do this in the early days of motoring. You had to deposit £250000 with the high court as a bond to cover possible accident costs. If you could still do it the modern figure would be around £20 million

Answer 7

Yes there is a way but it would cost you so much by way of a deposit that it is better to pay for the insurance.

Answer 8

YES, JUST CONTACT YOUR INSURANCE AGENT AND THEY WILL HANDLE EVERYTHING FOR YOU.

Answer 9

dammit! it is car insurance! *kicks myself*

Answer 10

it is called CAR INSURANCE