Alternative to Insurance?

[Detayned1447]

I've heard people talking about their being an alternative to car insurance...but I have never heard anything else about it...does anyone know besides driving illegally if there is any alternatives?

 

[Ryan]

Um - not driving.

 

[Detayned1447]

Anything to keep it legal and drive?

 

[cjgallen]

Massive debt.

 

[Baked]

Yes, cheaper insurance and the insurance holds no responsibility when you get into shed.

 

[NutBucket]

If you can prove you have 35k sitting in an account somewhere that you can't get to. Or something like that.

 

[DaveSimmons]

Most bus systems have unlimited ride passes for under $100/month. No insurance, car payments, maintenance or gas needed.

 

[Vic]

In some states, car insurance requirements can be waived if you place a large enough sum of money (usually high 5 figures) in an escrow specifically for that purpose. I doubt anyone does this though because it doesn't pencil out.

 

[NogginBoink]

In Texas, I believe, a $50K bond is sufficient for self-insurance.

But seriously, why would you want to self insure? You may save a few dollars in premiums, but if God forbid you're at fault in an accident, you'd be liable for paying the other party's claims.

My advice: Pay the insurance premiums and let your insurance company assume the risk. And sleep soundly at night.

 

[Vic]

Yeah seriously. Suppose the bond is $50k. You have to place that money in a non-interest bearing escrow account to just rot there. In the meantime, I pay just less than $2k/yr. for 3 cars and 2 drivers and $500k total coverage. That $50k bond would be paying upfront for 25 years cost of insurance for only 1/10th the coverage, and I'd be out the whole $50k if I got in an accident. Like I posted earlier, no one does this because it doesn't pencil out. Insurance might be expensive, but it is usually a really good deal when you need it.