 Can you go after owner of car if driver is uninsured? |
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A... |
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Additional Details
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Inquisit | Is it true about how you can avoid paying car insurance? |
I was once told by one of my professors that the law allows you to not pay car insurance as long as you have a certain amount of money on reserve for paying the cost of the accident (if the judge found you to be the cause.) Is this true or the law have changed?
If it's true, it would sound logical to test the stats to see the probability of you getting into an accident and the time you can avoid paying insurance.
Any thoughts? |
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Mr. Sir
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The easiest way to get rid of paying car insurance is to sell your car and purchase a bus pass for your city. You'll save on gas, car maintanance, and insurance. If your professor told you what you claim he said, ask him for the details. |
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Wendy S
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There are several states that allow individuals to self-insure, and each has different requirements for allowing it. Additionally, states also provide for entities (corporations, local and state governments, etc) to self-insure.
If you were financially wealthy and didn't care about the risk of losing a substantial portion of your wealth, you could self-insure. That is, you would use your own money to pay for damage repairs, a replacement vehicle if your current vehicle is stolen or destroyed, towing and storage charges, medical bills associated with an accident, lawsuits by other parties when you are at fault in an accident that causes damages, injuries, or death, attorney fees, and property damages.
However, those who might be able to self-insure usually don't. The cost of insurance is relatively small compared to the potential losses associated with self-insurance. Why risk losing thousands or millions of dollars in an at-fault lawsuit? Also, many states have no-fault Personal Injury Protection laws. Those laws have to do with your own injuries, so proving you have enough to cover damage to someone else doesn't address your own injuries or responsibility under the law.
Another reason for having auto insurance for those who buy with a loan or lease is that bank and finance companies insist on it. They want to protect their investment during the time of the loan or lease. If the vehicle is destroyed or stolen, they want to be sure they are paid. If you don't own your cars outright you will not be eligible to self-insure.
In summary, you need insurance to protect you, your finance company, and other parties and property for which you might be responsible. If I were wealthy I'd pay cash for my vehicles (or lease if I had my own business and could deduct the payments), but I'd carry a LOT of liability insurance to protect the assets I spent so much time and energy building. ESPECIALLY in today's litigious world. |
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deanspurrier
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I'm not sure about other States but in Texas a person can post a bond with the State in the amount of minimum liability limits and they will not need to maintain Liability insurance as long as the bond is in-force. This applies only to Liability and no other coverages.
You will need to keep a copy, mind you a copy (keep the original bond in a safe place) of the bond should either be placed in each vehicle or given to the individuals who drive to carry with them.
This type of bond is useful for small businesses, car lots and things such as that were the cost of insuring each and every car would be prohibitive, but for an individual it's rarely ever worth it unless you own several cars that lots of different people use and none of those cars need or are worth more than Liability coverage. Remember a Bond still cost money and it also ties up cash that might be better used elsewhere. Not to mention it will have to be filled with the State so you know because of all the bureaucracy you will be jumping through hoops. |
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ricks
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even if it were possible, why would you? If, for example, like another poster said, you have to put up $100k. You would have that money tied up for all the years that you are covering yourself. Most people who have that kind of money will not put that kind of cash up at once, with no return on it. Folks with that kind of money, that cant think of anything to do with it, will not put it up instead of paying for insurance.
I have no idea what the average lifetime of driving is, but for arguments sake, lets say its 40 years. If you put that $100k on deposit or however it is done, that is the equivalent of paying $2,500 a year, for 40 years! With no return! That is assuming no accidents during that time. Plus, you pay out of pocket for all fender benders, broken windows, totaled cars, broken locks from a car thief etc... And of course you dont get that huge $15/ day for renting a car when yours is being fixed.
Just seems that paying $1500/yr or so, would be more worth while. |
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DC
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Many, if not most, states have laws that mandate a minimum amount of auto insurance. Whether a state will waive that requirement based on the amount required being in the bank would vary from state to state, if it exists at all. Call the motor vehicle department in your state for more information. |
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leets69
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I think that is true in some states. |
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larsgirl
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there are states that will allow you to post a bond for specific minimum amounts, 50,000.......100,000.. some states are different.. but you have to specifically designate this bond (money) for this purpose.
But why would you?? that's a lot of cash to tie up... if your driving record is that bad, that your insurance is that high, you probably don't have a license anymore anyway..... OR you shouldn't!!
Re think this idea. |
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me
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this i like to see |
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• ŘЭÐ • ραη∂α
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Maybe it is true; you'll probably have to check the laws in your state. But I don't see how the amount of $ to put on reserve can be determined, because you can't put a $ amount on someone's life, say if you killed someone. |
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Carl P
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In the state of Virginia it still applies. It is called Un-insured Motorist fee, You pay a bond amount to the state (used to be a few hundred) and sign off that you can cover the costs of any liability. This means you can be sued for everything you own of course if you screw up.
this is a link to the virginia DMV page about un-insured coverage:
http://www.dmv.state.va.us/webdoc/citizen/vehicles/insurance.asp |
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MARK S
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Yes, it is true. At least in California it is. You provide the Dept. of Motor Vehicles a $35,000 bond and that will satisfy the states motor vehicle financial responsibility law. |
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knujefp
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At least according to MN law you can, IF you have $100,000, I think that's the right amount, in cash in the bank. You also need a letter form your bank stating you have this available, like your insurance card. (as best as I can remember)
If you had $100,000 laying around you could find a better use for it, and be able to afford your car insurance.
Here is the Minnesota law regarding SELF insurance it doesn't say $ amount just an equivalent amount like your policy would be
Subd. 3. Self-insurance. Self-insurance, subject to approval of the commissioner, is effected
by filing with the commissioner in satisfactory form:
(1) a continuing undertaking by the owner or other appropriate person to pay tort liabilities
or basic economic loss benefits, or both, and to perform all other obligations imposed by sections
65B.41 to 65B.71;
(2) evidence that appropriate provision exists for prompt administration of all claims,
benefits, and obligations provided by sections 65B.41 to 65B.71;
(3) evidence that reliable financial arrangements, deposits, or commitments exist providing
assurance, substantially equivalent to that afforded by a policy of insurance complying with
sections 65B.41 to 65B.71, for payment of tort liabilities, basic economic loss benefits, and all
other obligations imposed by sections 65B.41 to 65B.71; and
(4) a nonrefundable initial application fee of $2,500 and a renewal fee of $1,200 for political
subdivisions and $1,500 for nonpolitical entities every three years.
Subd. 3a. Rulemaking. To carry out the purposes of subdivision 3, the commissioner may
adopt rules pursuant to chapter 14. These rules may:
(a) establish reporting requirements;
(b) establish standards or guidelines to assure the adequacy of the financing and
administration of self-insurance plans;
(c) establish bonding requirements or other provisions assuring the financial integrity of
entities that self-insure other than bonding requirements for self-insuring political subdivisions;
and
(d) establish other reasonable requirements to further the purposes of this section. |
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Ade
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I worked for a personal injury attorney who worked mainly in car accidents for 25 years. I'm familiar with car insurance and can tell you, never EVER be without it. Its a nightmare. Ask any of his 300 clients (at a time).
Meanwhile, considering most states rule that you have to have at least liability insurance, if you drive your car into someone's house, kill their dog and wreck their car in the process, you're upwards of $250,000. Always have at least $300,000 in insurance. And go for full coverage, not just liability. Its so worth it. |
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Michael L
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Most, If not all states will not allow you to register an automobile unless you have proof of insurance. |
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Over The Rainbow
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I doubt if that is true...are you sure the professor wasn't just trying to make the point... that who has at least $100,000 back up money for liability, therefore, everyone would have to have insurance. |
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mbrcatz
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Some states will allow you to post a bond instead of buying liability insurance. It's true.
The money is held, in case you cause an accident, and don't immediately write a check for any damage you cause, or bodily injury you cause.
The big problem is, most people BORROW MONEY to buy a car, and the BANKS require that you have collision and comprehensive coverage - a form of insurance, that the bond won't alleviate. Also, posting a bond will not satisfy a LEASE from a car.
Lastly, keep in mind that the bond POSTING amount, can be up to the $50,000. That's a LOT of cash to tie up.
The probability if ONE person getting into an accident is not accurately predictable, because either it happens, or it doesn't.
Insurance is a financial tool. People who are good with money use financial tools more than people who aren't. That's just the way it is. |
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bundysmom
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It's a bond you have to put up with the state, and it's for millions of dollars. Look at the rental companies, like ERAC and Hertz...they have bonds with the state and their customers and employees are wrecking cars daily. |
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J T
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Your professors are flat out wrong - and I'll guarantee you they have insurance.
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