So all US states require all cars doing a tour to have insurance ... since insurance is just dollars put asside for release contained by the event of emergencies or other pre-determined event ... why can't I just put $100,000 into a sandbank account and phone it my car liability details and have my car insured beside the state under my name providing that I don't touch those funds?
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
Most states (including mine) will allow an individual to post a bond through the DMV in lieu of liability insurance -- but, DUH --- if you enjoy 100K then why not just BUY insurance? One luck with injuries could wipe out your 100 thou overnight.
Answers: Some states will allow you to post a bond instead of buying insurance - but you can't put the money contained by YOUR savings account, it have to be held by a bonding company or the state - ie, it won't get interest. That's so if/when the accident happen, you can't change your mind and decide not to money the other party.
A site I've recommended in olden times would be...
http://www.knowledged.info/go.php?link=i...
Hope that helps.
Most states (including mine) will allow an individual to post a bond through the DMV in lieu of liability insurance -- but, DUH --- if you enjoy 100K then why not just BUY insurance? One luck with injuries could wipe out your 100 thou overnight.
Commercial fleets do this rather often.
This is called anyone "self insured."that is, being inclined and able to pay claims out of change on hand.,
However, do you it, you must post a bond in the state surrounded by which you wish to be self insured..
Here's the catch, you must post a bond within EACH STATE in which you drive.,
So, unless you are a Fedex or Roadway with lots of truck, or Hertz, it of late ain;t worth it.
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
Commercial fleets do this rather often.
This is called anyone "self insured."that is, being inclined and able to pay claims out of change on hand.,
However, do you it, you must post a bond in the state surrounded by which you wish to be self insured..
Here's the catch, you must post a bond within EACH STATE in which you drive.,
So, unless you are a Fedex or Roadway with lots of truck, or Hertz, it of late ain;t worth it.
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
Ontario License Expiry Question? Important!?
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
About how much would the average insurance...
Most states (including mine) will allow an individual to post a bond through the DMV in lieu of liability insurance -- but, DUH --- if you enjoy 100K then why not just BUY insurance? One luck with injuries could wipe out your 100 thou overnight.
What be the required minimum for auto...
Answers: Some states will allow you to post a bond instead of buying insurance - but you can't put the money contained by YOUR savings account, it have to be held by a bonding company or the state - ie, it won't get interest. That's so if/when the accident happen, you can't change your mind and decide not to money the other party.
A site I've recommended in olden times would be...
http://www.knowledged.info/go.php?link=i...
Hope that helps.
Most states (including mine) will allow an individual to post a bond through the DMV in lieu of liability insurance -- but, DUH --- if you enjoy 100K then why not just BUY insurance? One luck with injuries could wipe out your 100 thou overnight.
Hi any driving instructors out nearby?? I'm...
Commercial fleets do this rather often.
This is called anyone "self insured."that is, being inclined and able to pay claims out of change on hand.,
However, do you it, you must post a bond in the state surrounded by which you wish to be self insured..
Here's the catch, you must post a bond within EACH STATE in which you drive.,
So, unless you are a Fedex or Roadway with lots of truck, or Hertz, it of late ain;t worth it.
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
A sports car contained by front of...
In most states you can show proof that you own enough money to back up an calamity if it is your fault, each state requires a abiding amount so you need to check with your state to see what the amount is.Commercial fleets do this rather often.
This is called anyone "self insured."that is, being inclined and able to pay claims out of change on hand.,
However, do you it, you must post a bond in the state surrounded by which you wish to be self insured..
Here's the catch, you must post a bond within EACH STATE in which you drive.,
So, unless you are a Fedex or Roadway with lots of truck, or Hertz, it of late ain;t worth it.
It will never pay, for one vehicle. First off, a claim wipe out your bond in a hurry. Second, the bond only covers liability, you cannot use it to repair or replace your own motor, or to pay for your injuries. Third, even a conservative investor gets over $4,000 annually interest on that amount of money surrounded by the bank, You get nought if it sits in a DVL bond, You would have to be a pretty crappy driver to enjoy a premium higher than that, and you would, obviously, be far more promising to have somebody claim on it.
Lastly, not all states adopt an escrow bond.
Only a fool self-insures, unless he has 100 vehicles doing a tour to make it worthwhile.
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