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Another Exciting Car Insurance Question!!! How Do Rich Folk Show Financial Responsibility With Out Insurance?
25 Jan 2010do they have a “financial responsibility trust account” or something?
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6 Responses to Another Exciting Car Insurance Question!!! How Do Rich Folk Show Financial Responsibility With Out Insurance?
mbrcatz
January 25th, 2010 at 4:43 pm
In states that allow it, they post a $100,000 bond (or the amount required) to the state. Usually it’s an irrevocable letter of credit from a bank or other lending institute, or an insurance company bond (backed by the same irrevocable letter of credit).
But i have to tell you, I’ve never met a wealthy person who WANTED to do it, let alone has done it – because insurance is CHEAPER than tying up the $100,000 per vehicle.
Insurance is a financial tool.
Carl_the
January 25th, 2010 at 9:50 pm
In California everyone ( except Paris Hilton ) must show proof of insurance before they can register the car.
Bostonian In MO
January 25th, 2010 at 10:38 pm
Post a bond. But most rich folk wouln’t do that as the interest lost on the bond would usually be more than the cost of an insurance policy.
If you’re REALLY rich and have a D&B rating, the state MAY allow you to “self insure”. Effectively you’d become your own insurance company.
Barry auh2o
January 26th, 2010 at 4:42 am
You can go without ins, but you must show evidence of being “self insured.”
This means satisfying the state ins dept you can afford to do so,and having to post a bond.
This is how large fleets go about it.
They carry a very high deductable, ( like $ 100,000.00) and are self-insured for anything under this figure.
–
Not for the average person.
sandman
January 26th, 2010 at 9:31 am
I don’t think you have to prove it,you just assume the risk
avcrm@sb
January 26th, 2010 at 2:44 pm
They have to put X amount of $ in an account and have this verified before they are allowed to sign a waiver. I am pretty sure the amount changes from state to state.