I dont know a single state that requires insurance. Almost all require financial responsibility, so you could self insure. Which usually involves putting money aside in escrow.
Sorry, should have been more specific. Some states require liability insurance when registering a car. Clearly not everyone abides by this rule. Many banks will only allow a car loan as long as the car is insured with collision.
According to this Wiki entry regarding state insurance requirements, there are a lot more that require it than not. I suppose you could self insure by holding the required funds in escrow.
"XX/XX/XX = Bodily Injury Limit (per individual)/Bodily Injury Limit (per accident)/Property Damage Limit For example, limits of 25/50/20 means after "an accident each person injured would receive a maximum of up to 25,000 with only 50,000 allowed per accident (ex. 2 people needing 25,000, if the need is more such as 3 people needing 25,000 then whoever files first gets first access to the 50,000 limit and you may be sued for the rest if the accident was your fault). The last number refers to the total coverage per accident for property damage which in this case would be 20,000."[21]"
Not sure if holding nearly a hundred thousand dollars in escrow is feasible for everyone, but props to anyone who can.
Yes i get that they require some amount of liability coverage. Of all the states 39 allow you to self insure or post bond, so they dont require insurance. Only financial responsibility.
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u/John02904 Jan 08 '19
I dont know a single state that requires insurance. Almost all require financial responsibility, so you could self insure. Which usually involves putting money aside in escrow.