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Originally posted by: Chilcoot
California requires drivers to have liability insurance, with a minimum of $15,000 in coverage for the injury or death of one person, $30,000 for more than one person, and $5,000 for property damage. In lieu of that, a California driver who doesn't want to buy car insurance can make a $35,000 cash deposit with the California Department of Motor Vehicles, post a surety bond for $35,000 or get a self-insurance certificate from the DMV.
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Originally posted by: Chilcoot
QuoteThere are a few states that allow people to self-insure their auto coverage. Apparently California, Tennessee, Washington, Texas and Ohio drivers can drive without insurance.
Originally posted by: Tutontow
If someone is wealthy, lets say net worth over 10 million dollars, are they required to buy auto insurance? I'm just curious because if the answer is no why can't they be self insured?
California requires drivers to have liability insurance, with a minimum of $15,000 in coverage for the injury or death of one person, $30,000 for more than one person, and $5,000 for property damage. In lieu of that, a California driver who doesn't want to buy car insurance can make a $35,000 cash deposit with the California Department of Motor Vehicles, post a surety bond for $35,000 or get a self-insurance certificate from the DMV.
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Anyone who thinks 35k is going to protect them if they kill or seriously injure someone is a total fool.