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Can I self-insure my car?
I’ve maintained liability coverage my entire adult life, and never once have I received a ticket or filed a claim. At this point, I feel like paying my annual premiums is a waste of money. Is there a way to self-insure my cars?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We can’t blame you for trying to save money.
Car insurance costs are rising
, but so are medical and repair expenses. Your self-insurance fund could be wiped out after one unfortunate accident, and unlike a large insurance company, it could take you a long time to rebuild it.For this reason, most states only permit commercial fleet owners to self-insure—but there are a few exceptions. The following states allow drivers with fewer than 25 vehicles to file for a self-insurance certificate:
- Alaska
- Connecticut
- Georgia
- Hawaii
- Indiana
- Maryland
- New Mexico
- North Dakota
- Pennsylvania
- Vermont
To self-insure, contact your state's Department of Motor Vehicles to buy a surety bond (or put down a deposit). Minimum deposit requirements range from $10,000 to $160,000—so make sure you have lots of cash in the bank!
If you'd rather skip the hassle of self-insuring, consider switching insurance providers. With a driving record like yours, you’ll find plenty of
car insurance discounts
.View full answer
- Gregory R.
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