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How do I self-insure a car in Indiana?
I have an old beater, and I don't want to pay for car insurance when I'm not sure it'll make it to the end of the year. I don't want to pay more money than the car is worth, so is there any way I can self-insure the car? I live in Indiana.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It’s definitely understandable that you’re looking to save money! I’m happy to say that
Indiana
is one of several states that allows self-insurance on a vehicle. If you want to self-insure your car, here are the steps you should take:- Complete the necessary application at the DMV
- Pay a $40,000 bond or deposit
Because the bond/deposit is so expensive, few drivers have the financial resources to self-insure rather than purchase
car insurance
. In addition, you risk the entirety of your deposit if you’re in a car accident rather than just your premium you’d have with a car insurance policy.If you just want to make sure you get the best deal on the lowest level of coverage, try using the
Jerry
app. We’ll get you dozens of quotes from top insurers so that you can be sure you’re getting the minimum coverage you need at the best price point. That way you can save your money for a new car once your old beater finally rolls off this mortal coil.Good luck, and drive safely!”
View full answer
- Gregory R.
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