How much money do you need to not have car insurance?
Is it possible to skip on car insurance if I have enough money in the bank?
Answer provided by
Answered on May 31, 2021
“In several states, you can choose to deposit cash or post a bond with the state instead of buying traditional car insurance. The deposit or bond amounts can range from $10,000 to over $100,000, depending on where you live.
Before you choose to forego insurance, ask yourself these questions:
- Do you have enough money in the bank to make a deposit or post a bond?
- Are you comfortable driving without coverage when just one accident could result in sky-high bills and ruin your finances?
- Could you do better things with your money, like save for retirement or your kids’ college education?
Getting car insurance is usually the best option for most drivers. If the cost is what’s stopping you from getting a policy, try shopping for competitive insurance quotes with Jerry.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Can my insurance company force me to download their driving behavior app?
My insurance company keeps raising my premium and said I will need to download their driving behavior app if I want to save money. Can they force me to download the app? Should I just switch companies?
Apr 21, 2021
How can I get reimbursed for medical bills in Minnesota if I was in a rental car accident (not at fault) and from out of state?
I was in Minneapolis to visit family. I rented a car and was in an accident where I wasn't at fault. I know that Minnesota is a no-fault state, but being from out of town, I don't have personal injury protection. What should I do?
Apr 23, 2021