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
“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.”
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Emily Richey
Answered on May 31, 2021
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