I self insure. I keep my state minimum and pay what I would pay in collision to myself in an interest bearing acct until I reach the replacement cost of the vehicle. Took a while the first time but after those first few years it has been worth it.
Only a few years? What’s the math on that? I looked into it and the minimum was 20k. When I looked at it I think it would take around 40 years to break even on premiums. It’s not about the replacement cost of the vehicle but about damages that you could be liable for. If you’re liable for a hospital bill, that minimum won’t go far.
The state minimum insurance for me is liability which covers all damage to other people’s vehicles and injuries. What I insure myself for is damage to my vehicle. It costs $220 for full coverage and $20 for liability. I pay myself the $200 until it reaches the depreciated value of the car. After the first car I had enough money to buy in cash and just keep the fund going. I still pay the $20 a month to GEICO because it’s required but I now can replace my vehicle in case of a wreck. After 5 years that $200 is $12k. All the gamble was on the first car after that not a problem as long as I don’t try to buy a new or luxury vehicle.
I self insure. I keep my state minimum and pay what I would pay in collision to myself in an interest bearing acct until I reach the replacement cost of the vehicle. Took a while the first time but after those first few years it has been worth it.
Hope you never get sued after an accident
The minimum coverage of my state covers that. I’m required to carry liability insurance
Only a few years? What’s the math on that? I looked into it and the minimum was 20k. When I looked at it I think it would take around 40 years to break even on premiums. It’s not about the replacement cost of the vehicle but about damages that you could be liable for. If you’re liable for a hospital bill, that minimum won’t go far.
The state minimum insurance for me is liability which covers all damage to other people’s vehicles and injuries. What I insure myself for is damage to my vehicle. It costs $220 for full coverage and $20 for liability. I pay myself the $200 until it reaches the depreciated value of the car. After the first car I had enough money to buy in cash and just keep the fund going. I still pay the $20 a month to GEICO because it’s required but I now can replace my vehicle in case of a wreck. After 5 years that $200 is $12k. All the gamble was on the first car after that not a problem as long as I don’t try to buy a new or luxury vehicle.