Is there an alternative to insurance?; less popular method for showing proof of financial responsibility?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 15, 2017

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Insurance Question from Lakeland, FL

Asked on 07/15/2017

Is there an alternative to insurance?; less popular method for showing proof of financial responsibility? I am stuck paying 450/month total for my 2 vehicles. Me and girlfriend are on policy together. She has had 2 accidents in past. Ive had 2 speeding tickets. No other insurance companies can quote me anything better than my current payments. One of my vehicles is financed, other is owned. The owned vehicle has a KBB value of no more than 2000, however by itself it costs 300/month at every company I ask. We are both 23. I feel as if we are totally being ripped off. On top of it all we only make 10/hr. We also only have minimum coverage. Is there hardship programs or any other services of the sort offered by anyone to help people in this scenario? I'm in dire need of a change in this situation.

Answer given on July 18, 2017

There is no alternative to insurance, especially if your finances are limited. Some people can put up a bond of several thousand dollars, but insurance is the least expensive way.  By having multiple cars you get a multi car discount, which can save you as much as 20%.  Obviously your driving records create the costs to be much higher, but as they get older and drop off of your records, usually in 3 years, your rates will go down. 

If you have a low value auto, you really should only be carrying liability coverage on that vehicle, or possibly add comprehensive which is less expensive but covers glass damage, theft and vandalism. If you have collision coverage on that car, drop it immediately.  The financed car must have full coverage until it is paid off.

Some states offer a lower cost policy for low income drivers. Check with the Dept of Insurance to see if Fl offers something like that.

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