Insurance required if you have x amount of dollars saved up
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Insurance required if you have x amount of dollars saved up
Is there a law for car insurance or other insurance if you have x amount of dollars saved you are not required by law to have insurance with an insurance company?
Asked on June 13, 2009 under Insurance Law, Florida
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I'm not a Florida attorney, but my research suggests that Florida, like most states, does not allow individuals to be "self-insured" for their automobiles. If you have cars with Florida tags, you have to have Florida car insurance, no if's, and's or but's.
Even if you could do it, being self-insured isn't the best idea. One of the things that comes with most car insurance policies is a paid-for attorney if you get sued because of a car accident. That expense alone can run over $10,000, even if you are found not to be at fault.
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