Insurance required if you have x amount of dollars saved up

UPDATED: Jun 13, 2009

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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


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 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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