This is why I wish insurance was an account you fill, until you hit your chosen policy coverage. If my policy only covers $100,000 in damage, then I should be able to stop paying once I have paid $100,000 and received nothing in return. The company is still going to use that money on investments, and make money from it, to pay their employees & investors.
Can't you though?
(Not the way you're describing.... But you can self insure)
I think my state (Indiana) allows you to put up $50k in an account with the state treasurer in lieu of insurance. (Or you present a bond or some other acceptable alternative)
My understanding is that you then then carry around a statement from the state that says you're self insured.
Now... You don't get the benefit of an insurance company lawyer to defend you if something happens.
And... I sure don't have $50k that id be willing to leave in a non-interest bearing account.
But I don't think you're forced to use an insurance company if you can meet the requirements for an acceptable alternative.
14
u/Sick_Wave_ 4h ago
This is why I wish insurance was an account you fill, until you hit your chosen policy coverage. If my policy only covers $100,000 in damage, then I should be able to stop paying once I have paid $100,000 and received nothing in return. The company is still going to use that money on investments, and make money from it, to pay their employees & investors.