this post was submitted on 10 Dec 2025
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I mean, for car insurance you could just look up what a good insurance would cost you and put that money into a savings account if you're a careful person. It's a gamble, but most accidents you have are probably going to be fairly cheap. This would not be a good advice for home insurance as you wouldn't be able to save enough to buy a new house if yours burned to the ground.
At least in the USA, depending on the state it is illegal to not have car insurance on your car
There are legal requirements for how much money you have to have set aside to qualify as "self insured". Car insurance is not required for your own costs: that kind of "full coverage" is optional. "Liabilty insurance" to cover the damage you do to other people's property is legally required, and self-insuring is allowed, but the required liquidity to self-insure is more than most people have.
Insurance is mandatory not for you to repair your car but to protect other people that might suffer from you causing them damages (be it nateiral or even on their body).
Yeah, you buy the mandatory bit and put the rest into a savings account. Got a friend who saved a lot of money this way. But it's a gamble. You could wreck your car on day one.