Why couldn’t somebody just put money in a savings account monthly instead of paying insurance monthly?
In: Economics
It depends on where you are and what kind of insurance and why you’re carrying it.
If you’re talking about auto insurance, some states will let you post a surety bond instead of carrying insurance. It leaves a bunch of your money tied up and untouchable, but you don’t need insurance. If you ever run into a public liability or property damage claim that needs to be paid out, the money can come from the bond.
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