# Anybody here ever self-insured their car? **URL:** \ **Category:** General Discussion\ **Created:** [January 16, 2020, 2:29am UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616 "2020-01-16T02:29:20Z")\ **Posts on this page:** 5\ **Page:** 2
**Author:** ![George\_San\_Jose1](https://avatars.discourse-cdn.com/v4/letter/g/e5b9ba/32.png) [@George\_San\_Jose1](https://community.cartalk.com/u/George_San_Jose1)\ **Post date:** [January 17, 2020, 2:30am UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616/21 "2020-01-17T02:30:31Z")
> [@It\_s\_Me](#): > > Is that for each car ? Yes. Each car. For details google _California DMV car self-insurance policy_ or something to that effect ---
**Author:** ![Viffer](https://avatars.discourse-cdn.com/v4/letter/v/f14d63/32.png) [@Viffer](https://community.cartalk.com/u/Viffer)\ **Post date:** [January 26, 2020, 9:33pm UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616/22 "2020-01-26T21:33:56Z")
The $35k cash deposit or bond with the DMV only covers your liability insurance and of course you might get sued for much more than that. Assuming you’re forgoing around 4% per year in interest income by leaving your funds on deposit with the DMV the annual opportunity cost of going this route would be say $1400 a year. I’m paying around $500 a year in California for just my liability insurance so I’d say on the surface it just isn’t worth it. Plus you stand to lose most or all of your deposit in case of an accident instead of just having the insurance company paying out the claim. I wouldn’t. ---
**Author:** ![TwinTurbo](https://avatars.discourse-cdn.com/v4/letter/t/8baadc/32.png) [@TwinTurbo](https://community.cartalk.com/u/TwinTurbo)\ **Post date:** [January 27, 2020, 4:06am UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616/23 "2020-01-27T04:06:31Z")
> [@Viffer](#): > > Assuming you’re forgoing around 4% per year in interest income by leaving your funds on deposit with the DMV the annual opportunity cost of going this route would be say $1400 a year. Why would anybody deposit the entire amount? You get a surety bond for around 1-2% of the bond amount. ---
**Author:** ![Honda-Blackbird](https://sea1.discourse-cdn.com/cartalk/user_avatar/community.cartalk.com/honda-blackbird/32/3159_2.png) [@Honda-Blackbird](https://community.cartalk.com/u/Honda-Blackbird)\ **Post date:** [January 27, 2020, 4:54am UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616/24 "2020-01-27T04:54:07Z")
Todays society is far to litigious for such ideas. Did I spell litigious right? That alone would deter me. ---
**Author:** ![MikeInNH](https://avatars.discourse-cdn.com/v4/letter/m/a587f6/32.png) [@MikeInNH](https://community.cartalk.com/u/MikeInNH)\ **Post date:** [January 27, 2020, 4:09pm UTC](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616/25 "2020-01-27T16:09:49Z")
Do you own any property or any other valuable assets? Because if you cause an accident and someone is seriously injured or killed, or any property you damage is more then what you have as self insured - you run the risk of loosing your property and any valuable assets. People like Bill Gates or Warren Buffet don’t carry any kind of insurance. They have enough money to cover any property damage or personal injury lawsuits. Do you? Most of us don’t. My nephew was in a serious car accident a few years ago. Several broken bones and serious hand damage. After 5 operations he has about 80% usage back in his hand. He was able to collect well over $500,000 in pain and suffering. [Previous page](https://community.cartalk.com/t/anybody-here-ever-self-insured-their-car/156616.md?page=1)