posted on Dec, 17 2010 @ 07:10 PM
reply to post by Pervius
Every state is a little different but I know for a fact since I did it, I got the idea from the company I was working for ... they were self insured
so I looked into it and all that was required was to post a bond as collateral.
Most states allow at least one of these items to be used as financial responsibility:
* Your car insurance policy.
* A surety bond issued by any authorized surety company.
* A State Motor Vehicle Department bond secured by real estate equity of a set amount (for example Ohio requires at least $60,000, same for New
Mexico, California requires $35,000).
* A State Motor Vehicle Department certificate for money or government bonds for a set amount on deposit with the State Treasurer (usually has a
lesser amount required).
* A certificate of proof of financial responsibility signed by an insurance agent on a form prescribed by your state's Motor Vehicle Department.