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Where is the Car Insurance Bond Trillions?

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posted on Dec, 17 2010 @ 04:03 PM
I met this elderly man awhile ago and we were on the subject of car insurance. He said you don't have to buy it.

Apparently you can get a Bond and Bond yourself. He had the paper the State Treasurer stamped and signed stating 'valid for insurance'. He said when he retired he cashed in his Bond and it was part of his retirement investments.

So if everyone else in America lets a company Bond all their lives and never make claims on those Bonds...where are the mega Trillions from those Bonds people paid?

Somebody must be sitting on mountains of Gold out there.

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.

posted on Dec, 17 2010 @ 09:04 PM

Originally posted by Pervius

Somebody must be sitting on mountains of Gold out there.

Its all virtually paper .

I.O.U`s and confidence ........ apparently make the world go round.

posted on Dec, 17 2010 @ 09:07 PM
If you move to New Hampshire you don't need car insurance at all, just enough money to pay up when someone sues you for breaking their back when you run them over
edit on 17-12-2010 by davespanners because: (no reason given)

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