I work for a car insurance company and I have never heard of such a thing. But why don't you just take the money you would have spent on car insurance and put it into an emergency fund somewhere (with interest even) and then if anything happens, just use that money to pay for it.

Sounds interesting but I don't think you can set up your own car insurance company. No one will honour that.

depends on your state, for example in California you can put up a bank bond I think for 30000USD, however in Canada you are out of luck, because its partly government.

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I plan to start a 'captive insurance' co. for truckers. Truckers pay $7,500 - $10,000 per year.

You'd need a great/larger car pool to make this worth a shot.

Good luck!

If you have all resources in your hand including professionals then enter in to the market and grab the business

not that easy, a captive will not make it, you need a state license and the fees are running high, need re-insurance and a relative high volume, the legal stuff is expensive

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I think insurance policy is needed for car. Because in way it will be worthy for you.

A Couple of things. If this person just dropped having insurance all together and put the premiums in some sort of saving account they would also need to stop driving. Every state requires some sort of proof that you can handle the liability...Some states allow the use of a bond however just putting premium into a bank accoutn won't cut it also the chances of the premium savings being enough to cover the liability of an accident with the cost of vehicles and repairs these days alone without even considering if someone was injured in a crash you caused.

I am also an insurance agent and there are certain states that will allow you to take out a bond to in the case of an accident. I honestly would not advise of that just due to who cheap you can get your coverage. It sounds like you have assets and that should be the first thing you should worry about. Even if you feel you can just pay to fix your own vehicle (comprehensive & collision), you have other costs to worry about your liability exposure.

Here are a couple of reason to with an insurance company.
1. Legal Representation: This is generally done at no additional expense for the insured. If you have your carry a bond, you will have to pay some serious $$$ for representation. Insurance company is motivated on reducing the amount that is needed to be paid out on a claim.

2. Risk Transfer: As an agent, I've written policies for auto where there is a limit of $500,000 for bodily injury liability for a very small premium. Some companies will give you a 1,000,000 liability coverage if approved by underwriters. Now this all depends on how good of a risk you are (credit, driving history, claims history, household risks). Then again, if you have a lot of assets, then you should accept the cost for the type of protection you are getting. Also, you only have to pay your deductible on your claim as opposed to paying several thousand dollars for your own vehicle.

As an insurance agent, it is in your best interest to carry coverage.

I would also second this line of thought that you should create a emergency fund and keep it invested safely with in your bank with savings rate of interest enhancing it regularly. Infact you can even invest a part of it into mutual funds, promising stocks so that your investments stays diversified so that you have enough to help you with emergency situations.

To own insurance company is not so easy.
It sounds like you have assets and that should be the first thing you should worry about. Even if you feel you can just pay to fix your own vehicle (comprehensive & collision), you have other costs to worry about your liability exposure.
I am also an insurance agent and there are certain states that will allow you to take out a bond to in the case of an accident. I honestly would not advise of that just due to who cheap you can get your coverage.

My first reply as Im new here. I just had a wreck in which 5 vechiles, 2 dogs, and 10 people were involved in. Four of the five vechiles were totaled, including mine. A young kid was at fault and even though he had insurance through his mothers policy, it was woefully inadequate. His insurance company told me that even though he was at fault he had far exceeded his single coverage ammount and my insurance would have to pay for my vechile. After contacting my carrier they will indeed cover replacement cost and will have to collect from the young mans family the money they were out. It sounds very risky to put so much liabilty on your shoulders for such small ammount of premiums paid. For a single moment of inattention this young lad may very well bankrupt his mother. I hate insurance payments more than most buy I wont walk out the door without it. And to think you can simply put $100,000 in a bank account just in case, the same ammount this young mans policy limits were, is risky to say the least in my opinion.

Renters Insurance CA- Yes, you can run your own insurance company but from my point of view you should make basic need and affordable insurance policy to get success like:

• Life Insurance
• Property Insurance
• Health Insurance
• Auto Insurance
• Travel Insurance
• Credit Insurance

Include and make best insurance policies will be beneficial for you.

Starting a business in insurance sector is very tough. This is a sector in which old companies have set their foot very strong and competing with them is tougher