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Ah, so we all give it to the insurance companies...who invest it for us and keep the profits from that for themselves? Why not just e.g. Maintain and ETrade acc
by seanp2k2 10y ago
Ah, so we all give it to the insurance companies...who invest it for us and keep the profits from that for themselves? Why not just e.g. Maintain and ETrade account with enough to cover e.g. Vehicle minimums? In California at least, you can provide proof of financial responsibility in the form of a $35k deposit with the DMV or a $35k surety bond: https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast_facts/ffvr18 https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/fast...
- contravariant 10y agoSo your suggestion is to give even more money to the bank so they can invest it for you and keep the profit to themselves? Except in this case you end up paying for all damages. I'm not quite seeing the point of your argument. Also, my knowledge on Canadian car insurance policies is severely limited, but if you can fulfil your insurance requirements by setting aside a lump sum of money, then I'm assuming you're either still liable for all damage over $35k, or the Canadian government will cover that part, which is still an insurance, except you pay it through taxes.
- wu-ikkyu 10y agoWhen you put money in the bank, you're guaranteed to get it back when you want it. When you pay money to the insurance company, you can't withdraw it, and there's no guarantee you'll ever get anything back from them. See the difference?