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The UK used to have this. Rather than paying for car insurance, you could deposit £50,000 with an insurance company. See https://www.gov.uk/government/consultat
by edent 6y ago
The UK used to have this. Rather than paying for car insurance, you could deposit £50,000 with an insurance company. See https://www.gov.uk/government/consultations/motor-insurance-alternatives-removal-of-deposit-and-security-options/outcome/summary-of-responses-to-the-consultation-and-the-department-for-transport-response https://www.gov.uk/government/consultations/motor-insurance-... for details on what happened to the scheme.
- mtmail 6y agoSome US states also allow this, there is a list on https://en.wikipedia.org/wiki/Vehicle_insurance_in_the_United_States#The_compulsory_insurance_debate https://en.wikipedia.org/wiki/Vehicle_insurance_in_the_Unite... If I recall correctly many US trucking companies opt to a deposit instead of insuring their trucks. That deposit is higher than for cars.
- thinkingemote 6y agoIt was £500K and appeared to be per organisation not vehicle, and was a once off deposit, so a little different.