How do i get a cover note for my car instead of insurance for my car?

Question

By that i mean ive heard theres such a thing called a cover note wich acts like insurance documents but the only diffrence being you dont pay insurance for the car and you pay all the costs if you have and accident. Please anyone give any feedback please. Many thanks.,

Answer 1

You have asked this question twice in the last hour.  I answered it already.

Answer 2

OK, you're looking at posting a bond.  You can do this in some states, instead of insurance.  You effectively have to give $5,000 or $10,000 to be locked into an account, to pay out any claims if you don't have the cash.  You can get details on this by calling your state DMV.

HOWEVER.  It's dumb.  Run the numbers.  The MOST you'll be out of pocket, if you buy insurance for the year, is the cost of the insurance.  If you have a bad year, and three accidents, you could be out $100,000 easy, if you choose to self insure and post the bond.  Additionally, you'll lose the interest on the money you've posted.

Plus, if your car isn't paid off, the bond won't satisfy the leinholder, and it's no good in any other state - you can't cross state lines with it.