do you have to have insurance
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do you have to have insurance
if a person is able to prove that they can pay for an accident do they have to provide proof of insurance or can they just provide proof that they can cover the costs of the damage?
Asked on June 17, 2009 under Insurance Law, Washington
Answers:
L.M., Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
That depends on the state. In the state of Washington, the law requires anyone driving a motor vehicle to have an insurance liability policy, a certificate of deposit, or a liability bond to the required limits. If you have 26 or more vehicles, you may self-insure.
Under the law, you’re required to have a liability policy with limits of at least 25/50/10. This means:
$25,000 for injury to another person
$50,000 for injuries to all other persons
$10,000 for damage to another’s property
You must carry the same limits if you choose to buy a bond instead of an insurance policy. If you use a certificate of deposit, you must deposit $60,000 in cash or securities with the Office of the State Treasurer. If you’re insuring 26 or more vehicles, you can self-insure through the Washington State Department of Licensing.
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