What stopping you making your own insurance company and then giving yourself free-insurance?

(serious question)

Presumably you mean car insurance? If so the problem would come if you had a crash and your insurance was liable for the damage. Do you have £10+k to repair damage on someone else's car?

But if it was a limited company it could go under putting you at no risk.#

EDIT - But they *could* still sue you, I suppose.

EDIT 2 - Yes, i meant car insurance sorry.

Nice idea Jack, however couldn't be done, unfortunatly. It takes a looooong time and alot of money to get into the insurance buisness. IIRC, the car/van/lorry/bike etc insurance companies also have insurance for themselves.

If you insured your car fully comp, as yourself, you'd not only have to pay to fix your own car, but then the person's car that you hit, and any damages to either yourself or the other person(s) in terms of physical/mental problems caused as a result of your Proton going round a corner at 30mph!

Quote from amp88 :

Do you have £10+k to repair damage on someone else's car?

Or can you fork out a million if you force a perfectly healthy man, not so young, not so mature, with a nice job, onto a wheelchair?

I know that it is possible here in Pennsylvania. It's called, being "self insured". You must declare it to the dmv, and be able to back it up with some amount of savings. Typically, it requires you to provide the same coverage that a typical insurance policy would cover.

No. That would be called having no insurances for the government. You COULD do that, but as NightShift said, when you'll kill someone or make him handicaped for the rest of your life, you better sell a couple of your super leet computers or start dealing drug cause you'll owe him a couple of million dollars.

According to wikipedia there is no legal requirement to insure a car with an insurance brooker in the UK. Simply a deposit of £500,000 must be arranged with the Supreme Court.

A lot of Bus companies are, to some extent, "Self-Insured", but a LOT of money must be deposited somewhere, and for financial safety reasons, it is also recommended that you get the sum underwritten. Still means paying out for 'insurance', but can work out a lot cheaper.

Quote from ajp71 :

According to wikipedia there is no legal requirement to insure a car with an insurance brooker in the UK. Simply a deposit of £500,000 must be arranged with the Supreme Court.

Wait, so you need to put down a £500,000 deposit to self-insure? :sadbanana

Quote from Jakg :

What stopping you making your own insurance company and then giving yourself free-insurance?

Around £4M collateral.

Actually I have no idea if that's true or not, someone once said it to me.

I think that you need to have a certain amount of muhnay in advance. And let me remind you that it would not be exactly a small amount of money. Having that kind to spare, you'd rather pay for your insurance to someone else and won't bother with all the stuff needed to make your own insurance company.

And one more thing: there are more than 6 billion people somewhere around here, do you think that none of them had this idea before?

As I said earlier...ANYBODY (providing they have the readies) can be self-insured...there are even companies that specialise in helping you set it up.
First one I came across in google:
http://www.up2ugroup.com/

Quote from sam93 :

If you have enough money, surely you could be uninsured. I think I remember being told, that Plymouth City Council vehicles have no insurance because if they hit another car they have enough money to pay out. Don't know if this is true or not.

Type 'car insurance' into Wikipedia and you'll soon see that council vehicles are excluded from requiring any provision for road traffic insurance and it is also possible (and sensible for large low risk fleets) to self-insure.

that would be kind of cool to be your own insurance.

Quote from Jakg :

What stopping you making your own insurance company and then giving yourself free-insurance?

(serious question)

Your "free thinking ideas" do not conform to your government's policy's.

The proper authorities will be by shortly, Winston. Until then, please enjoy a bottle of Victory Gin.

Quote from jayhawk :

Your "free thinking ideas" do not conform to your government's policy's.

The proper authorities will be by shortly, Winston. Until then, please enjoy a bottle of Victory Gin.

The problem with that reference is probably about 5% of the members will get it

edit: No googling!

Quote from amp88 :

The problem with that reference is probably about 5% of the members will get it

edit: No googling!

I would guess at that comment being approximately 24 (almost 25!) years out of date!

(I didn't google, either!..Read the book BEFORE the date in the title )