About car insurance requirements in Texas, you must have a minimum of US$15,000 to cover damages an accident causes other property; US$20,000 to cover any bodily injury or death of one person per accident; and US$40,000 to cover any bodily injury or death of two or more persons per accident.
You can meet the Texas car insurance requirements by purchasing a policy from a car insurance company licensed to do insurance business in Texas, or you may want to post a self-bond – set aside enough money to meet the car insurance requirements in Texas.
Self-bonding, or self-insuring, to meet the Texas car insurance requirements does have its advantages. First, you do not have to worry about whether it is going to be difficult to get insurance – if you are providing it, it is already there! You also do not have to concern yourself with premiums, paying on time, or renewal and cancellation in the matter of being self-insured.
When you meet the Texas car insurance needs with a self-bond or self-insurance, you are also free to purchase additional car insurance coverage from a traditional car insurance company. By keeping your self-insurance stash in mind, you can choose what car insurance coverage you want to purchase.
Self-bonding, or self-insuring, is not the most efficient way to meet the car insurance requirements in Texas, but it is an option – an option that many people choose. The most common reason people choose the choice of self-bonding to satisfy the Texas car insurance requirements is because they feel they are uninsurable.
A bad driving record, a flawed credit report, and a sketchy history of paying are all factors Texans believe make them uninsurable. However, these factors can and do improve in time, and the self-bonded individual may want to switch to a traditional car insurance policy in Texas once these factors have improved.
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