And, don’t forget, this isn’t FREE. The cost of insurance through your state high risk pool, is anywhere from moderately cheap (and heavily subsidized by the taxpayers) to extremely expensive (and still heavily subsidized by the taxpayers). Generally, the less expensive the pool is, to buy in, the longer the waiting line to get in, and the harder it is to get into it.

Also, see what your deductible is. You can save money by raising your deductible to $500 or $1000. But be sure you check with your morgage company for the minimum required coverages.

Check to see if you have replacement value coverage, not market value coverage. Replacement value coverage will pay whatever it cost to replace your home. Make sure your fire insurance is also replacement value coverage. You can also ask for an appreciation clause in your policy that will automatically raise your coverage limits each year for inflation.

And, check your policy for gimmick insurance that may be attached to your policy. Examples are:

Credit Life Insurance
Credit Disability Insurance
Morgage Life Insurance
Automobile Service Contracts
Extended Waranties on Appliances and Electronics
Chargegard

And finally, check all options to your homeowners’s policy. None of these are a good value.

1)Removal of debris
2)Damaged-property removal
3)Fire department surcharges
4)Temporary repairs to prevent further damage to property
5)Trees, shrubs, and plants – since windstorms are excluded, this insurance is of little value
6)Stolen credit cards

I understand where you are comming from and I felt the samwe way at your age and I felt that way up untill about three weeks ago (26 now)…..
Someone backed into me even though it was there fault because of me not having insurance I am probaly going to loose my licsense for a year and then after that I will have to carry an SR22 for 3yrs wich is speacial ins. special meaning double what i paid before. I am lucky… because i could have got aressted my car towed and tons of fines.

So what I am saying is not carrying ins is sooo stupid because it may not be your fault but then you become a victim of circumstance.

Say you did accidently hit some one, you would have no coverage and if they were seriously hurt you would be responsible for all there bills??? (i dont know because canadas health care is different) but you could be sued. The list of would could happen goes on on. get ins dont learn the hard way.

If you have $150,000 (or whatever the amount dictated by law) that you can put into an escrow account that can be used to cover liability claims, then no, you don’t need to buy insurance. But then that would no longer be your money as long as you drive. And if you had a claim against you, you would have to replenish that account.

Insurance is a gamble. You’re betting you’re going to collect (or need it), the insurance company is betting you’re not going to collect or need it. Insurance companies base their premiums on risk. They have risk analysts who look at statistics to determine the likelihood of you having an accident that they will have to cover. People in your age group have a certain risk, people with higher educations have a certain risk, people with poor credit have a certain risk, elderly have a certain risk, where you live has a certain risk… you get the picture. Why should someone who has the least chance of having an accident pay the same high rate that another person who has 5 accidents on their record?