Auto Insurance Coverage in California - What Are Your Options

There are some options as far as having insurance coverage in California. You are not necessarily required to take out a policy with an insurance company. You are able to gain insurance coverage many different ways. All are legal and all are viable options to gain coverage in California.Your first option is to gain a liability insurance policy from any licensed insurance agency. These are exactly what you are thinking. Only liability insurance is required in the state of California. The requirements are $15,000 for injury/death to one person, $30,000 for injury death to more than one person and $5,000 for damage to property. These minimum limits only apply to private passenger vehicles.Option two would be to place a $35,000 cash deposit with the DMV in California. This will be held by the DMV and then released in the case that property is damaged with your vehicle. This may seem like a strange way to insure your vehicle, but infact it is a viable option to save money. When you place your cash deposit with the DMV of California, it just sits there. Then when you move out of California or stop driving or even open up a policy with any agency, you can get your money back. If you never damage anyone else's vehicle then you could have saved hundreds of dollars per year.Option three is to carry a DMV issued self-insurance certificate. This is a certificate that basically states that the driver has the liquid and or available cash to cover the minimum liability requirements.Option four is to gain a surety bond for $35,000 from a bond company licensed in California. This will be a promise to pay from a bonding company. Usually a one time fee is paid in order to gain the bond and then upon termination a bond release is requested. After providing proof that there is no money owed for accidents or vehicle damage, the bonding company will return your money in full.As you can see there are many options for auto insurance coverage in California. The most common of which is a certificate of insurance from an insurance agency. This can be provided by any licensed insurance agency. This puts less of your money at risk. It also requires less upfront cash.