Self Insurance

J

Jweb_@@

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Has anyone does this before?
I wanna try this out by depositing a lump sum equal to the car's value, eg 40k, in an interest bearing account. In addition to this I'll be paying the current monthly installment into this as well.

Just an idea I've been toying with.
What do you guys think?
 
Jweb_@@ said:
Has anyone does this before?
I wanna try this out by depositing a lump sum equal to the car's value, eg 40k, in an interest bearing account. In addition to this I'll be paying the current monthly installment into this as well.

Just an idea I've been toying with.
What do you guys think?
Click to expand...


Just make sure you take out 3rd-party insurance as well - your 40k won't cover the 100k in damage to the merc you drive into.
 
Jweb_@@ said:
Has anyone does this before?
I wanna try this out by depositing a lump sum equal to the car's value, eg 40k, in an interest bearing account. In addition to this I'll be paying the current monthly installment into this as well.

Just an idea I've been toying with.
What do you guys think?
Click to expand...

Yes that could work, you still need at least 3 party insurance then (but that's relatively cheap) because your R40 000 lumpsum will mean little if you drive into the back of a Ferrari.
 
And what if life is lost and their are claims against you? Will a 3rd party insurance cover that?
 
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