[davewritescode]

It varies state by state in the US but the level of insurance you're required to buy for operating a vehicle is incredibly low. Generally, the level of insurance you must buy is dictated by the terms of financing because the only collateral the bank has is the vehicle itself.

If I were in the market for a CyberTruck (I'm not) I'd be thinking long and hard about what I'm getting myself into.

[thfuran]

In my state, you can get out of the insurance requirement by holding $30k in escrow (or at least that's what it was about ten years ago; maybe they've increased it). I guess maybe it's meant to be indicative that you could get your hands on more cash if needed, but that's basically only enough to cover a fender bender. If there's injuries or a totalled vehicle, it's likely not sufficient.

[SoftTalker]

If there's injury, $30k would only cover a day or two in the hospital, might not even cover ER expenses, as they'll be charged at list price not the "negotiated" rates insurance companies pay.

$30k is an absurdly small bond to post for self-insurance, though I'd believe that the regulations have not kept pace with reality.

[1123581321]

The cash rate is similar to insurance negotiated rates. Typically 25-30% off automatically, 50-100% off with a financial aid application. Doesn’t change the inadequacy of $30k medical liability in a serious wreck, but don’t think you’re stuck with list price bills if you’re hit by an underinsured driver and have no health insurance.

[wl]

Are you in California? The requirement is to either a bond $35k or to carry a liability policy that covers at least $30k for death and injury and $5k for property damage, matching the deposit requirement. That will increase to $75k in 2025, which still seems far too low.

[garaetjjte]

For comparison EU mandates liability policy of 1.22M euro for property damage and up to 6.07M euro for injuries. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52...

[thfuran]

I'm not. I'm surprised it's so low in CA.