jimpeel
Well-Known Member
In California, you can have a $35,000 cash deposit at the DMV or have a DMV-issued self-insurance certificate, which also requires owning 25 cars.
When we moved to CO from CA we purchased a 24', 26,000 GVW, high cube, GMC truck. As it turns out, insurance companies will not carry a rider on this type of vehicle because they consider it a commercial vehicle. They want you to own a business and to carry an umbrella policy on the business and the vehicle.
I called Sacramento and asked the DMV if the $35,000 CD deposit of Proof of Financial Responsibility would apply to the above described vehicle if the vehicle would be used for a non-commercial purpose ie: the interstate transport of personal goods and chattel. They said "No problem", sent us the forms, we got the CD, and we sent the passbook to Sacramento where it was held on file for the duration of the move and subsequent sale of the vehicle.
Worked like a charm.
The interesting thing about the letter we were sent from Sacramento, that certified the CD on deposit, was it stated that we were to copy the letter as many times as necessary and to place a copy of same in every vehicle the depositor owns.
Bought the truck in CA for $10,000.
Sold it in CO for $13,500.
Made the interest on the short term CD when we cashed it in.
Moved 1,200 miles and made money in the process.