What Are The Benefits of Private Insurance & Holding The MCO For A Car
The MCO (Manufacture Certificate of Origin) must be obtained from the original manufacture / authorized deal (i.e. the Kia dealership has the MCO for their Kia but not other cars on the lot) by purchasing the car without financing of any kind (i.e. paid in full). Then the "pink slip" MCO must be requested immediately after signing the paperwork - do not leave the dealership without it in hand.
With an MCO the owner of the vehicle may choose to avoid public insurance (e.g. Geico, AllState, Progressive) and self-insure privately. This next step will require some research as each state has different financial requirements, but most states often require ~$25,000 that must be kept in a secured bank or holdings account to allow one to self-insure. Additionally, there is no need to obtain a license plate either; however, this can lead to big problems in large cities where there are a multitude of public officers that will pull over and harass a car without plates. This entire process provides little advantage to anyone save the ability to never get a victimless ticket again (red lights, stop signs, speeding, etc.) and not needing a license plate - although a Driver's License is still required to show competency to drive.
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