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The Road Traffic Act 1988 does not make full motor
Page 39
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insurance in itself compulsory, but it does demand protection against third-party claims. The actual wording is that "a person must not use a motor vehicle on a road or other public place unless there is in force in relation to the use of the vehicle by that person a policy of insurance or such a security in respect of thirdparty risks" (section 143).
But to make clear what anyone wanting an exemption has to do, the Act goes on to say that "Section 143 of this Act does not apply to a vehicle owned by a person who keeps deposited with the Accountant General of the Supreme Court the sum of £500,000. In other words, if you want to handle your own insurance completely, you have to be willing to put up a substantial sum of money as evidence that you may be able to deal with claims if necessary. Credit worthiness is a crucial prerequisite for anyone who wants to self-insure.