Insurance during storage

[nastang87xx]

Hey guys, what do you do about your insurance while you store your cars in the winter months? Can you remove collision and just have comprehensive for non rolling damages to the car? I rent and but my car is not going to be at my location, will be at a relative's house while they snowbird south.

Sponsored

 

[ShadowBlackR]

Do you have a lien? If so, your lienholder will not allow the "collision" coverage to be removed. If no lienholder then it's your decision. What if your relative decides he needs a joyride. You would also need to advise the company of a different "garaging location". BTW, I'm an insurance agent.

 

[firestarter2]

What if you turn in the plate?

 

[nastang87xx]

Do you have a lien? If so, your lienholder will not allow the "collision" coverage to be removed. If no lienholder then it's your decision. What if your relative decides he needs a joyride. You would also need to advise the company of a different "garaging location". BTW, I'm an insurance agent.

Yeah I'm on a lien.

Ha, no joyrides, no one will be around. Do the insurance companies take into consideration the "use" of the vehicle during that time frame like they do when they ask say "What is this vehicle being used for? To and from work. Pleasure. Business." etc etc

 

[ShadowBlackR]

Some do, some don't. Unfortunately most don't because some folks fib to the insurance company. LOL Check with your lienholder on what the highest deductibles they allow and consider raising to those limits during storage.

 

[torque124]

I took off my collision insurance only once, during winter storage for my previous GT500.. saved me 200 bucks in 3 months or less... In spring, lien holder kept harassing me to update my coverage, etc. Not worth it.

 

[ShadowBlackR]

Example:

 

[btown93]

it can be done, usually you have to sign something saying that the vehicle will not be driven. like others stated, to take it off road and re-register and or reduce coverage is more of a pain than its worth. you get letters from the bank non stop about your coverage not being enough. then, at least up here in taxachusetts if you take it off the road you have to buy new plates and get another inspection sticker. I just leave it the same all year.

 

[nastang87xx]

Some do, some don't. Unfortunately most don't because some folks fib to the insurance company. LOL Check with your lienholder on what the highest deductibles they allow and consider raising to those limits during storage.

Thanks buddy. Yeah that might be the best route to go.

 

[lemers]

Tell your company that you will be storing it. Mine offered a much lower rate.

 

[DrumReaper]

^^^ This... you may just have a few more restrictions on what you can and can't do while in storage mode.

 

[stshoo]

I have state farm with a lien and all I did was emailed my agent and asked for vacation/storage coverage. It took the normal 6 mos rate and cut it in more than half. All I did was contacted them again to reinstate full coverage. I've never had an issue with any bank on normal or collector cars asking about coverage changes when I've had State Farm.

 

[Mike02z]

If stored in your garage, you don't need auto insurance as long as you have homeowners insurance, that covers you. The challenge is most states require you send your license tag back to the state if you drop insurance. This is a long process in PA so for me, it's just easier to keep it insured year round even though I store from Dec-Apr.

 

[ShadowBlackR]

If stored in your garage, you don't need auto insurance as long as you have homeowners insurance, that covers you. The challenge is most states require you send your license tag back to the state if you drop insurance. This is a long process in PA so for me, it's just easier to keep it insured year round even though I store from Dec-Apr.

Please be advised that homeowners insurance does NOT cover a vehicle (whether stored in your garage or not). I'll speak for the state of Texas. Any other state I'd advise you to check with your agent/company. I am not familiar with any state where homeowners insurance covers a vehicle (whether it has a plate on it or not). Homeowners insurance does cover some "vehicles" like riding mowers, etc.
Heck, a lot of homeowners policies even have $ limits on auto parts as "personal property" because guys would disassemble a car in there garage and claim it was "parts" and NOT a car.
Mike02z please call your agent/company and ask for a clarification.

 

[nastang87xx]

yeah i've heard of that too and had my suppositions. It is indeed nonsense, at least through my providers.

Sponsored