Financed new vehicle, required insurance question

[Super T]

So in light of my recent purchase of a home (well, in the process of) and gas prices being as ricockulous as they are, I'm seriously leaning toward putting the Maggie on blocks Nov-March. My question to all you out there in TV land is this -

How much insurance is really required by a lending institution on a vehicle for which they hold the lien?

I know I can probably just call the lender, but it's late, they're home sleeping while I'm still at work. I thought I'd get some input to see if maybe it varies from lender to lender. I would assume I can't ditch comprehensive since that's what they're worried about. Can I ditch liability if it's not going to move? Can I get "special" insurance for a vehicle in storage that will still satisfy their requirements? Anybody done this in recent history?


Thanks in advance for the input, oh wise ones

[antolod]

Call your agent Todd. I would think that most insurance companies have "storage" insurance for situations like that. The bad part is, comprehensive is the expensive part of insurance, but you could probably bump the deductible to $1 or 2k since the chances of anything happening would be slim.

(I'm not an insurance agent, nor did I sleep in a Holiday Inn last night, just MHO.)

[imahemi]

ummm... I store my magnum from november to april... but I just leave the insurance alone. not sure how much it will really save. also will it be worth the headache???

-Ryan

[DonH]

IMO. Keep full coverage on it and raise all the deductible limits to the max.

You never know if a tree will fall on the garage, or a thief will break in.

[imahemi]

IMO. Keep full coverage on it and raise all the deductible limits to the max.

You never know if a tree will fall on the garage, or a thief will break in.

X2

[wmaxx5000]

My Wife Is With Allstate In Md. She Says You Need Comp. And Collision As Long As The Car Is Being Financed. You Can Lower The Liability Limits To Your State's Min But Check With Your State. As For Comp And Coll, Check With Your Bank. Some Banks Only Allow A Deductible Max Of 500 And Other Allow 1000. Comp Deductibles Don't Really Effect Your Premium. Coll Is Where Your Premium Can Change The Most. Hope This Helps.

[torRed #1169]

As far as I know you can't have comprehensive without having liability.
No matter where your car is it could still be damaged or cause damage.(Fall on someone???)

Another way to go would be to get a different/another loan and drop comprehensive coverage.I've done that before.

X2 on raising your deductible.
Change insurance company ???

[Big D]

I store my Charger from October/November to April during the winter.

I just leave my insurance policy as is with full coverage.

You just never know what could happen and best to be safe than sorry.

[Hemi Mag]

Most financiers will make you keep full coverage, but if you can drop collision your ins will drop by almost half, if not more. As for doing it, it's a simple call the your ins company and saying the car is in storage, and then giving them a call in the spring when she comes back out.

AC

[rickf28]

i went threw this a few years ago when I was deploying in the military...

I had a hard time finding company that would give me storage (not sure what you would call it) insurance as long as the car was financed..

I think it was USAA that helped me out some..(not sure if im right on company name)

They let me get insurance to store car but I had to turn the tags in to the DMV, I asked them why and they said that if the car is going into storage then that means no one will be driving it so it doesnt need tags...because if it has tags then it can be driven and they wanted to make sure that the car was going to be parked...

So yes it can be done but it was big hassle...I just kept car registered and paid the full premium because I am one of the lucky few who have a very low premium so my savings wasnt going to be worth the head ache of unregistering and reregistering the car......Rick

[Super T]

Thanks all for the input. Looks like I have to call the crooks at my bank to see what they require and then go from there with my insurance company. I was hoping for a more cut-and-dry answer. I should know better by now :-P

[desquirrel]

In NJ, If you cancel your car insurance on a vehicle that has a lien, the bank is notified by the insurance company. It can then repo the car or get it insured and send you the bill. Even if garaged on blocks, your homeowner's policy won't cover it.