Comments on cancel your car Insurance

[Branson_N_Tucso]

We have been going to Yuma Az for 10 years now. We have in the past put our 2nd car at home in the garage. In the past we changed the policy on it to storage insurance. My question is why Can't I just cancel the insurance on it and place it back on my policy when return back home. Thus saving money for 6 months. The car will not be moved while gone. My home owners insurance would cover the contents of the house if any thing happen.

Our home is in Tennessee.

[Trackrig]

Except for the DP, I only have liability insurance on my vehicles, they're all paid for. State Farm allows me to put a hold on my vehicle insurance, such as for the class 8 tractor I use to haul my hunting rigs for one month a year, when I'm not using them. When I worked on the North Slope for eight weeks on and two weeks off, all of my vehicle insurances went on hold while I was gone for the two months at a time. It just took a quick call to my agent.

Bill

[DownTheAvenue]

First, homeowner's insurance will not cover the automobile. So if it were stolen or lost in a fire, wind, or other peril, you would be without coverage. If you are making payments on the vehicle, the lien holder will require you to maintain insurance on it to cover their lien. They don't care about liability just property coverage. Most states require you to maintain liability insurance or file forms to suspend or cancel the registration.

While your plan sounds good, it is not workable. If you carry more than the minimum liability coverage on the vehicle (and you should), you could reduce it the minimums to save money while stored. That way everyone is happy except the insurance company.

[Alan_Hepburn]

In California as soon as you drop the insurance your insurance company will notify the DMV, who in turn will revoke the registration on the vehicle. Then, when you return you will need to go to the DMV and pay to get the registration reactivated. this CAN mean that you might be paying twice for a single year's worth of registration, which the State will like...

[Dutch_12078]

I don't know about TN, but in NY you would have to turn in the registration plates before you would be allowed to cancel the insurance.

[pianotuna]

I drop my plate insurance and purchase an insurance policy. It saves me about $150 per month, for 4 months. Well worth the effort.

[1968mooney]

MWJones wrote:
My question is: Why ask people on an internet forum an insurance question INSTEAD of asking your Insurance agent !!!!!

Reason is the Agent will tell you facts. Sometimes people do not want facts because it's not the answer they want. Ask it on the forum and you will get many answers, many of which are not factual but are the answers you WANT TO HEAR. :S

[MWJones]

My question is: Why ask people on an internet forum an insurance question INSTEAD of asking your Insurance agent !!!!!

[dougrainer]

Simple. Homeowners Policy's EXCLUDE Automobiles. Automobiles/Boats/RV's MUST have their own insurance to be covered at a residential location. Just call your Insurance Agent and he will verify this. Doug

[Ozlander]

If you can afford to go to Yuma, you can afford auto insurance.

[sch911]

As long as you own it outright you can. But check with your homeowners policy to make sure it's covered for fire/theft when in the garage. If you still have a bank lien on it, the bank will likely insist you keep auto insurance on it.