GoldenBird

I'm kinda curious how this works and what other people in my boat do. A while back I tried to get two older cars legal simultaneously, and it was literally just double what one cost. That makes no sense to me at all, especially since I wasn't even putting fire or theft on them and could obviously only screw them up one at a time.

Is there any solution when you're youngish, finally got your dream car, but it's barely affordable to pay off and insure as it is, nevermind your insurance doubling so the new car can just sit in the driveway all winter? Obviously the bank wants insurance on their loan, and I'd want fire/theft even if it's sitting....but have any of you guys gotten discounts for having it off the road? Can you put it in any sort of insured storage facility that would appease the bank for cheaper than the insurance would be? Just curious and want to start planning....I have a perfectly good backup so I'd hate to salt up a nice car to avoid crippling insurance rates.

GM Muscle

iTrader: (9)

I had that problem too. Your best bet maybe to switch the loan to another bank. Do you have a local insurance agent? If so, give them a call and ask them what banks they have problems with when people want to put just fire and theft on their cars and what banks don't have a problem with it. It's most banks policies but they usually don't follow up on it when they get the notice from the insurance. For example, my State Farm agent told me she has only had problems doing it with two banks (one of which had my loan). I switched the loan to a local bank who has the same policies but after harrassing enough people and threatening to pull 3 loans they told me even though it's their policy that a loan vehicle has to be fully insured, they never follow up on them when they get a notice from the insurance company. I havn't had a problem in 3 years.

BTW: A written letter and proof of insurance from a storage facility will not fly. That's the first thing I tried with the first bank that had my loan (was actually Member's 1st CU).

ace68

iTrader: (15)

I get storage insurance for my 01 Hawk in the winter it's like 200 bucks for 6 months it covers theft and fire. I don't have a note on it now. But, the first year we did and I still got the storage insurance and the bank didn't say anyting to me. It's is also labled a pleasure car.

2001ws6ramair

My SS is labeled as a "pleasure Vehicle" year round. 7,500 miles a year max anf insurance is HALF what is was. plus I bought a 91 civic as a beater and it saves me $600 every 6 months.

JL ws-6

iTrader: (50)

I went thru Grundy, got my car registered as a preasure car, and is insured as a normal car, no mileage limitation, but it's not covered for back and forth to work/school... and can not be sued as a daily driver.... Costs me 592 a year, is insured for an agreed 40K of value in the event of a loss, ( theft, fire, accident). I was paying 860 every 6 months.. so go figure out what I saved from that move.

slayer_taunu

iTrader: (3)

golden, i'm not sure if all these guys are from MA or not, but as far as i know, you cant put a car on just fire and theft in MA. you have a compulsory (read: mandatory) coverage that must be on at a minimum. yes, you can get a discount for low mileage (i think 10%), but when i registered my new car, my insurance agent told me that they changed the way they issue that discount, and the car has to be on the road for a full year before they give that discount now, and they use the mileage you reported when you got your inspection sticker. also in MA, if you drop insurance completley, you must also surrender your plates to the RMV.

from my personal experiences, the only way to really reduce your insurance is to reduce it to minimum coverage for that part of the year (which of course means you lose fire/theft coverage). also, if your town is considered 'high risk' you can also tell the insurance company its garaged in another town that is 'low risk' for the winter... but of course, if something bad happens while its at your house, you are screwed.

i know there is an 'antique' plate you can get, that has reduced insurance rates, but your LS1 car will of course not qualify... i'm not aware of a 'pleasure vehicle' coverage level in MA, but i could be wrong.

also, make sure you told the insurance company that you have air bags and a 'security system' (yes, the stock one counts), and check with your company about other discounts. I have commerce insurance company, and they give a 6% discount if you have AAA

Rhode Island Red

iTrader: (2)

it's called a car cover. One time fee. As for reducing isn while paying it off, that could be a big no-no, and the lien holder (some faceless coporate conglomerant) might not like it... best bet is getting the cheapest full coverage you can

2001ws6ramair

i wonder if having a roll cage or driving with a helment will lower rates? lol

tbyrne

iTrader: (15)

You can raise your deductables in the winter. Go for the max to save some $.

kulablkta

one thing i did was up my deductible to 1000$ per incident i saved 400$ a year for doing this. after 3 years i saved 1200$ so technically if something ever did happen i am still in the green 200$. also i am in ma and have arabella insurance and my agent actually suggested i do this. i just bought a truck to and did the same thing i saved i think about 350 on the truck a 2002 silverado so in my opinion its worth it

taJon

I didn't read all the posts but what I have done is simply reduce the coverage to the lowest that they'll let you. Tell them that it won't be driven, so there goes the liability, and a few others. Just make sure that it will be covered incase the building collapses or catches on fire.

T/As&DDs

I'm in MA too, facing the same dilemma. From what I was told, you can't remove the "mandatory" insurances because you would be breaking the terms of your loan. 99.5% of lenders are going to force you to keep insurance on it no matter what the situation b/c if you lose the car in a fire or if it gets damaged in storage you're f-ed. I like the idea of raising your deductibles, it's amazing how those increase your premiums every year. Best bet, pay it off, cover it in your driveway/garage and wait til spring to drive it.