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View Full Version : New Auto Insurance Laws and Storage


xxsn0blindxx
10-06-2010, 07:41 AM
Anybody know if you can still reduce your insurance to a storage policy with the new insurance laws? Since a minimum coverage amount was mandated I would think that would have killed reduced coverage policies for storing cars, but maybe there's an exception since the car's aren't intended to be driven while under that insurance.
pOrk
10-06-2010, 08:01 AM
Minimums only affect cars that are being driven, its illegel to be uninsured in public but a vehicle in storage is simply that, not being driven. So no, new laws don't affect storage insurance
Yooformula
10-06-2010, 10:20 AM
Minimums only affect cars that are being driven, its illegel to be uninsured in public but a vehicle in storage is simply that, not being driven. So no, new laws don't affect storage insurance

:thumbsup if you have a loan on it dont forget to notify the bank so they dont supplement your storage insurance.
05caddyext
10-06-2010, 07:35 PM
You have to check with your bank on this. It is entirely up to the bank to decide what you need for coverage on your loan. Landmark Credit Union made me keep full coverage on my mustang last winter, even though it was being stored in my garage, at my house, which would automatically be covered under my home owners policy. I have owned 17 cars, all loans through Landmark, and this was the first time I had to keep full coverage on a stored car. Check with your bank first, trust me on that.
Yooformula
10-06-2010, 08:02 PM
/\ I have landmark and have stored my car for the last 6 years with them. Every year I fill out a form saying its in storage and show them proof of liability insurance coverage and they are fine.
05caddyext
10-06-2010, 09:46 PM
Caught me again im full of shit. Just ask your bank to make sure before you do it. Its a simple call, don't listen to people on here, do your own research.
Yooformula
10-06-2010, 10:01 PM
wtf..didnt say you were full of shit. simply stating that they do allow it, just make sure.
pOrk
10-07-2010, 05:04 AM
Peoples toys have loans on them here? Really? My answer was specifically relating to the new insurance minimums, not what your personal bank requires.
05caddyext
10-07-2010, 07:47 AM
Sure you answered his question specifically, but you need more info. Who gives a shit if the new laws don't affect storage insurance, if your bank doesn't allow it, it doesn't matter. Was trying to offer more help, more info, so :flipoff2:
PureSound15
10-07-2010, 08:17 AM
Forced placed insurance is NOT cheap. I agree, checking with your financial is the best option.