Topic: Car Insurance question

[Arabas]

i don't know how exactly the car insurance system works in US and Canada.
in Greece minimum time is 6 months contract.

how does it work over there?
you guys and gals who store your kappa for the winter, you still have it under insurance and pay for it for as long as it is stored and NOT moving or you don't pay for an insurance?

i need some feedback before i decide what to do and share with you.

Thx!

[Go-N Def]

My company does 6 month contracts also.  When I store it for going overseas, I tell them and they reduce the liability fee (The part in which I would be at fault if I cause the accident). The comprenhensive (other people or acts of God) insurance remains the same.  It saves me a little bit of money, bt not much.

[JoshMcMadMac]

Most insurance is not locked into a "contract" for a set amount of time; you pay it and keep it all the time, though.  I personally would never completely drop coverage, as there is always something that could happen.  My insurance company has a "Reduced Car Usage Discount" that I apply during the dormant winter months.  There is still a cost, but much lower since the car is not insured for being on the road.  This saves me a bit of money, while still keeping it 100% insured against a home-related accident or theft.

[Gentleman Jack]

Ditto.  My low use coverage applies all year, but yes, all other items are covered.

Additionally, if we want to keep the car registered, or if there is a lien on the car we must keep it insured.  The bank requires it as does the dept. Of motor vehicles.

[Arabas]

yes, i forgot to mention that i am not talking about loans. i mean if someone has tottaly paid off his car and he does as he please with it.

[SHiNY]

I pay for year round coverage on my car even though it's mostly garaged during the winter months. However, I also have a "winter" vehicle that is the primary insured vehicle so you get a discount on the second vehicle. I believe in that case I am limited to the amount of miles I can put on the second vehicle (not that I ever pay attention to that).

[Go-N Def]

I guess my insurance works different than you guys'.  I already get a low use discount since I lways tell them I drive less than 10,000 miles a year.  But when it's in storage, I drop liability because there is no point in having it. In other words, there is now way that I'm going to have an "At Fault" accident when it's locked up in storage.  I keep comprehensive since something could still happen to the car: Fire, Vandalism, Theft, Destructive Weather, etc...

As far as the contract goes, my angency insures for 6 months at a time, but I can cancel it anytime.  At the end of that 6 months, they review my driving record and any claims that were made and adjust their fees accordingly.  It's nice being overseas where they don't have access to my driving record! LOL!!!

BTW, my car is paid off and I'm not required to keep comprehensive insurance on it, but still do.  You may also want to raise your deductable since your not driving it.  May say you a few bucks.

[Uranium-238]

Go-N Def, you on USAA?

[Go-N Def]

Yep

[baconbits]

We only have 3 major motorcycle insurance companies in Ontario. the one that I'm with charges a yearly rate..but here is the catch if you cancel your policy your total year rate is pro rated over 3 months..oh and to make sure you never ever have a chance of canceling your insurance and actually getting some money back..  they move your renewal date to the beginning of February Feb. Mar. and Apr... prime motorcycle riding months up here..I think I mentioned before that with the house, bikes,  boat, house,cars  and camp I pay just over 7 grand a year ...and had never filed a claim on anything in 30 years...that changed this week as I finally filed a claim to get the pathfinder fixed after the missus used the Toyota to find out  just how thick the paint is on the drivers side rear fender and door...

[Sol Asylum]

My insurance is pretty much like how GND describes.  I have 4 cars, 2 are in some way being restored and are not driven so they just have a comprehensive policy which cost very little like say less then $60 a year.  The other two cars are drivers but the Kappa is listed as pleasure car so it gets a discounted rate to begin with.  During winter months I take the liability insurance off the Sol and just leave it with the comprehensive coverage.  The policy is set up on a 6 month basis and I have to pre pay for the next 6 months of coverage, if I cancel or change the coverage like on the Kappa in the winter they send me a refund check.  When I add the coverage back in the spring they just send me a new bill for the added cost for the remainder of the policy period.