Changes In Coverage When Storing a Vehicle
If you have a car that you are just storing, or if you’re planning to leave your car here in the U.S. while you leave the country, or if you just don’t drive the car and don’t want to pay for auto insurance, here are some tips to consider.
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Don’t Cancel Your Auto Insurance
If you cancel your insurance completely, you’ll now have a gap in insurance coverage, also called a lapse in coverage. When you come back to needing insurance, and reinstate your policy, you will probably be put into a higher risk category and will probably pay much more. A better solution may be to investigate putting your car into “storage” with your insurance company. Which means you would be putting only comprehensive coverage on it. Comprehensive coverage will protect your car against theft, fire, a tree falling onto it, really anything that’s not a “collision”, and comprehensive coverage by itself is extraordinarily cheap!
Beware, however, with just comprehensive coverage, you, or anyone you’d give permission to, are not covered to drive on the streets. All you are covered for is keeping the car parked on your property, or in a safe place, but you are not covered to drive it. Also, if you choose to have comprehensive coverage only you must return your plates to the NV DMV to prevent any fines. It is recommended you ask for a ‘Returned Plate Receipt’ for your records.
If You Have A Loan On The Car
If you have an auto loan on your car, you are probably going to be required to keep liability coverage on it. Speak with your auto lender to find out what they require as far as coverage. You can tell them you plan to garage your vehicle and you won’t be driving it and ask what the minimum coverage is they require. Then call your insurance agent. Ask what it would cost to reduce your coverage to the State Minimums for liability coverage, if you are required to keep liability, so you can reduce the overall payment while you are gone.
If You Own The Car
But what if you own the car outright? In other words, you don’t have a loan on the car, and you don’t have to answer to anyone else but yourself. You plan to just garage your car, or park the car, and not drive it anymore. Maybe you’ve decided you want to keep it for whatever reason: as an investment, maybe it needs work and doesn’t start anymore, hand it down to grandchildren. Perhaps you use your primary car all the time and never drive the other one, but just start the engine occasionally to keep the battery alive. Whatever the reason you choose to park the car, you should still consider putting comprehensive coverage on it in case of fire, theft, wind, hail, etc.
Ask your agent about keeping that 2nd car you own on your policy to be eligible for a multicar discount. The comprehensive coverage on that parked car is so inexpensive and adding it to your other primary car for the multicar discount may end up saving you money on your overall auto insurance premium! We’ve seen this many times. Keeping comprehensive coverage on your parked car you while using your other primary car to keep the multi-car discount is important in keeping your premium as low as possible.
Getting Coverage With Nevada Insurance Enrollment
Navigating through the many options of insurance can be confusing and chaotic but speaking with a locally licensed insurance agent will help you obtain the right coverage you need. You’ll have peace of mind knowing that you are adequately insured when life complications arise. We work hard to find the most competitive quotes for your needs. Contact us today to begin the process of finding the best auto insurance plan for your family.
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.