Suspension of Insurance

[Steve P.]

For all you guys who store your cars in the winter, are you familiar with the ability to use "suspension of service" from your insurance company? Apparently they will suspend your insurance, and offer you the majority of your premium back at the end of the storage period. And apparently you are covered if anything shall happen to your vehicle? Has anyone used this before, any experience with making a claim during the suspension? I'm a bit nervous that in fact I am covered if anything shall happen?

[daveysew]

I do it every winter when I put my Z away. You don't suspend your insurance, you just cange the coverage and remove all of the road going coverage keeping your comprehensive in place.

dave

[MetMan]

In some states such as Florida, you can suspend liability coverage but still keep your vehicle covered for physical damage. Covers you for some losses while being stored for a period of time. Be careful with suspending coverage as some folks tend to forget to add coverage back on at the end of the storage period.

[Hawkeye]

Yes, I do it every winter. It is not as you explain though. You change your coverage to storage before you store it (You will not be covered if you drive it at all). Then the premiums are reduced greatly!

The nice things about this are the reduced premiums, there is no charge to "re-instate" insurance as if you had cancelled it, and it is covered while being stored!

[sirmalloc]

I looked into this before storing my car for 3 months while I went out of the country. If you have a loan on the vehicle, you should check with your lienholder to see if they require comprehensive and collision coverage at all times. Mine apparently did, and when you drop the coverages the insurance company is required to notify any lienholder on the vehicle's title. I ended up just lowering my limits to the bare minimum and it cut my monthly cost almost in half.

[MinneapolisJeff]

just did this myself, the "storage" premium cost was reduced about 80%, the coverage did not change

[03BeastCharmer]

Used to do that during "winter" with the sport bike, but then we'd have a really nice weekend and I wouldn't be able to take it out, so I didn't do it every year.

[Hawkeye]

"luckily" here in Iowa they know you won't be riding during winter so they apparently already take that into consideration on motorcycles. You cannot suspend your motorcycle insurance here, they say they price the policies as if you will only ride it 3 seasons of the year anyway. Oh well, guess if that nice day ever comes for me I will just take my bike out and leave my car in the garage

[daveysew]

Hawkeye, I know what you're saying about bike insurance but you're still lucky compared to how we get gouged here in Canada. When I was in Milwaukee I had a 2003 Triumph Sprint ST, insured with full coverage for $106/year, brought the bike back to Canada and quotes for the same coverage ranged from $1000-$3600!?!?!?! Bloody pack of crooks up here.

dave

[Hawkeye]

Wow, yeah, that is a huge difference! I pay $17 a month for full coverage. Which I honestly find ridiculously low for a supersport bike that still has a lein on it.