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| *Ostroff, Fair and Company>>>Insurance |
Car Insurance? |
i need some advice please on whether or not this is worth it.... .... i am paying 160 right now just for liability.. and i am going to be out of town for about 5 months... i asked my insurance company USAA if i should cancel it, then they told me that it would hurt my insurance rating, and basically i would be starting over, paying like 160 a month for liability again when i get back... but if i do a storage fee for about 60 dollars a month, i could keep my policy open. they said that if i have a registered car, and if i cancel my policy, they said it would hurt me.. so the best thing would be to pay 60 dollars for a storage fee.... is it true? and does anyone think it is worth keep my policy open, instead of closing it and starting back from scratch, paying a lot of money!? thanks I would definately keep the policy, but if you put it in storage, you can change it to "comprehensive only" deleting all the liability coveraged, keeping only the fire & theft while it's in a locked garage. It's true that if you let your insurance lapse for more than 30 days, you are rated as a higher risk when you try to get insurance again. Source(s): agent, 20+ years Yes, this sounds reasonable to me. In my state, if you do not have insurance on your car, they contact the state, and the state will suspend your driver license. They are also correct in stating that you would be starting back over again, in their eyes or any other companies eyes...and your rate could go up. So yes, I do feel this is reasonable to keep your policy open on those terms 'til you get back. It depends on your state and your insurance company. Some states require you to have insurance even if the car is not mobile while others don't. The thing to do is contact a couple of different insurance companies and get a consensus on what the rules are and at the same time you can get a couple different quotes to be sure you are with the right company. Good luck, and here's a link for quotes and some other info. http://insurance.divinfo.com/ When cancelling your insurance since you will not be driving your vehicle, determine if your state charges will hold you accountable for any lapse of insurance. If you hold a lapse of insurance and when you attempt to obtain insurance again, you will be rated as a higher underwriting risk, in return a higher premium. Anyone with lapses of insurance generally show financial problems irresponsible and insurance companies will underwrite for that (not saying this is you but this is what they look at). Your best bet is to either: 1) Drop to Liability with your state minimum (again depending on your state Bodily Injury/BI 25/50 or lower if allowed by law, Property Damage or lower and Comprehensive just to cover you in the event something does happen to your vehicle. Comprehensive is a very cheap coverage. 2) Turn your plates back in on your vehicle, then cancel your insurance. This will NOT show as a lapse as long as your plates are turned back in to DMV PRIOR to you cancelling your insurance. 3) Check with your insurance company to see if you can change your policy to a storage plan. Most military friendly insurance companies such as USAA or GEICO will have these types of "garage" plans that may assist you. Professionally licensed insurance adjuster in CT, ME, NJ, NY, NH, RI, VT employed by GEICO. |
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