I am leaving the USA for 3 years on an international project. At no time will I be driving a car. What are the good reasons I should keep my auto insurance in force ? Or should I just cancel, then buy again when I return ?
Well if you have full coverage it will cover any damage or theft but some insurance companys have special plans for your case. Also some states demand you keep insurance on your car as long as it plated. You might need to turn your plates into the DMV if you drop your insurance. If I was leaving the states for 3 years I would just sell the car then you won’t have to worry about it.
no reason to keep insurance except that you can always get better rates if you have insurance versus having a lapse in coverage, regardless of the reason. First, drop your insurance way down (liability only) then add how much you will be paying over the three years. If that amount is less than what a new policy would cost having no prior insurance, keep it. Otherwise I would definitely drop it.
You can call any insurance agent to get a quote for insurance, just tell them you don’t have insurance now but want to get an idea of how much it will be.
my mother in law would stay with us for 6 months and then go back home for 6 months; they would drop her liability and collision coverage since parked in her garage. she would only keep comprehensive, since all she had to worry about is someone breaking into her house/garage and steal it. or if something happened to her condo; ie; hurricane that might get damage to her car.
your agent may give you other suggestions. but even though not here and not driving at all, something could happen to your car while gone;
or as others said; sell it, buy another when you return.
If you do NOT have a loan on your car or it is NOT leased, you should be able to drop your insurance. You might have to turn your license plate into the state… depends on the state that you reside and the insurance compliance laws in that state.
One good reason for keeping insurance on the car, even if your vehicle is parked inside a garage… if the garage would burn down or there was a tree that fell onto the garage and caused a loss to your car, some homeowners policy’s might NOT cover this type of loss cause some insurance companies specifically exclude vehicles that are self propelled by a motor unless they are used to maintain the property (like a lawn motor would be an example that might be covered since it is used to maintain the property, where a car is not JUST used for maintaining a property). If your vehicle will be parked in a garage, best to ask the insurance company that insures the property or garage if a loss would be covered to a vehicle that is parked and not specifically insured under an auto policy to be sure
If you have a loan or lease the car, you will have to keep the vehicle insured even though you will not be driving it. You might be able to put the vehicle in a withdrawn from useage status so at least the comprehensive coverage would remain on the vehicle and it would keep the insurance legal enough to keep the license plates and registration. Depends on your situation, insurance company and state that you live in.
A reason to keep it is that if there is a lapse in insurance coverage, most companies will treat you a a new driver, with corresponding whopping insurance premiums.
You’re better off dropping your insurance (liability) down to state minimums. You may end up paying $600/year. When you come back, your premiums won’t increase much. Don’t keep the insurance, and the new premium may be $3000/year. Less expensive to pay $1800 for coverage you won’t use, than $3000/year for SEVERAL years until your get your claims history back.
Well if you have full coverage it will cover any damage or theft but some insurance companys have special plans for your case. Also some states demand you keep insurance on your car as long as it plated. You might need to turn your plates into the DMV if you drop your insurance. If I was leaving the states for 3 years I would just sell the car then you won’t have to worry about it.
no reason to keep insurance except that you can always get better rates if you have insurance versus having a lapse in coverage, regardless of the reason. First, drop your insurance way down (liability only) then add how much you will be paying over the three years. If that amount is less than what a new policy would cost having no prior insurance, keep it. Otherwise I would definitely drop it.
You can call any insurance agent to get a quote for insurance, just tell them you don’t have insurance now but want to get an idea of how much it will be.
call your insurance agent and ask them?
my mother in law would stay with us for 6 months and then go back home for 6 months; they would drop her liability and collision coverage since parked in her garage. she would only keep comprehensive, since all she had to worry about is someone breaking into her house/garage and steal it. or if something happened to her condo; ie; hurricane that might get damage to her car.
your agent may give you other suggestions. but even though not here and not driving at all, something could happen to your car while gone;
or as others said; sell it, buy another when you return.
If you do NOT have a loan on your car or it is NOT leased, you should be able to drop your insurance. You might have to turn your license plate into the state… depends on the state that you reside and the insurance compliance laws in that state.
One good reason for keeping insurance on the car, even if your vehicle is parked inside a garage… if the garage would burn down or there was a tree that fell onto the garage and caused a loss to your car, some homeowners policy’s might NOT cover this type of loss cause some insurance companies specifically exclude vehicles that are self propelled by a motor unless they are used to maintain the property (like a lawn motor would be an example that might be covered since it is used to maintain the property, where a car is not JUST used for maintaining a property). If your vehicle will be parked in a garage, best to ask the insurance company that insures the property or garage if a loss would be covered to a vehicle that is parked and not specifically insured under an auto policy to be sure
If you have a loan or lease the car, you will have to keep the vehicle insured even though you will not be driving it. You might be able to put the vehicle in a withdrawn from useage status so at least the comprehensive coverage would remain on the vehicle and it would keep the insurance legal enough to keep the license plates and registration. Depends on your situation, insurance company and state that you live in.
Good luck.
cancel everything but the comprehensive coverage. Your agent can advise you best
A reason to keep it is that if there is a lapse in insurance coverage, most companies will treat you a a new driver, with corresponding whopping insurance premiums.
You’re better off dropping your insurance (liability) down to state minimums. You may end up paying $600/year. When you come back, your premiums won’t increase much. Don’t keep the insurance, and the new premium may be $3000/year. Less expensive to pay $1800 for coverage you won’t use, than $3000/year for SEVERAL years until your get your claims history back.