Do I Need Insurance on My Vehicle That Is in Storage for 4 Years?
Storing a vehicle for four years is a big decision. The cost of long-term storage needs to be calculated beforehand so you as the owner know what you are committing to. One of the biggest factors in the cost of storage is whether you will need to carry insurance on the car.
Other People Are Reading
-
State Laws
-
Every state has its own laws about storage vehicles but in general, if you keep the vehicle registered, you must continue to carry insurance on the vehicle. In Florida, for example, you can turn in your license plates when you put the car in storage and drop your policy, but if you keep the plates, you must continue to pay insurance. Call your local department of motor vehicles or your insurance provider to find out the requirements in your state.
Financing
-
Any vehicle with a loan attached to it must have an insurance policy. If you are storing a vehicle that you are still paying for, you must continue your insurance policy. If the loan is paid off during the four years that the vehicle is stored, you may be able to drop the policy, depending on your state's laws.
-
Storage Insurance
-
If you are not required to carry a normal policy on your stored vehicle, you may still want to consider a storage insurance policy. It is generally cheaper than a regular policy and will give you peace of mind during the four years of storage. Storage insurance may be purchased from the storage facility or your car insurance company.
-
References
Resources
- Photo Credit a car in a car show image by Gary from Fotolia.com
