Insurance

[theSikid]

Do I need insurance(is it required) if I buy a car with a loan and store it in a garage(no driving it).
Or does it just depend on what your bank credit union ect...says?

 

[projektej8]

It depends on your state law. In some states insurance isnt required at all, but in most if it is registered to drive you must have insurance

 

[AllanR]

Either way it would probably be a good idea to get fire and theft insurance on it.

 

[Mr. Jollypants]

You're best bet would be to call your bank that you're borrowing from and ask them if they have any requirements. You can register the car as Non-Op for a small charge instead of racking up charges for not registering it. If it's going to be kept in a garage, I don't see a reason to put fire and theft insurance on it.

 

[Tom]

MOst chance's are that if you are getting a loan, then it's required by the loan holder (bank), just incase something where to happen to it, even in a garage, like if a tornado or a meteor hits your house, or storage unit, and so on.

 

[Mr. Jollypants]

MOst chance's are that if you are getting a loan, then it's required by the loan holder (bank), just incase something where to happen to it, even in a garage, like if a tornado or a meteor hits your house, or storage unit, and so on.

Most insurance companies don't cover "Acts of God" this can be Meteor, Tree's falling, ect.

 

[Tom]

Most insurance companies don't cover "Acts of God" this can be Meteor, Tree's falling, ect.

i was just throwing a what if example, but good to know.

 

[bizoneoeh]

if you are getting the car on a loan then not only do you need insurance but you will need to get full coverage as well.

 

[tonyM]

^^^ yes. this. they will require it 100%.

Doesnt matter if you tell them you're not driving it.

 

[bizoneoeh]

Most insurance companies don't cover "Acts of God" this can be Meteor, Tree's falling, ect.

I use state farm and they fully covered my car and gave me one HELL of a pay out when my sentra got caught in a flood.

 

[Billy.]

i believe if the car remains unregistered and untagged then its up to the loaner, the state has no jurisdiction in your garage. there is such thing as insurance for a non-driven vehicle, kinda like a museum car. if your homeowners insurance covers whatever is in your garage then maybe the loaner will see that as sufficient

 

[Mr. Jollypants]

I use state farm and they fully covered my car and gave me one HELL of a pay out when my sentra got caught in a flood.

That's why I said most, if you look at your policy, I'm sure you'll find a clause for "Act of God" or "Act of Nature"

 

[jada64]

Just put storage Ins. on it. Most of the time your homeowners ins. will NOT cover the car.

 

[cheezeonmakneez]

I use state farm and they fully covered my car and gave me one HELL of a pay out when my sentra got caught in a flood.

 

[tonyM]

i believe if the car remains unregistered and untagged then its up to the loaner, the state has no jurisdiction in your garage. there is such thing as insurance for a non-driven vehicle, kinda like a museum car. if your homeowners insurance covers whatever is in your garage then maybe the loaner will see that as sufficient

this is 100% not the case. If he buys a car, and a bank owns it, they WILL require full coverage.

Also most homeowners and rental insurance do not cover vehicles.

I grew up in the car financing world, and some companies will even repo your car if you dont have proper insurance. we had to recover a few cars that were crashed and the owner let the insurance go because he had the same mentality. His payments were up to date too.