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How to Save Money On Insurance When You Put Your Car in Storage

Winter Storage & Saving Money on Your Car Insurance


When people are not driving their cars, they sometimes think that it is a good idea to cancel their insurance and just buy new insurance when they decide to drive again. What most people don't know is that they don't need to cancel their policy to save money or get money back for the period the car is stored.

When is Storing A Vehicle A Good Plan?

  • If you have a "summer only" car, like a sports car for example.

  • Specialty or Antique Vehicles

  • Going out of the country to travel or work for several months, or for "Snow birds" in the winter months

  • If you prefer not to drive in harsh winter conditions

Don't Cancel Your Policy! Put it on "Hold."

Cancelling a policy is not a good idea when a car is in storage, here’s why

  • It will cost you time and money: You will receive a penalty for cancelling your policy mid-term. You will also create a gap in your car insurance history and make the process much longer when you want to insure your vehicle again.
  • When you cancel an insurance policy but still own the vehicle, you are still liable for the vehicle or any damage that may occur as a result of your ownership of the vehicle. A car does not have to be driven to cause damage!
  • When you cancel a policy, you also cancel the coverage for physical damage to the vehicle. So if someone scrapes your car, does a hit and run, steals your car, etc. You will not be covered if you cancel your policy.


A Winter Storage endorsement is the best alternative to save money and protect your car.

In Quebec, we offer a winter storage endorsement QEF16/QEF17.  In other provinces or places, there may be similar programs - please contact your insurer or broker to find out how you can save money or if there are similar programs available.*

The QEF 16 endorsement can be added at any time, and at the end of a storage period, it is ended based on your request, with a QEF 17.  This endorsement allows for a  reimbursement or reduction of the premium for the timeline where the vehicle will be off the road or not being driven. Depending on the insurance company, some may even issue the credit to you in advance.

The credit will normally be for the period between November 1st and April 1st, however, this varies by insurer, and of course, if you only put your car away from January to March, for example, it can be adjusted to your needs. The important part is always to remember that once you have advised your insurer a vehicle is in storage, your insurance is limited or suspended, and you are not insured to drive it again until you call your insurer to advise it will be going back on the road, and you need the full insurance back.

Most companies have a minimum amount of time a vehicle will be stored to qualify for the endorsement, this time frame is usually over 60 days.*

How does the Winter Storage Endorsement Work?


•    It normally provides minimal coverage in liability. In other words, it takes into account that you will not be driving the vehicle. However, it maintains a portion of the liability coverage in place for situations where you might become liable for damage caused due to your ownership of the vehicle.

•    It maintains comprehensive coverage. This is the coverage that protects you for damages that may occur as a result of fire, theft, vandalism, windshield, for example.

•    Collision coverage may also be adjusted for the duration of the storage. Collision is the portion of automobile insurance that covers your car when you are responsible for an accident that results in damage to your vehicle – since you won't be driving; it stands to reason this coverage can be limited during the storage period.

Please contact your insurance representative to find out how you can save money while protecting your car during a storage period. You may be surprised to find out how much you can save!

 

You may also enjoy learning which insurance companies were awarded top ranks by consumers in J.D. Power survey, check it out!

*Please note that insurance coverage varies from state to state or province to province, the information in this article and on this site is given to serve as information to empower consumers, and as a bouncing board to a discussion with a licensed broker or agent that can review your specific needs and explain various coverage options to you. Every insurance company has their own policy wording, in all cases, the policy wording will take precedence over any blog discussions or examples. Empower yourself with information, so you know the questions to ask, and take charge of your insurance to save money and protect yourself!

Summer Fun Specialty Vehicles - The Amphicar Collectible Car

AmphicarAmphicar (Photo credit: Flicktone)

We like to have a little fun once in a while, and what's more fun than hitting the beach - or heading to a lake? How about for a cruise in your car?

It's a car on land and a vessel on the water. "The car that swims"

The Amphicar was built in Germany from 1961 to 1968, the total production was 3,878 vehicles - the majority of which were imported into the United States.

I have to thank one of my clients, Jacques B. for showing me these amazing vehicles, and also for sharing his video, below.

Some of you may remember my post about saving money on new car purchases,  I mentioned there that I would be sharing a pretty cool car on an upcoming article, well what better time than at the start of the summer season, and what cooler car than an Original Amphicar?! 

How do you insure an Amphicar?

It's a little tricky.

Amphicar's are quite interesting because they can drive on land, reportedly to 70mph, and then can transition to hit the water - just like a little boat. For insurance this vessel is a bit of a challenge. When they are on the road they are governed by the laws of the road, but on water, they are treated as a vessel or any other boat, in fact you even require a Pleasure Craft License (at least in Canada) to operate any motorized vehicle in the water.  So the insurance policy of a car normally would not cover this kind of vehicle! You may have to search for a car insurance company to get the coverage you need, due to the nature of the risk, even the best car insurance companies may have a hard time insuring the amphicar. The only way to find out is to call and ask..

*Due to these special concerns and needs, if you are planning on purchasing an Amphicar, make sure to speak to your broker first. In my own experience, I do have markets to insure them, but it is not always a straight forward process, and information such as updated evaluations from recognized evaluators help!

Want to see it in action, then take a look at this fun video (you can skip to minute 4, and watch for about 30 seconds to see it transition from water to land).

The video is courtesy of Jacques B, who took it during his 2011 "Orilla Swim" Meetup.

What do you think? Does this look like a super fun way to get around?

A Word of Caution:

Not all cars are Amphicars - or cars that swim!

Remember the Amphicar is built for water, it is a vessel and not a "modified vehicle" so please don't try this at home kids!

It takes a special car for this kind of adventure!

Amphicars Photo
Photo from unknown origin, found on www.amphicars.com in an ad for the sale of one of the original 1964 Amphicar 770 The Cross Channel vehicles.
How to Insure Antique and Collector Cars for Less and Save Money - See more at: http://www.milasblog.com/myinsurance/2012/08/antique-and-collector-cars-your-insurance-special.html#sthash.dfaYwoUB.dpuf

Photo from unknown origin, found on www.amphicars.com in an ad for the sale of one of the original 1964 Amphicar 770 The Cross Channel vehicles.

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