Full coverage on financed Viper?

[cobramadness]

If I have the car financed and they are holding the title, is the car required to have full coverage insurance if it is not being driven? I plan to make a purchase soon yet I will be continuing to work out of town for 6-8 months. I'd like to put the car in storage with theft/vandalism/fire coverage. Any ideas?

 

[Dimitrios]

i think it still needs to be insured 100%. this way just incase something happens the bank doesnt lose its money..

 

[cobramadness]

That's what I was thinking, but I was wondering if there was a way around that if the car wasn't being driven.

 

[trainville]

No way around it. The insurance would cover any unforseen incidents while in storage such as things falling on it, theft of the car, etc. I know it ***** to pay for it, but think if something happened to the car and you had to pay repairs/replacement out of YOUR pocket... I asked my bank the same thing and they require the insurance to safeguard their $$$$.

 

[Chuck 98 RT/10]

I don't think the banks check after a couple years. Mine didn't. But full coverage is only a few hundred more, at least that's what happened with me when I went Geico online. Previously I was going through an agent and was getting screwed for several thousand.

 

[ViperBite]

You may be able to reduce the $$ by reducing the amount of miles driven per year. At least with State Farm I tell them how many miles and it does reduce my cost of insurance. My cost for full coverage with State Farm will be less than $800/yr with no more than 7500 miles/yr of driving. I can't remember the next threshold for miles, it may be 5000 which is what I will probably actually get.

 

[Chuck 98 RT/10]

Check out www.grundy.com

Lots of restrictions but very affordable.

 

[V10SpeedLuvr]

Dont get Progressive!!!! I have never had them but one of their insured hit me (before i owned a Viper. Thats the only way to idiot is still alive) and they are impossible to deal with. I ended up having to use my insurance company (Geico) to pay for my repairs and then sue Progressive for the money. I am parts manager at a Mitsubishi dealership and know some bodyshops wont even work on a car if Progressive is responsible for the bill because they are so bad about paying! Statefarm can also be a pain to deal with. Geico is expensize but they will take care of you if you ever have to file a claim. Thats who I recommend.

 

[94RT10Ohio]

Yes, Progressive is bad. They get you to buy with a low rate and then every 6 months you get increased! I acutally received money in a class action lawsuit becasue of their practices!

Yes, you need to keep full coverage as long a there is a loan on the car, driving it or not.

Take the typical persons standpoint. You have a Viper, what is a couple hundred dollars? My insurance is only $600 a year.

 

[Casey]

I was able to put my GTS on storage/theft during the winter months with State Farm before it was paid off. I believe it's OK as long as you have a couple other vehicles(DD for wife, DD for yourself).
Also, State Farm does give a discount for driving under 3000 miles a year. And that is contingent on multicar coverage also.

If I remember correctly, the storage/theft coverage is significant. And worth switching over too if you are NOT going to be driving it.

 

[cobramadness]

I was able to put my GTS on storage/theft during the winter months with State Farm before it was paid off. I believe it's OK as long as you have a couple other vehicles(DD for wife, DD for yourself).
Also, State Farm does give a discount for driving under 3000 miles a year. And that is contingent on multicar coverage also.

If I remember correctly, the storage/theft coverage is significant. And worth switching over too if you are NOT going to be driving it.

This is what I was hoping to hear, thanks man!!

I am 20 years old so the rates increase more than "a few hundred bucks", which I don't mind paying the Viper tax, but would rather not pay it while not driving it.

I was also going to ask what insurance company I should pursue but I believe it's been discussed on here before. I will check out Grundy and State Farm.

 

[2002_Viper_GTS_ACR]

Just change yoru deductable to the MAX amount they will allow, which is probably like $1000..taht will at least help to lower it a few hundred bucks.

Jon

 

[BLUESNAKE367]

I believe the Bank will require full coverage for there sake, as long as it is financed, atleast they do here in VA... most credit unions now hire outside companies to check on customers insurance policies on regular intervals.

BTW, I use to have GEICO on my GTS and Nationwide on my Ram SRT/10, that is, until I asked if either was hit(repairs beyond 20k), would they pay replacement cost, I got a resounding hell no....so i switched to GRUNDY Insurance for an agreed value policy, The GTS for 48k and the truck for 42k. we have too many idiots driving around here, and most accidents, even minor ones will wipe out a GTS, so I do not need the stress of having regular insurance.

My 2c

 

[Casey]

My bank had NO problem with using storage/theft. But the Bank could very well NOT allow it. If you have a good relationship with your bank, go talk to them and get their OK.

If you truely are going to Store it, then I don't see why you would have any problem at all switching back and forth.
I would actually come home for a week in November and if the weather was nice, I would turn my insurance back on FULL for only the week I was home.

I am sure alot of this depends on how well your Insurance Rep is. Mine is State Farm and they have been "The Best" to deal with.

 

[cobramadness]

I suppose I will just have to talk with them about it and see what happens. Atleast I know it's "possible", but whether they do it is another matter.

Casey, that's something I was hoping I'd be able to do, switch it back and forth. That is if I even get the opportunity to drive it.

 

[ACR steve]

Just drop the liability and turn in the plates.Keep the Comp. and Collision and you can save some money but dont be tempted to drive it on that sunny day.

 

[illegalspeeds]

I am out to sea right now in the US Navy (but coming home soon!!). I let my insurance company know that the car would be in storage the entire time I was gone. They didn't remove my Comp coverage, but they did reduce my liability coverage and collision coverage based on the fact that it would not be driven. So you might want to check with your carrier and see what they will do for you.
Matt

 

[GodShall]

I know state farm reduces my rate in half during the winter months when the car is not driven..

 

[Leslie]

Allstate reduces the coverage to theft only, taking off collision coverage when I store my viper and vette

 

[01sapphireGTS]

You do have to carry full coverage while the car has a title lein against it, but if it's in storage put a super high deductable on it like $2000-4000+ (you are at no risk because you are not driving it) then the premium will be low.

 

[Gerald Levin]

Also, State Farm does give a discount for driving under 3000 miles a year. And that is contingent on multicar coverage also.

Not to shoplift this thread, but Casey you just saved me some cash. I have State Farm but did not know the above and just switched to it and I'm guessing I'm gonna save a couple hundred bucks/yr. Many thanks!

PS Agent told the wife that when the car is 10 years old (2006) that you will be able to insure by stated value and the cost will be less than what it is now.