Helifixer Posted February 14, 2005 Report Share Posted February 14, 2005 I am going through a divorce right now and kept 2 vehicles that have payments still on them. I want to drop the reg and lower my insurance to just comp so it is cover while being stored. I called the finance company and they told me that I must maintain the full coverage no matter what. Is this true? I would think that for as long as it is covered from mishaps it should be legal to do so. Plus I maybe deploying to Iraq soon and really dont want to pay full coverage for cars in storage. Does anyone know of any laws that I can counter back to the OC? Link to comment Share on other sites More sharing options...
miracle Posted February 21, 2005 Report Share Posted February 21, 2005 Yes, if your lender requires it, you must have both comp and collision. In the event it is in storage, I usually suggest suspending all liability coverage (The leinholder doesn't care as long as THEIR interest is covered) bump your collision ded up to the highest they allow (Usually 500 or 1000) and set your comp ded at what you are comfortable with as that is the coverage you would be dealing with (fire theft vandals glass wild animals) while it is parked. Even doing this will manage to save you some money as long as the cars are not being driven for any reason. Good Luck! -Jenn Link to comment Share on other sites More sharing options...
Helifixer Posted February 22, 2005 Author Report Share Posted February 22, 2005 Thanks Jen for the Info. Thats is all I wanted to do, so my insurance premiums were not so hi. But they kept saying that I have to maintain complete full coverage. I guess that what happens when dealing with their customer support. Link to comment Share on other sites More sharing options...
miracle Posted February 22, 2005 Report Share Posted February 22, 2005 your welcome! Everyone has a definition of full coverage. I think they mean full coverage on the vehicle itself. Good luck! My suggestion is to see if they will let you suspend the other coverages instead of deleting the them. Good Luck again! -Jenn Link to comment Share on other sites More sharing options...
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