Winter Storage and Collision Coverage
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Joined: Dec 2004
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From: Appleton WI
Winter Storage and Collision Coverage
My bank is complaining that I don't have Collision coverage on my car, but it is in winter storage. Is this standard practice or are some banks OK with no collision for winter storage.
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I can acess my car and hope to drive it a few times while stored. Someone could still damage my car so I left full coverage intact for the few buck I would save.
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Joined: Dec 2004
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From: Appleton WI
Mines tucked away safely in my garage and still has coverage if something happened, just not "collision" since it's not being driven, saves me quite a bit, so I'd rather not pay for coverage that does me no good. May have to shop around for insurance or a new bank...
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That is standard anytime you have a loan on the car. They have to make sure you are covering it, to protect their money. My bank and insurance are the same so that helps, otherwise you should be able to type a simple letter for their file to show it is being stored all winter.
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Most banks have a form that you can fill out that says that the car is being stored for the winter and won't be driven. They still require you to have fire/theft/comprehensive coverage on it.
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If you have a loan on the car, the financial company doesn't care if you are storing it or not in most cases - terms of the loan usually say you must maintain collision coverage on the car. You might want to talk with them though and see if they will waive that based on your certification that the car will not be driven for a period of time.
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