Stopping insurance in winter months... | FerrariChat

Stopping insurance in winter months...

Discussion in 'New York Tri-State' started by rmani, Nov 29, 2017.

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  1. rmani

    rmani F1 Veteran
    Owner Silver Subscribed

    Nov 1, 2003
    7,299
    NJ
    Full Name:
    RMani
    Hey guys,

    Need some advise here. My Ferrari and Maserati hardly see use in the winter months, so I called the insurance company to discuss stopping the insurance for 4 months. Both cars are garaged and I assume covered by my home policies (is this an incorrect assumption?).

    The insurance company said I'd have to surrender my plates to the DMV before they could stop the insurance does this sound right? How would they know if I did in fact surrender the plates?

    Thanks for any advise.
     
  2. mkzhang

    mkzhang Formula Junior

    Oct 5, 2009
    535
    Philadelphia
    Full Name:
    Mike
    My insurance co allows me to just turn off the collision aspect of my auto insurance, while keeping the comprehensive coverage. I just have to declare that I withdraw my car from use


    Sent from my iPhone using Tapatalk
     
  3. LorenzoOO

    LorenzoOO Formula Junior

    Sep 21, 2017
    783
    Italia, US NE
    Full Name:
    Lorenzo LaMattina
    In NY, for example, you need to provide a receipt form the DMW, showing that you turned in your plates, in order to stop liability insurance. You can stop fire, theft and collision without turning in your plates.
     
  4. Dave rocks

    Dave rocks F1 World Champ
    BANNED

    Nov 23, 2012
    16,047
    Orchard Park, NY
    Full Name:
    Dave Lelonek
    Actually, I don't know how they do it, but State Farm has a program where you can suspend driving for 6 months per year without turning in your plates. I used to do it when I have my 95 vette.
     
  5. rmani

    rmani F1 Veteran
    Owner Silver Subscribed

    Nov 1, 2003
    7,299
    NJ
    Full Name:
    RMani
    Was there enough of a difference in savings? Thanks for the info perhaps I'll do take this approach.
     
  6. Dave rocks

    Dave rocks F1 World Champ
    BANNED

    Nov 23, 2012
    16,047
    Orchard Park, NY
    Full Name:
    Dave Lelonek
    Yes - that is not correct. Home owners policy's don't cover road going cars but would cover a tractor. You want to keep fire / theft on them.
     
  7. spyder625

    spyder625 Formula Junior

    Jun 16, 2017
    717
    NJ
    Full Name:
    Mike
    i would not cancel your insurance in case you want to drive it one or two times during a Nice beautiful winter day.. it's peace of mind for my 300K car.... i sleep much better at night knowing its fully protected.. either way in NJ you need to have receipt to turn over if you do cancel it for a few months.
     
    Afonsolaw, whatheheck and bball16 like this.
  8. rmani

    rmani F1 Veteran
    Owner Silver Subscribed

    Nov 1, 2003
    7,299
    NJ
    Full Name:
    RMani
    Wow good to know thanks
     
  9. Ski Bum

    Ski Bum Formula 3

    Jun 19, 2012
    1,088
    Not a good idea in NY. In NY, the insurance companies must send a notice to DMV when they terminate insurance. DMV will suspend your license if you do not surrender your plates within 90 days after the termination date because they assume that you are driving an uninsured vehicle.
     
  10. tuttebenne

    tuttebenne F1 Rookie

    Mar 26, 2003
    3,189
    Bay Shore, NY
    Full Name:
    Andy
    Exactly. The DMV quickly learns you are uninsured.
     
  11. bigsquat

    bigsquat Formula Junior
    Rossa Subscribed

    Nov 4, 2013
    465
    Westchester, NY
    Full Name:
    Troy
    State farm in NY allows me to suspend liability if my car is stored for a few months. Saves several hundred dollars and if I want to go for a drive I just call and reinstate and can still suspend it again when I am done.
     
  12. LorenzoOO

    LorenzoOO Formula Junior

    Sep 21, 2017
    783
    Italia, US NE
    Full Name:
    Lorenzo LaMattina
    State Farm allows you to suspend liability in NY? Or do you mean they allow you to suspend Collision, Fire and Theft? NY State law requires Ins Companies to notify DMV if a registered vehicle cancels liability. I went through this recently when I sold a car and held the plates to transfer to a new vehicle. The DMV notified me by certified mail that I had to turn in the plates or be subject to fines and suspension of my drivers license. - I turned in the plates!
     
  13. bigsquat

    bigsquat Formula Junior
    Rossa Subscribed

    Nov 4, 2013
    465
    Westchester, NY
    Full Name:
    Troy
    They call it being removed from use. Comprehensive is intact but everything else is removed and the cost is reduced by 75%. However they do it liability still shows up for DMV so you can keep the plates and the car is still covered if it is stolen or damaged while stored.
     
  14. Streetsurfer

    Streetsurfer Formula Junior

    Dec 16, 2015
    934
    near Chicago
    Full Name:
    Ron
    Just had two vehicles withdrawn from use in Illinois through State Farm.

    Just what biGsquat said about comprehensive remaining.
     
  15. F430 Driver

    F430 Driver Formula Junior

    Apr 23, 2008
    444
    Central New Jersey
    The solution is if you do not plan to drive it just drop Collision. That means just don't let another car hit you or you hit another car. Everything else will be covered though. No need to return plates.

    Most of the cost of the policies are collision typically.

    I was going to do it this year but for 4 or 5 months I decided not to. I like to drive my cars a few miles at least once every 4 to 6 weeks to keep things moving and flat spots off tires. Too risky that some idiot might plough into me even on a short drive. However, if I was just going to go around my block in circles it would be fine I guess. Maybe next year.
     
  16. BRADAN

    BRADAN Two Time F1 World Champ
    BANNED

    Aug 29, 2009
    22,661
    West Babylon, NY
    Full Name:
    BRADAN
    After seeing customers deal with claims first hand I don't recommend dropping insurance during the winter. I've had garage doors fall on cars, garage springs break and hit cars in storage, water pipes freeze and damage cars. Roll out forwards or backwards hitting shelfs, doors. And even catch on fire in the garage from electric issues. IMO not worth the savings.
     

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