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Discussion Starter #1
As some of you might already know, much of the SF Bay Area is now under 'Shelter-in-Place' order. Nobody should leave his/her residence unless it is absolutely needed. Therefore, all my cars are pretty much sitting here. My insurance expires on April 1st. The SIP order will be over on April 3. So I am thinking of cancelling insurance for two of my cars with full coverage (cancel collision and liability, keep comprehensive). I shall be driving around in my Camry with liability-only insurance anyway. Do you guys think it is a good idea? Will save me around $50 bucks. Not a lot. But still ... Any drawbacks that I am not thinking about now? Thanks.
 

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Bought a new car, paid cash, never got collision insurance. I would consider it as long as there is no financing involved and there is no chance of a comprehensive situation where you could end up loosing the car due to unforeseen damages.
5 years for me this May 9th, car is sitting in my garage. without any insurance, but homeowners would cover it if the house was demolished or significantly damaged.
 

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Unless you get a higher rate once you are ready to reestablish the full coverage you had.
 

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Depends on insurance company. But, some insurance companies will only give you a higher rate if you decide to come back less than a year later. Some will offer to "take you back" within 6 months of cancellation. All depends.

Also, if cars are on private property then you can do whatever you want. But, you cannot park a vehicle, legally, on the street without minimum state insurance (liability) or else you risk getting a ticket.

In some states, like NY, you CANNOT cancel insurance on a vehicle unless you turn in your license plates or get a different insurance.

YMMV
 

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Discussion Starter #5
Thanks guys. I parked the two cars with full coverage in my garage and driveway now, and cancelled insurance for them. Now I have only the Camry to work with. My current policy is with National General and it will expire on 4/1. I already bought the next policy from Geico. So no harm done. Why not save 50 bucks if I can? Took me a call for 5 minutes.
 

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FYI some insurance companies let you put a vehicle into "storage" and remove liability and collision coverage, which significantly reduces the monthly cost but will retain your comprehensive coverage in case a tree falls on it or whatever. I do this every winter with my summer vehicles. There are some limitations, like it has to be stored "securely", which does include inside of a garage or in a private driveway, and you can only change the status like once every two weeks or something.

We don't have to have car insurance in my state, so I'm not sure if this is something unique to us or available everywhere.
 

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Discussion Starter #7
Nice suggestions! I shall see how long this disaster will last. If it will extend significantly past April 3, I shall try your 'storage' idea with Geico to see whether it will fly.
 

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Discussion Starter #8
Update

My new insurance at Geico starts tomorrow (4/1). I called Geico today and the representative was able to put the two cars with full coverage into 'storage' mode for the month of April. During April, we have comprehensive coverage, but no liability and collision. The policy will revert to the full effect on May 1st. This will save us about $100. We just need to file an affidavit with CA DMV so that we won't get a ticket for no liability insurance for the two cars. Jonathan, the representative at Geico, is a good guy. Super helpful.
 

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Discussion Starter #10
Update

My new insurance at Geico starts tomorrow (4/1). I called Geico today and the representative was able to put the two cars with full coverage into 'storage' mode for the month of April. During April, we have comprehensive coverage, but no liability and collision. The policy will revert to the full effect on May 1st. This will save us about $100. We just need to file an affidavit with CA DMV so that we won't get a ticket for no liability insurance for the two cars. Jonathan, the representative at Geico, is a good guy. Super helpful.
Thanks for your advice! This is the reason forum members come back all the time!

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Discussion Starter #11

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Allstate is giving all drivers a discount due to the shelter in place and less accidents because of that:

"As we all work together to slow the spread of COVID-19, more of us are at home and driving less, which means having fewer accidents. Given this decline in driving, our auto customers will receive a Shelter-in-Place Payback. Most auto customers will get an average payback of about 15% based on monthly insurance costs during April and May. You can get your payback faster through the Allstate Mobile App."

I wouldn't be surprised if some other insurance companies do the same.
 

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One interesting fact about GEICO, is that on a normal day, they used to receive about 20,000 auto accident claims. They said that number is now way down, but didn't say exactly how much.
 

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One downside to cancelling insurance for a vehicle taken off road, is that if your state initiates its annual license plate renewal and sees that you don't have insurance on it, depending on the state, they might automatically cancel your plate, requiring you to buy a new one when you do put it back on the road.

This just happened to me, this week, on a car of mine, in Michigan, because I'd taken it off road for the winter.

According to my research, the state will not allow a "do-over", and now I get to buy a new plate from them, which I could have avoided if I'd known to re-instate the insurance before they began the annual tag renewal process for me (in this state, it is one month before your birthday, which in my case happens to be right at the end of the winter season).
 

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I drive one car 6 months then the other 6 months. Transfering the tags cost $2 in Virginia, insurance swap cost nothing.
I know you are not talking about transferring the tags, maybe your state has a way of handling that you are keeping the tag.
 

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One downside to cancelling insurance for a vehicle taken off road, is that if your state initiates its annual license plate renewal and sees that you don't have insurance on it, depending on the state, they might automatically cancel your plate, requiring you to buy a new one when you do put it back on the road.

This just happened to me, this week, on a car of mine, in Michigan, because I'd taken it off road for the winter.

According to my research, the state will not allow a "do-over", and now I get to buy a new plate from them, which I could have avoided if I'd known to re-instate the insurance before they began the annual tag renewal process for me (in this state, it is one month before your birthday, which in my case happens to be right at the end of the winter season).
Yikes, that sucks.

In Hawaii, I believeour DMV/Safety check places don't check for active insurance on the spot. When we get our yearly safety inspection, the station requires you to have the physical insurance card and no digital copy (they won't take a digital copy on your phone). Fudge, I had a friend who got his safety check a few years ago (requires for the car to pass physical and up to date registration and insurance) when he canceled his insurance a week prior to getting the safety check. He still had the 'then active insurance card'....so I guess it proved that our state has a disconnect between able to verify if the car has insurance or not. Could have changed though....

For what it is worth, I took two of my other cars off insurance for now just because I can't drive around as much. saving about $50 a month, so not too bad. Hopefully, all this blows over in the next few months...
 

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Just got an email today that my insurance company (USAA) will be giving everyone back 20% of two month's premiums. With a good record and no collision coverage on anything this totals like $20 for me, but it's a nice gesture I suppose.
 

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Discussion Starter #18
I cannot believe that our county put us into shelter-in-place for another month! The whole thing won't be over till 5/31. I don't know whether this is extremely responsible or totally oblivious to people's livelihood. Anyhow, I put my two cars into storage mode for another month and got another $100 back. @steve108, thanks a lot for your advice! I saved a lot.

Also from this experience, I did feel that Geico is a trust-worthy company. All these auto insurance companies got a big bonanza due to the pandemic. Only the relative big names tend to refund some of their windfall to customers. And among them, Geico is the most generous. It will automatically reduce next 6-month premium by 15%. That is way more generous than the typical '20% off two months' deal from others. I am very happy that I decided to go with Geico 2 months ago. For all the drivers out there, check out Geico next time when you buy insurance. They treat drivers fair and their customer representatives, male or female, are all very pleasant to deal with. Highly recommended!
 

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Discussion Starter #20
If you sign up at Geico right now, it will give you an automatic 15% discount right away. I shall get it when I renew it I'm October. That's an easy $100 bucks.

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