How do I place a vehicle in storage status so I can lower my insurance?

Placing a vehicle in storage status to lower your insurance involves a few key steps, and it’s important to understand that the specifics can vary by state and insurance company. Here’s a general breakdown:  

1. Contact Your Insurance Company:

• The most crucial step: Talk to your insurance agent. They can explain your options, the specific requirements of your policy, and what changes you can make.  
• Ask about “storage insurance” or how to reduce coverage for a vehicle in storage.  
• They can tell you which coverages you can remove or reduce, and which you might need to keep.  

2. Understand Coverage Changes:

• Liability and Collision: Typically, these are the coverages you’ll reduce or suspend when a vehicle is in storage. Liability covers damage you cause to others, and collision covers damage to your vehicle in an accident.  
• Comprehensive Coverage: This coverage protects your vehicle from non-collision damage, such as theft, vandalism, fire, or weather events. Many people choose to keep comprehensive coverage even when a vehicle is in storage.  
• Lender Requirements: If you have a loan or lease on the vehicle, your lender may require you to maintain certain levels of coverage, even in storage.  

3. Check with Your State’s DMV/BMV:

• Registration: Some states require you to suspend or cancel your vehicle registration when it’s in storage.  
• Affidavit of Non-Use: You may need to file an affidavit of non-use, which states that the vehicle will not be driven on public roads.  
• State-Specific Rules: Each state has its own regulations, so it’s essential to check with your local Department of Motor Vehicles (DMV) or Bureau of Motor Vehicles (BMV).

4. Prepare Your Vehicle for Storage:

• Disconnect the battery.
• Store the vehicle in a secure location, such as a locked garage or storage facility.  
• Consider taking other preventative measures to protect your vehicle from damage during storage.

Key Considerations:

• Don’t Drive the Vehicle: If you’ve reduced or suspended your coverage, do not drive the vehicle. Driving without proper insurance can result in serious legal and financial consequences.  
• Reinstating Coverage: When you’re ready to take your vehicle out of storage, contact your insurance company to reinstate your full coverage. You may also need to re-register the vehicle with the DMV/BMV.

By following these steps and working closely with your insurance agent and your state’s DMV/BMV, you can effectively place your vehicle in storage status and potentially lower your insurance premiums.