[stratosphere]

Hello everyone....

Haven't posted in a long while... Been very busy running around trying to pay bills... what else is knew:flame:

I have a really good question for everyone in here....

I called my broker today to ask them if I can stop insurance for 4 months since i will not be driving it in the winter and was told that they can give me Fire + theft for a very low monthly payment for the 4 months, instead of the $238mth payment that I make now.....

Broker told me that I need to call DCX and clarify with them that this can actually happen....

When I called DCX today I was told the I CANNOT STOP INSURANCE IN ANY WAY, wether is a leased car or Financed. I need to be paying FULL insurance!!! DCX tells me that the only way I can cancel insurance is if I buy the car out.....

I don't know what to do here... I don't get it.... That means that my monthly payments for car (which is fine) + full insurance, I will have to pay in FULL even though the car will be on BLOCKS!!!:flame: :flame:

This is very disturbingggggg.... Any ideas??? SOlutions???

Thanks

 

[MikeV]

Yup, that's the way it is. Many banks say that if you have a loan out for more than $1,000 on the car, you must carry full coverage. They are just protecting their investment. I don't see why a lease would be any different. My suggestion would be to raise the deductible as high as possible ($1,000?) and drop any little bullshit that's tacked on such as towing and car rental features. This will get it down some.

 

[voodoo]

hmmm shit

 

[stratosphere]

Raising the deductible might be a good idea I just don't know if the insurance company will do it or not......

 

[NeonDan]

well i wouldnt have called DCX...you should have reduced the insurance, make a personal promise not to touch the car in that time and just went about it that way. The ONLY way DCX will know about the change in status of insurance is if the car gets dropped from a policy in anyway. Because of your actions they'll be watching your activities but i guess its at your discretion aswell. I know the feeling had my acr in the shop for over 6 months and decided to tone down the insurance since i wasnt driving it. The Credit Union was nice enough to call me and tell me that i wasnt allowed to do that and offered to take the car off my hands...no thanks

 

[can't stop spinning]

Sucks to be you, I went to my dealership and asked the same question, and they said go ahead and park it, they didn't give a rats ass. I could tell they thought it was funny that I'd went there to make sure that I could park my car for the winter. So next week my car is getting parked.

 

[JSRT4]

I haven't verified it but what you do is just take it down to comprehensive coverage, that should protect it more than enough, unless you decide to take it on the road. I've done it with all of my Hondas when leased and never had any issues. I say screw them what can they do about it , repossess it because you dont drive it in winter months. As of November 1st I am going down to comprehensive coverage on my srt-4. I can see them getting pissed if you dont have any insurance on it, but comprehensive should not be a problem IMO. Removing insurance completely is also bad with your insurance company, so just take it down to comprehensive coverage.

 

[Jeremy Smolik]

you mean take it down to liability only. comprehensive coverage is what covers your complete car repairs in case of an at-fault accident.

 

[MikeV]

That's what they won't let you do. You have to leave it at full coverage.

 

[4sefed]

Basically, all you want on the car over the winter is Fire and Theft.

 

[ICouldaBeenAV8]

Let's see now stratoshere if I understand. You get to cancel insurance on vehicle you don't have 100% equity in. Next, garage collapses on car, or garage catches on fire, or tree falls on garage, or drunk girlfriend mounts tires and wrecks car during a joyride, or snowplow goes awry and smashes garage, or sinkhole opens beneath garage, or volcano forms beneath garage, or airliner accidentally discharges frozen block of blue tidy bowl ice which bulls-eyes your garage, or weather warms up mysteriously (global warming), you go out for an early spring ride, fail to see snowplow careening into neighbors garage and collide with him. Car is totaled in all the above. Who pays for the lienholders ownership interest? Will you belly up to the bar and plunk down 15K to the lienholder? Somehow I think not and he doesn't either, hence, his demand that you maintain your insurance to protect HIS interest in the vehicle.

 

[MikeV]

Basically, all you want on the car over the winter is Fire and Theft.

Yes, that's what you would want. Unfortunately, you can't have just that on a car you owe more than $1000 to the bank on.

 

[kaminari_neon]

you have to have full insurance coverage on that vehicle at ALL times..and no you cannot jut put storage insurance on the vehicle

read your contract....if what CFC said today, pissed you off thats unfortunate but reality is you signed a contract that you failed to read the back or the dealer failed to educate u about certain things

to the person who said the dealer told them they can do whatever you want regarding the insurance.....lets look at reality the dealer is independently owned and guess what they are not financing your car...so yeah they dont give a rats ass...if that car was on their in-house financing program i bet the story would be different

my suggestion to you....keep the insurance on your car...essentially having full coverage is there for a reason...it protects the asset and it protects you in the event that something happens

oh and BTW failing to have full coverage is a breech of your contract...read the consequences of breeching the contract :readclose

 

[gnat turner]

I'm guessing your insurance is already at your leinholder's minimum limits (and maximum deductibles). If that's so, see if your insurance company rates on annual mileage and find out what proof you need to lower it. It may not amount to much in savings but every little bit helps. Some insurance companys offer Lay Up coverage, for when you take your vehicle off the road for extended periods of time. You may save quite a bit if you're able to get this coverage. Find out if your insurace company offers such coverage. Who are you insured with?

 

[Viper Jr]

Just drive it !! That's what I'm doing!

 

[drizze99]

If there is a lien holder on your vehicle, then you MUST carry full coverage insurance on it. Why? Because YOU don't own that car, the bank does.

 

[AltersEgo]

Just drive it !! That's what I'm doing!

Same here. Stock rims with Blizzaks.

 

[bluert]

I've no problem parking any of my cars for the winter including the SRT-4?
Just as JSRT4 and 4sefed said, have comprehensive/fire&theft coverage only.
I don't know if it makes any difference but my auto/home insurance is cover from the same company. My insurance agent knows that my car is finance through DCX.

 

[White_Zzzzz]

Just drive it !! That's what I'm doing!

Same here. Stock rims with Blizzaks.

Me three! Went through last winter with 16" steelies and Continental Winter contacts. Just dont get over anxious like I did in April and switch over to a Z-rated tire with your nice rims, and then get stuck in a snow/sleet storm :lol:

 

[drizze99]

Me three! Went through last winter with 16" steelies and Continental Winter contacts. Just dont get over anxious like I did in April and switch over to a Z-rated tire with your nice rims, and then get stuck in a snow/sleet storm :lol:

me FOURRRRRRR!

I bought a set of 15" steelies from a Jetta w/Michelin MXV4's (all season tire) and I cranked the boost down to 8psi on semi-bad days and ran 4psi on reall shitty days. It worked like a charm!!