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 Car Insurance jacked up CORONA
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Posted on 03-27-20 1:24 PM     Reply [Subscribe]
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Namaste Saajha Quarantine Mitra Haru,

Need some insightful Suggestion Regarding one of My friend who is still studying.
Kaam chaina bcoz of bandh so u need to cut down the expenses.

1. Can't avoid paying house rent which is inevitable.
2. He have a car which insurance premium is coming up soon. As He haven't used that car for a month it doesn't make a sense to have insurance. As no driving no Collison [Car is eating up cost] . He asked me if anyone knows how can you cancel the insurance premium for at least couple of months and then when everything gets normal you can start back again.

As we are seeing more cases and seems like we will be lockdown for at least 3 months given the present scenario. If your Insurance cost is $160- $180 a month. For 3 months you will end up paying $450- $600.

So how can a student deal with this issue?

Call Insurance agent she said my friend has to call RMV/DMV and cancel his license plate.
Otherwise, if they drop then he will have a driver license suspended.

Anybody who has gone Nepal for 3-4 months what did they do in these scenarios?

The suggestion is highly appreciated esp for People who don't have any income source at the moment.

Posted on 03-27-20 1:40 PM     [Snapshot: 22]     Reply [Subscribe]
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Please call DMV and make them aware of your situation. I think you have turned in license plate.
Here is the info I got Online. In order to cancel your car insurance policy, you first need to submit proof of surrendering your license plate. Go to your local DMV or tax collector's office and surrender your plate to receive a receipt. Then, submit the receipt to your insurance company to complete the cancelation process. Problem with this is you have to garage at the personal house. Since it’s does not have a valid registration parking in school lot or apartment lot could create a problem.

Posted on 03-27-20 2:07 PM     [Snapshot: 43]     Reply [Subscribe]
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@ RamKumar Poudel Jee,

The issue is he is in lockdown state so he can't go and get receipts. He gave me the option of canceling my registration online. he has no issue garaging it in house.

Does anybody have to cancel the insurance for a couple of months and get back into it?

Online RMV/ DMV source have not been so helpful for cancellation of car insurance for couple of months.
Posted on 03-27-20 2:56 PM     [Snapshot: 120]     Reply [Subscribe]
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One option would be to only have liability for few months to minimize cost and switch it back to collision when necessary.
Posted on 03-27-20 3:05 PM     [Snapshot: 123]     Reply [Subscribe]
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Goddamm, Unless the car is paid off, you can Not reduce the premiums. When I returned my plates DMV, I did not get any receipt. It might me just a paper saying you have returned the plates. You can always mail the license plate to DMV. DMV in my states is closed and I’m not sure what’s up in your state.

‘’The issue is he is in lockdown state so he can't go and get receipts. He gave me the option of canceling my registration online. he has no issue garaging it in house’’.
If DMV is open he could directly call them. Write a letter attached with license plate and mail to them. Send in a certified mail so you could track. Request they sent u some paperwork saying it is returned. Are you sure DMV office is open? Cancelling whose registration? The car is in his name right?

Last edited: 27-Mar-20 03:05 PM

Posted on 03-27-20 3:33 PM     [Snapshot: 166]     Reply [Subscribe]
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@ goddamn,

That's what I said to him but the difference is minimal as well. So he didn't buy that , His premium will be $15-$20 then the current one. So this option was not viable.


The issue here when the insurance company sees the lapse in coverage for the same car and licenses plate your coverage might suit up that was suggested. So the question here is are they saying this BS so that ppl don't cancel the insurance as I believe a lot of ppl are looking for that option. The situation is bad and the insurance company will suffer given the situation.

Thinking about that My friend is looking for a better way to save money.

so Far Option has been :
1. You cancel ur license plate online
2. Call Insurance company and let them know you have to cancel License plate
3. The insurance company will cancel the plan

After Corona Is gone.
1. Shop for Insurance
2. U don't know what premium cost would be
3. Register back again to RMV/DMV $$$

He was wondering for people who leave the country for couple of months what do they do? Rather than going through all this.

Posted on 03-27-20 6:27 PM     [Snapshot: 272]     Reply [Subscribe]
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$160- $180 a month for car insurance? What kind of car are you driving? I pay $100 per month for two car.
Posted on 03-28-20 1:55 AM     [Snapshot: 413]     Reply [Subscribe]
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What insurance are you using, some insurance company such as geico allows you to use minimum insurance such as car theft insurance and basic insurance for very cheap $10 to $30 dollar a month.

Change it to another company which is cheaper and keep the cheapest state approved insurance, this will solve your problem.

Even better, rent it out on www.turo.com, you will have income enough to sustain you if possible

You can rent it to your trusted friends or family for a discounted price if they need it

You can use leasetrader.com or swapalease.com to get your money on the car.

Depending on your car, you may also sell it for a good deal or

also Read below
Posted on 03-28-20 5:34 AM     [Snapshot: 460]     Reply [Subscribe]
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It’s illegal to do have a registered car with out an insurance in any state. However, with this pandemic going on I’m sure they will consider and understand your situation. You can try telling insurance companies, that you have to be quarantined or something. I doubt a lot of people wanna do that cuz lapse in insurance will increase premiums later. But just be smart and talk with agent. May be they have a garage insurance. There is a question - how many days you were with out insurance? But if you go back with same company, they won’t penalize you. I feel like you are complicating things. DMV should work with you in this situation. -
Also a leased or financed car would require a full coverage. If paid off you need to search cheaper insurances. You should able to take care Monday in 10 mins. Don’t complicate. Good luck.
Posted on 03-28-20 1:21 PM     [Snapshot: 418]     Reply [Subscribe]
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I think the rate of insurance does depend upon age factor, the place you are living, the points u have in your licenses, the type of car u r driving. All this liabilities factor adds up. If you live in City and if you have a new car the price suits up.

@ Suntali
Even I ask my friend to decrease all the liabilities and talk to insurance to decrease the price the difference came only $15-$20 less. If he does reduce all that $135 - $155 Range. Which is not any help bcoz you are taking whole lot of risk for a small amount of money. As his state is in Complete Lockdown even nobody is renting out so that doesn't help either.
On top of it, it's a risk who knows who is carrying What.

So by the input, he is getting from everyone it seems like there is no other way around besides eating up the cost.

Bcoz you can't discard ur license plate although u have a car bcoz insurance company will see the lapse in coverage which raises eyes. [Concern]

Also, you don't know you will get any deal when everything is lifted. Also,u have to do is car registration and inspection again once you would like to do insurance So there is no skipping around than to eat up the cost.

Posted on 03-29-20 12:55 AM     [Snapshot: 637]     Reply [Subscribe]
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If it has not already been done, have your friend go online and get online quotes from top 3 or 4 auto insurance companies for the minimal coverage allowed by the state and to see if some savings could be made; and also to call them if they would make an exception for few weeks; sometimes the number is magical.

When you use the same insurance company, they do not want to lose the money they are already getting.
Posted on 03-29-20 1:30 AM     [Snapshot: 654]     Reply [Subscribe]
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Posted on 03-30-20 4:14 PM     [Snapshot: 835]     Reply [Subscribe]
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@ Suntali,

Instead of canceling the best thing to do was go to state lowest minimum. Talk to couple other insurance agents the recommendation was same.

You won't save a lot but at least sthg is better than nthg.


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