Is your RV only used during the warm summer months? Is your boat? Or do you have a motorcycle that you only take for spin when the weather is warm? If you’re storing away your summer vehicle during the winter, you might be able to save money. There are a few options you can take to save for that rainy day fund.
Remove Liability and Collision
Reducing full coverage insurance to just the portions you need can save you some money during the winter months. If you won’t be driving the vehicle, then you won’t need liability and collision. But if you’re worried about damage to your vehicle or theft while it’s in storage, then you’ll want to keep your comprehensive coverage. (What’s the difference between comprehensive and collision?)
But before you call your insurance agent, you’ll need to take your vehicle “off the road” with the California DMV (or with the appropriate motor vehicle agency in your your state). If you live in Sacramento, or anywhere else in California, you have the option of registering your vehicle for “Planned Non Operation” or PNO. This tells the state that you won’t be driving your vehicle and thus you aren’t required to carry insurance. If you live out of state, please look up your own state’s policy on this or talk with your local insurance agent (we deal only with California insurance).
Layup Periods or Sunny Day Clause
Some auto insurance policies offer reduced premiums during the winter months when you know you’ll have your boat or motorcycle stored inside. Usually, once you set up your period of non-operation, the period renews with these same dates in place. If you have a motorcycle and want to take it out for a spin on a particularly sunny day during this period, some policies have a “Sunny Day” clause that still provides limited coverage. As always, check with your insurance agent.
Antique Cars and Specialty Vehicles
If you have an antique car or another specialized vehicle that you only take out of storage for car shows or other special occasions, you should check with your insurance agent to see if you can get a classic collectors insurance plan. These are specialized plans that offer full comprehensive coverage, but have limited coverage based upon miles driven.
Don’t Rely on Your Homeowners Insurance Policy to Cover Your Vehicle
Although many homeowners insurance policies do provide coverage to vehicles that are stored on the property, many do not. You’ll want to check your policy to see if that is specifically covered. Usually, most homeowners policies revert to the specific vehicle insurance policy to cover any damages.
If you have questions about storing your summer vehicle during the winter months and you live in California, please feel free to contact us and we can help you get the right plan for your specific situation.