Financed car doing a build, want to take insurance off for now, possible?
 

So im fully doing up my evo, I financed it and have a few left on it, its been down for 3 months already and ive been paying insurance still for it every month, i know if i file non-op on it, i wouldnt have to put insurance on it but is that even possible since im still paying off the car? I live in CA btw.

I dont think the car can not have insurance on it as long as you dont technically own it.

I did this while my car was sitting for 8 months lol just don't tell the finance company.They never find out just make sure you have it when you take it back on the road.

If you have progressive you can tell them the car is broken and as long as it doesnt move they'll lower insurance........itll protect it as long as the car is at the address you tell them. i think most insurance companies have something like this.

Yeah, you can take off collision and just pay for "storage" type coverage. That will satisfy most finance companies.

Also - the insurance companies DO send insurance change notifications to the lien holder on record. Whether or not they have anyone doing anything about them is one thing, but they do communicate.

Really? I've never heard of any insurance companies doing this, especially on a car such as a EVO, how do they know if it isn't being used?

Do NOT do this without talking to the finance company 1st!

They WILL find out that the car does not have full coverage insurance on it and slap their own full coverage on the car! I just went through this when I blew a rod out of my engine. I told my insurance compopany to place the car in "storage" mode which is basically just comprehensive.

"somehow" the finance company was notified and the bastards charged me $1800 for 6 months of their full coverage!

I finally got them to reverse the charges, but it took me 5 visits to the Credit Union office, and co-ordinating between 3 different companies, the credit union, my insurance company and their insurance company! Major Pain in the Ass.

In the process, I discovered:

1.) If an insurance premium is to be paid out to a lien holder (the bank) and it is changed/dropped, the insurance company is enforced by law to notify the bank.

2.) My Credit Union does have an approved way of dropping the coverage to a "storage" mode (basically comprehensive) as long as the car isn't being driven.

If I had gone to the credit union 1st and gotten prior approval, this would have been MUCH less painfull.

Good Luck,
John-