ICBC Question

[ataman]

So, I am in the CF and will be deploying for about 8 months, just after I leave my insurance expires. I will store my car in my garage when I am gone.

I am not going to cancel my insurance before I leave because I don't want to turn in my plates. What happens if I do not renew my insurance and let it expire? Please note that car is leased.

 

[HOLLIS]

Just cancel the insurance and buy stoarge insurance. It's only around $80 per year. You will not have to turn in your plates.

 

[ataman]

Just cancel the insurance and buy stoarge insurance. It's only around $80 per year. You will not have to turn in your plates.

I was told I have to turn in my plates to cancel insurance. It also says on ICBC website.

 

[roastpuff]

Call an agent to find out. You should not have to turn in your plates if you have storage insurance.

 

[HOLLIS]

Unless they changed the policy from when i used to do it but, I think because you put stoarge insurance on you get to keep the plates. I used to be able to keep mine. I would just call an autoplan broker, I'm sure they can sort you out.

 

[nik]

Don't know how different the policies are between Ontario and BC, but when my folks and I moved back to India for a year we just had fire and theft on the car, was pretty cheap and kept the plates on the car. Though this was back in 95.

 

[echlon]

Just give call to ICBC and tell them you switch your current insurance to theft + fire, no 'cancellation' needed but you'll still need to pay the premiums ... should be very cheap though.

EDIT: If your car is leased you probably can't switch to storage insurance as it was probably part of your agreement to keep full insurance on your vehicle. I know this it the case for other car companies, I'm not sure about VW. The car companies can check whenever they like and/or the insurance company can report it to the lessor if you lower your coverage.

 

[ataman]

EDIT: If your car is leased you probably can't switch to storage insurance as it was probably part of your agreement to keep full insurance on your vehicle. I know this it the case for other car companies, I'm not sure about VW. The car companies can check whenever they like and/or the insurance company can report it to the lessor if you lower your coverage.

Yes you are right, just read the contract and yes, I can not have storage insurance... Looks like I will be buying the car!

 

[jmlivid]

you have a lot of mods for a lease. might as well buy it.

 

[rogimk6]

hey i'm an insurance agent in vancouver and have been working for 4 years and know most procedures with ICBC...
when you cancel the insurance yes you do need to surrender your plates. The only time you dont need to give them up is when you lapse your insurance. You can't cancel the insurance yourself as the car is owned by Volkswagen (with icbc only the owner can cancel). Just go to Allwest insurance (they are authorized by VW to deal with the insurance) or even the dealer may help as they might have road agents on site.. The lease contract might say you need plates but try to talk to VW as there is really no large difference between plates and storage insurance. For storage you just need to keep the car on private property and can't drive it. VW just wants to make sure you have a certain amount of liability ( i think it's at least $1 million), collision and comprehensive coverage with a max $1,000 deductible. And storage is way more than $80 per year... It's $80 on a 1965 VW Beetle lol with almost no coverage

 

[ataman]

hey i'm an insurance agent in vancouver and have been working for 4 years and know most procedures with ICBC...
when you cancel the insurance yes you do need to surrender your plates. The only time you dont need to give them up is when you lapse your insurance. You can't cancel the insurance yourself as the car is owned by Volkswagen (with icbc only the owner can cancel). Just go to Allwest insurance (they are authorized by VW to deal with the insurance) or even the dealer may help as they might have road agents on site.. The lease contract might say you need plates but try to talk to VW as there is really no large difference between plates and storage insurance. For storage you just need to keep the car on private property and can't drive it. VW just wants to make sure you have a certain amount of liability ( i think it's at least $1 million), collision and comprehensive coverage with a max $1,000 deductible. And storage is way more than $80 per year... It's $80 on a 1965 VW Beetle lol with almost no coverage

Talked to VW Finance this morning. I can get storage insurance on a leased a car. Just need to fill out a form and get a letter from them. Have to declare where the car is stored etc. Still need liability and comprehensive. No collision required.

 

[rogimk6]

Nice, I'm a bit surprised they dont require collision... The only time you need collision coverage under a storage policy is in case of a "hit and run" situation. If you don't have collision you won't be covered. ICBC won't care about the exact address where the car is kept, they just wanna know the city (and of course gotta keep it off the street). Not having collision will save you lots on the price If you keep the car in an underground parking where there are other cars you might want to carry collision but if it's in your own garage you could leave it off as there is little risk of someone hitting you and taking off...