There are many reasons why you may want to put your car insurance on hold. It could be because your car is in storage for more than a year, your car is broken and needs extensive repairs, you do not stay in the city, you travel overseas often or in case you are ill and cannot drive the car. There could be many reasons for your car to lie idle and when you want to save on the insurance premium.
What are the options available for you in such cases?
- Canceling your policy
You could choose to cancel the car insurance policy and purchase a new policy once you start driving the car again. This means that you do not pay any insurance towards your car but at the same time in case of any damage or theft your car is not covered.
- Reduce coverage
You could reduce the level of coverage on your car. This will save you on the premium and offer limited coverage to your vehicle.
- Laid up coverage
This is chosen by those whose vehicles are off the road when it is undergoing any repair. This reduces the premium amount and protects the vehicle against risks.
- Restricted usage coverage
This allows you to save money by ensuring your car for some limited miles. If you drive less you pay less towards insurance.
The insurer could offer to suspend your coverage for some time but this is not something easily offered.
If you have a car that you do not drive then at www.247spares.co.uk know how you can put your car insurance on hold. Car insurance is an expense that comes along with buying a car but you start to think about it when you have a car that you do not drive.
Understand the pros and cons of each method of reducing the insurance premium before you choose one.