Do I need storage insurance?

Question by Chris K: Do I need storage insurance?
So I just payed off my motorcycle. I was planning on canceling my Allstate insurance until next spring. I called to cancel and my insurance agent said that if I just drop my insurance until spring, I will have to pay “high risk” (30% higher) insurance when I start again. He told me I should just go on storage insurance over the winter so that doesn’t happen. I asked him why I would be “high risk” if I wasn’t even under their insurance at the time. He told me that all vehicles were required by law to have insurance all the time, even if you didn’t owe any money on it.

I really think this guy is trying to rip me off. I highly doubt that every junkyard in the state covers all of their junkers with comprehensive insurance. If anybody could help, I could really use some clarification. I am from Minnesota in case you were wondering.

Best answer:

Answer by David
By “storage insurance” he may have meant a clause that suspends the liability coverage, but doesn’t cancel it, and keeps the fire/theft or comprehensive coverage during the winter months. I wrote several cycles with exactly that clause as an agent. Check with the agent and ask; that’s what he’s there for.

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One thought on “Do I need storage insurance?”

  1. There is no law requiring any vehicle to have comprehensive insurance. The law requires only liability insurance. Comprehensive insurance is required only if you owe money and the vehicle, and is required only by the finance company, not by the law.

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