Dont get a SUMMER car from Mazda Financing $$ INSURANCE!!

[rlyspeed3]

I financed a speed3 through NE mazda dealership. Told them that this is my summer car and asked insurance wise can I put it away in storage in my own garage for the winter months as I don't want my car to be a snow scraper!! Of course they say yes and told me to just contact their financing department. Dumb me for not consulting their financing first which is done through Scotiabank

SO i call their financing to ask to place my car on fire and theft for october to March this year and wanted to make sure it was okay.

REQUEST DENIED. So 6 mths was apparently too long and basically the only solution for me if I didn't like their decision was to SELL my Vehicle. WDF..!!!

So of course i call them back and clarified to make sure I was understanding them correctly that basically anyone who purchases a summer car and has it financed through them cannot have it on parking insurance for the winter months and basically only for part of it and the remainder while its sitting there in the garage must be on full insurance - ANSWER "YUP the max is 4 mths" (this guy definitely not from calgary thinking winters that short)

So now im just thinking of never informing the financing department of when i'm putting my car to sleep. Too bad i'm probably "flagged in their system" and just requesting the insurance to be on fire and theft and store it during winter and see if they will notice..

Anyone have similar situation with a financed car?

Anyone know if financing companies actually check the insurance companies to make sure you have it fully insured? And if so, do they really raise a big stink about you having their vehicle on sitting insurance or do they just call you to place it back on full insurance?

Anyone ever get a request from a finance company before to place their car back on full insurance when it was stored during winter?

[calgary403]

Originally posted by rlyspeed3
I financed a speed3 through NE mazda dealership. Told them that this is my summer car and asked insurance wise can I put it away in storage in my own garage for the winter months as I don't want my car to be a snow scraper!! Of course they say yes and told me to just contact their financing department. Dumb me for not consulting their financing first which is done through Scotiabank

SO i call their financing to ask to place my car on fire and theft for october to March this year and wanted to make sure it was okay.

REQUEST DENIED. So 6 mths was apparently too long and basically the only solution for me if I didn't like their decision was to SELL my Vehicle. WDF..!!!

So of course i call them back and clarified to make sure I was understanding them correctly that basically anyone who purchases a summer car and has it financed through them cannot have it on parking insurance for the winter months and basically only for part of it and the remainder while its sitting there in the garage must be on full insurance - ANSWER "YUP the max is 4 mths" (this guy definitely not from calgary thinking winters that short)

So now im just thinking of never informing the financing department of when i'm putting my car to sleep. Too bad i'm probably "flagged in their system" and just requesting the insurance to be on fire and theft and store it during winter and see if they will notice..

Anyone have similar situation with a financed car?

Anyone know if financing companies actually check the insurance companies to make sure you have it fully insured? And if so, do they really raise a big stink about you having their vehicle on sitting insurance or do they just call you to place it back on full insurance?

Anyone ever get a request from a finance company before to place their car back on full insurance when it was stored during winter?

Drive it until it snows? That's a pretty shitty rule I agree but four months isn't too bad IMO. I'm not sure if they check on your car being insured but from what I've heard if they find out it's not insured they will come reclaim the car.

[jdmXSI]

This is very simple and you kinda deserve that... When a car has been leased or financed, you MUST have full coverage on the car at all times while the vehicle has a lien on it. Simple reason being if your garage burnt down and the car was inside or some Jackass stole the car and wrapped it around a pole, the finace company has given out$xxxxx and insurace is there to cover that liability. If you took off the insurance and the car was written off would you actually pay the rest of the loan and not have a vehicle to show for it? Probably not... I would suck it up for a few months and pay the insurance premiums.

[mobius]

Originally posted by jdmXSI
This is very simple and you kinda deserve that... When a car has been leased or financed, you MUST have full coverage on the car at all times while the vehicle has a lien on it. Simple reason being if your garage burnt down and the car was inside or some Jackass stole the car and wrapped it around a pole, the finace company has given out$xxxxx and insurace is there to cover that liability. If you took off the insurance and the car was written off would you actually pay the rest of the loan and not have a vehicle to show for it? Probably not... I would suck it up for a few months and pay the insurance premiums.

You should check your facts before calling someone out. The OP already stated that the car would be insured, with fire and theft, while parked. Which would cover him if his garage were to burn down or if the car were stolen. If the car were being driven, then the OP needs to have full coverage to cover damages for at fault accidents.

Also, the OP already stated that the financing company does allow for him to put the car on fire and theft only, however, for a maximum of 4 months. The point the OP is making is why only 4 months, and not 6? What is the difference, nothing is going to change in those two months?

Edit: And as for the suck it up and pay comments, I'd rather have a couple hundred extra in my bank account every month for 6 months than pay it out for a vehicle that isn't being used.

[TomcoPDR]

Originally posted by mobius


The point the OP is making is why only 4 months, and not 6? What is the difference, nothing is going to change in those two months?

If the rules were 6, then someone will always make a rant about why not 8?

[lilmira]

I believe if you change your policy on the car, your insurance company will contact the leasing company.

[Xtrema]

Isn't MS3 good for year round? Why do you want to pay for an ordinary car and use for summer only?

[mobius]

Originally posted by TomcoPDR


If the rules were 6, then someone will always make a rant about why not 8?

Why is there a limit at all? If I finance a vehicle, and a couple months later decide to go backpacking around Siberia for a year an a half, why can`t I put my new car in storage for that time with fire and theft? Why do I have to pay out thousands of dollars in insurance premiums for a vehicle that isn't being driven?

[NoMoreG35]

Ya just put on winter tires you're good to go.

[A790]

Originally posted by Xtrema
Isn't MS3 good for year round? Why do you want to pay for an ordinary car and use for summer only?
Wondering the same thing...!

[bastardchild]

Back when I was a young idiot child (18 to 20) I ran my RX-8 with liability and it was on a lease :rofl:

I don't see how you are having this issue. If I were you, I'd swap insurance companies.

[friedn00dles]

Originally posted by rlyspeed3
I financed a speed3 through NE mazda dealership. Told them that this is my summer car and asked insurance wise can I put it away in storage in my own garage for the winter months as I don't want my car to be a snow scraper!! Of course they say yes and told me to just contact their financing department. Dumb me for not consulting their financing first which is done through Scotiabank

SO i call their financing to ask to place my car on fire and theft for october to March this year and wanted to make sure it was okay.

REQUEST DENIED. So 6 mths was apparently too long and basically the only solution for me if I didn't like their decision was to SELL my Vehicle. WDF..!!!

So of course i call them back and clarified to make sure I was understanding them correctly that basically anyone who purchases a summer car and has it financed through them cannot have it on parking insurance for the winter months and basically only for part of it and the remainder while its sitting there in the garage must be on full insurance - ANSWER "YUP the max is 4 mths" (this guy definitely not from calgary thinking winters that short)

So now im just thinking of never informing the financing department of when i'm putting my car to sleep. Too bad i'm probably "flagged in their system" and just requesting the insurance to be on fire and theft and store it during winter and see if they will notice..

Anyone have similar situation with a financed car?

Anyone know if financing companies actually check the insurance companies to make sure you have it fully insured? And if so, do they really raise a big stink about you having their vehicle on sitting insurance or do they just call you to place it back on full insurance?

Anyone ever get a request from a finance company before to place their car back on full insurance when it was stored during winter?

Financed vehicles SHOULD never be insured with just Comprehensive only. The primary misconception with just comprehensive coverages is the term "parking coverage". With just Comprehensive coverages, there is NO coverage for Hit & Run's.

yes, you may park your car safely into your garage. But if someone decides to crash their vehicle into your garage and takes off, while you're out or asleep. you are totally SOL.

The Finance company has no idea where you park you're vehicle. People say a lot of things just to save a buck. i see it everyday in the insurance business. The Vehicle is not your property until you have fully paid it off. Until then, you must retain full coverages on that vehicle to protect yourself and also your finance company.

Any changes,deletions and cancellation to your insurance policy, you're insurance company has to notify any lien holder/loss payees of that change/deletion/cancellation. So yes, they will get notification.

hope that clears a few things up

**edit: If you have mind set on parking your precious mazda3speed during 6 months out of the year. advise your broker/agent/company you wish to add SEF #16 to your policy. This will suspend coverages to Third Party Liability, Accident benefits, and Collision coverages. You still pay the same amount every month but once you decide to put the car back onto the road. They will put SEF#17 to reinstate the coverages and pro-rate the premiums u paid and credit your account.

[Redlyne_mr2]

Why is Mazda to blame? Every bank has this requirement.

[Eleanor]

Originally posted by Redlyne_mr2
Why is Mazda to blame? Every bank has this requirement. :werd:

I would guess that the requirement is in your lease agreement as well. You can bitch and moan about how stupid it is, but I'll bet that you signed off on full coverage for the term of the lease.

[jonfoo]

yeah they actually didn't lie to you, they said you could put it away for the winter, which you can

each season is supposed to last 3 months so 4 months is a perfectly legit way of thinking

unless you out right stated that you consider winter 6 months of the year you really have no arguement

[Tik-Tok]

Originally posted by Redlyne_mr2
Why is Mazda to blame? Every bank has this requirement.

If you didn't get the hint, the OP isn't the brightest, so of course he'd blame Mazda.

That said, I had my '05 Mustang financed through Scotia, and it had NO insurance requirements. There was even a little box for it on the finance contract, and it was empty, so I confirmed by calling Scotia, and they said yeah, if there's nothing in that box, there's no requirements, lol.

[benyl]

Originally posted by Xtrema
Isn't MS3 good for year round? Why do you want to pay for an ordinary car and use for summer only?

Cars are meant to be driven, not stored.


OP: If you don't like what the finance company says, why don't you buy the car out?
Can't afford it? Well I guess you have to do what the real owner of the car says you need to do.

[MGCM]

I will end this silly debate once and for all, you CAN put it on parked insurance ONLY IF IT IS A FINANCE, NOT POSSIBLE WITH A LEASED VEHICLE. I will not go into too many details but I have done this and the vehicle was not repo'd. The vehicle was financed thru GMAC and the insurance was actually taken completely off. Because it's financed you are still responsible to make the payments until the loan is paid off even if the car gets destroyed by fire/accident/vandalized/flood ect.

Bottom line, get studded winter tires and drive it in winter

OR

Ensure you have parked insurance on it and that it is parked in a safe location, ideally in a garage. If your finance company gives you grief then find another finance company. You put parked insurance on it over the winter or you just plain skip it and trust your house isn't going to burn down with the car in the garage. Sometimes home insurance can cover things like that if they do not have other insurance at the time.

[Masked Bandit]

Originally posted by MGCM
I will end this silly debate once and for all, you CAN put it on parked insurance ONLY IF IT IS A FINANCE, NOT POSSIBLE WITH A LEASED VEHICLE.

Actually it is possible to have a leased vehicle reduced to comp only (commonly referred to as parking insurance). It's not all that common but it is possible. It all hinges on what the finance / lease company will or will not allow. Over the years I've had a few clients that have received WRITTEN permission from their leasing company to drop their insurance to parking coverage. But each and every case required the client to contact the lease company and get a special excemption.


OP - Did you call the finance department of the dealership or did you actually call Scotiabank?

[Tomaz]

Originally posted by friedn00dles

If you have mind set on parking your precious mazda3speed during 6 months out of the year. advise your broker/agent/company you wish to add SEF #16 to your policy. This will suspend coverages to Third Party Liability, Accident benefits, and Collision coverages. You still pay the same amount every month but once you decide to put the car back onto the road. They will put SEF#17 to reinstate the coverages and pro-rate the premiums u paid and credit your account.

OP, I think this is the best option. I didn't know this was available!

PS: It's a MS3... Throw some Hankooks and steelies on the bitch! You will have fun pulling that e-brake all winter! lol

PSS: Winter in Calgary is only 6 months...:rofl: Sounds like you haven't lived here long!

PSSS: What you are describing is not a dealership, brand, or financing problem. This is a "Not knowing better" problem. I hope you have now been informed.

[heavyD]

Originally posted by Xtrema
Isn't MS3 good for year round? Why do you want to pay for an ordinary car and use for summer only?

Exactly. This goes for alot of cars but drive it and enjoy it as much as you can under warranty because the last thing you want is to drive that car around spirited when the warranty has expired seeing that the 2.3L DISI isn't the stoutest of engines.

[bastardchild]

Originally posted by heavyD

the 2.3L DISI isn't the stoutest of engines.

I take it you've owned one?

[JordanLotoski]

Originally posted by Xtrema
Isn't MS3 good for year round? Why do you want to pay for an ordinary car and use for summer only?

Aggreed, I would think it would be a decent car with a set of winters.

[heavyD]

Originally posted by bastardchild


I take it you've owned one?

Nope. Lots of former MS3 owners have moved up to EVO's and have stated this issues. Unfortunate thing is that most really like the car but the engine is a pain to mod and grenade easier than even Subaru engines.

[Zero102]

Originally posted by friedn00dles
**edit: If you have mind set on parking your precious mazda3speed during 6 months out of the year. advise your broker/agent/company you wish to add SEF #16 to your policy. This will suspend coverages to Third Party Liability, Accident benefits, and Collision coverages. You still pay the same amount every month but once you decide to put the car back onto the road. They will put SEF#17 to reinstate the coverages and pro-rate the premiums u paid and credit your account.

^^^^

The most useful piece of advice in this thread. Generally speaking no lease/finance companies should have a problem with this method and your insurance company should be fine with it as well.

I dunno WTF is with all the useless advice in this thread. So the guy wants to park it for the winter, big deal, it isn't your car, why do you care what he does? It sounds like he wants to keep this car as nice as possible, and after seeing a lot of vehicles on the roads here and for sale, I think this is a good idea. Why buy winter tires and add on the winter wear and tear to your vehicle when you can buy a winter beater and drive that through the winter? Also, the risk of being involved in an accident is many many times higher during the winter, so if you want to keep a collision free car this isn't a bad idea.


For the OP, you have a couple of options:
1) What was posted above, this sounds like the best choice to me, but it won't save you any money up front
2) Contact the lease company to gain written permission to reduce the coverage on your vehicle for the purpose of parking it over the winter. They may be cool with this, and if they are your insurance company should be as well
3) Remove only PLPD from the vehicle, this won't save you as much as the other options in the long run, but generally the lease requirement is only for comprehensive/collision coverage.

[Tomaz]

Originally posted by Zero102


3) Remove only PLPD from the vehicle, this won't save you as much as the other options in the long run, but generally the lease requirement is only for comprehensive/collision coverage.

This does not make sense to me... Do you mind explaining this one?