Paging Masked Bandit (Insurance Q)

[Isaiah]

I have a vehicle that is very rarely driven and have requested my insurer (AMA) to reduce coverage accordingly and was advised that the lowest coverage required by law to be parked on the street is collision.

Are premiums not risk-based? Does it not follow that if the vehicle is just parked, albeit on a public street, the risk of damage to others and subsequent claims declines?

Thanks

[speedog]

To be legally parked on the street, comprehensive is probably what you need - that said, if you're going to drive the vehicle even once, you'll need PLPD coverage. Collision covers your vehicle's damages if you get into an accident, PLPD covers the other party and comprehensive consists of fire/theft/vandalism - comprehensive is what I have on the one vehicle that's been parked in my garage for almost 20 years. Drop all insurance and if the vehicle is older, chances are you'll need an inspection done before you can re-insure it - keep comprehensive on and you're good to go (at least with the AMA).

[ercchry]

minimum would be liability, not collision. but if you want to be covered in the event of a hit and run (which is the most likely claim you would be dealing with imo. then yes collision.

if you want lover rates, drop your liability coverage down to the minimum (so $250k, or $500k... cant remember)

raise your deductible too.

[speedog]

If it's going to be parked on the street without being driven, comprehensive and collision I'd say plus plates so you don't get towed.

[ercchry]

Originally posted by speedog
If it's going to be parked on the street without being driven, comprehensive and collision I'd say plus plates so you don't get towed.

public street, liability is the legal requirement for all cars on said street.

[friedn00dles]

Originally posted by speedog
If it's going to be parked on the street without being driven, comprehensive and collision I'd say plus plates so you don't get towed.

so much fail.

You need at least $200,000 Liability on any vehicle parked on public streets.

[Isaiah]

Thanks guys; yes you're right, I misquoted her. Here's the excerpt from the expert:

On your policy right now the GMC has liability only on it, (this is what covers damage to a third party/ others on the road) this is the lowest coverage we can give if it is still parked on the street.

I still don't understand why I can't drop it to comprehensive since there's really no (logical) chance that the vehicle will be involved in an at-fault collision.

[ercchry]

brake fails, rolls over 10 kids... kids of rich powerful people...

[Eleanor]

Comprehensive is not "dropping it", $200,000 liability is the lowest insurance coverage you can get in Alberta, comprehensive covers you for some types of damage if someone hits your parked car.

[friedn00dles]

Originally posted by Eleanor
Comprehensive is not "dropping it", $200,000 liability is the lowest insurance coverage you can get in Alberta, comprehensive covers you for some types of damage if someone hits your parked car.

Comprehensive: Fire, Theft, Vandalism, Animal Impact, Hail Storm, Wind Storm, & Flying Objects

Collision: Single Vehicle Accidents, Mulit-Vehicle Accidents, Stationary objects(at fault), Hit & Run(Not at fault)

[GOnSHO]

All you need is comprehensive insurance..

this covers alot of things:

-Acts of god (natural disasters)
-Fire
-Theft
-Vandalism

and YES.. hit and run...

i can attest to this as my car WAS involved in a hit and run (with comprehensive) and needed to be repaired. I paid a 500 deductible i believe (may have been 250) and it was repaired at no fault of my own.

[Zewind]

Originally posted by Isaiah
Thanks guys; yes you're right, I misquoted her. Here's the excerpt from the expert:



I still don't understand why I can't drop it to comprehensive since there's really no (logical) chance that the vehicle will be involved in an at-fault collision.

By Alberta Law - it is illegal to have a vehicle parked on public roads without liability insurance.

http://www.qp.alberta.ca/documents/Acts/t06.pdf

If you want to have comprehensive coverage park it in your garage or parking pad.

[btimbit]

Originally posted by Zewind


By Alberta Law - it is illegal to have a vehicle parked on public roads without liability insurance.

http://www.qp.alberta.ca/documents/Acts/t06.pdf

If you want to have comprehensive coverage park it in your garage or parking pad.

On public streets, you NEED liability coverage. Only on private property is it ok to only have comprehensive

[Isaiah]

Thanks for the replies.

[guessboi]

Originally posted by GOnSHO
All you need is comprehensive insurance..

this covers alot of things:

-Acts of god (natural disasters)
-Fire
-Theft
-Vandalism

and YES.. hit and run...

i can attest to this as my car WAS involved in a hit and run (with comprehensive) and needed to be repaired. I paid a 500 deductible i believe (may have been 250) and it was repaired at no fault of my own.

Comprehensive DOES NOT COVER hit and run (that is Collision - NOT AT FAULT) You got lucky IMO!

[Masked Bandit]

Originally posted by GOnSHO
All you need is comprehensive insurance..


i can attest to this as my car WAS involved in a hit and run (with comprehensive) and needed to be repaired. I paid a 500 deductible i believe (may have been 250) and it was repaired at no fault of my own.

I'm not saying your lying, but that's just not true. Comprehensive never covers hit & run. You may have had collision without knowing it or they may have found the other driver and claimed on their policy.

As to the OP, I'm happy to say my clients are well educated. More than one of them posted the correct response. You MUST have liability of some kind to be parked on the street. That is the law. Whether or not that law makes sense is another conversation. The chances of your car magically rolling down the street are ridiculously low BUT I have had it happen to one of my clients. The vehicle was parked on a bit of an incline and the client came out in the morning to find his car had rolled about 30 feet right into the front end of another vehicle.

If you want protection from Hit & Run, then you need collision as well. If you want protection from theft, vandalism, hail, etc. then you need to add comprehensive.

OP, do you have somewhere to park the car that isn't on the street (driveway, garage, back yard, etc.)? If it's on private property you can have as much or as little coverage as you are comfortable with.

[GOnSHO]

you sirs are correct, i forgot my car HAD to have collision at the time...

no fault claim.. my bad..


my mom was my insurance agent so i verified..

comp (private parking)
liability (able to drive it)
collision

are the 3 levels