It needs work that I really cannot afford right now, so I won't be driving it for a long time. Should I cancel insurance and then get it reinsured down the road? Do insurance companies take kindly to this sort of thing or is this just going to end up worse? Is it better to keep paying?
The insurance companies probably love this sort of thing, because it allows them to charge you so much more money. When you cancel insurance and then go to get insurance again later, they are allowed to charge you much higher prices than if you had just kept paying.
In addition, it's against the law in many states to own a car without insurance, so you'll have to pay the fine for that.
Well it's better than trying to keep insurance, missing the payments, and having it cancelled.
Depending on where you live you can also put the registration on hold, then you don't have to pay the licence / tax etc on that, and you don't get into trouble for not having insurance any more.
When you want the car back on the road you re-instate the insurance, and start paying the registration again from that time.
Not bad at all as long as the car is off the road. I currently have my daughter's car standing on my property uninsured while she's at university.
If you are not using it cancel the insurance. But even though it is not being used on the road, it can still be damaged while parked up.Many insurance companies have policies that will cover your car while not being used. (Fire accidental damage etc)
They don't care but if the car is worth more than about $500. or so. I would cancel everything but the comprehensive coverage which protects it from fire, theft, windstorm, and hail while it is parked/stored.
It really depends on EXACTLY where it will be sitting. If you place it in a garage/shed/barn or the very back of a driveway…..then it's ok. If you park it on a street – then it MUST be insured.
The insurer will not care less and will levy an admin charge for doing it. They make their money out of you just the same.
your insurance company might give a reduction if you tell them that you will park it for a while. That way you may still be covered for theft & vandalism
if you have a loan, you cannot cancel
if paid for, it is not a problem