Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations—what a wonderful prize! While it’s tempting to suspend your car insurance for a few months, you may not be able to, and/or you may decide to maintain your coverage once you understand all the risks. Take a look at the pro and cons of putting insurance on hold.
Pros:
If you suspend all or part of your policy, you’ll save money. True. Why pay for something you’re not using? (Hint: See the cons below.)
Cons:
If you’re permitted to suspend the policy, your car wouldn’t be protected from perils like fire damage or theft.
You won’t be able to ask a friend or family member to start up the car and drive it while you’re gone as it won’t be insured.
By state law and/or your insurer’s regulations, you may not be able to put your policy on hold. And if you have a car loan, the bank holding the lien won’t allow it.
In your situation, saving a few dollars is likely not worth the risk you would take by leaving the car uninsured. You may even enjoy your trip a bit more, knowing your car is fully protected while you’re away.
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.