Should I cancel insurance on my broken-down car?

My beloved 2000 Ford Ranger is broken down and the repair bill is $1,450. I can’t afford this and I have a newer car to drive. Should I cancel the insurance and take the Ranger off the road? NY resident, liability-only policy.

Answer provided by
Shannon Martin
Answered on Apr 26, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
“Check with your car insurance company about a storage policy. This type of policy would remove the liability coverage and collision coverage on the truck, but maintain the [comprehensive coverage] to protect it from theft, fire, flood, etc.
You would not be able to drive it with this policy, as you would not have any liability coverage on the vehicle. Since you live in New York, you would be required to surrender the plates while the Ranger is on this type of plan.
This is not a terribly uncommon situation as many folks store vehicles for part of the year.”

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