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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.

avatar
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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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