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Progressive Insurance: A few months back I called these guys who I've been with for a good number of years. Since I have not been driving the Mazda truck for many months I figured it would probably save a few bucks to take it off my policy until I get her back on the road.
In that conversation I was advised that dropping the truck from my policy would actually result in a higher premium than if I were to keep it covered. I was a bit perplexed about this and asked what the reasoning was for this and I was told that this is due to the "multi-car discount." I was further advised that I could save even more if I put "storage insurance" on the truck.
I have always carried a Cadillac insurance policy all the years I've been driving: $300K/$100K bodily/property, comprehensive, uninsured motorist, roadside assistance, etc, as well as an additional policy on the Z through Grundy's for collector's vehicle ins. In short, I'm a firm believer in insurance. The benefits vs. cost for carrying liberal coverage will always work FOR you - it makes perfect sense.
But what didn't make sense to me was how it is less expensive to carry more coverage... that is, less expensive to cover the Z FULLY and the truck in storage mode vs. covering the Z fully and dropping the truck completely.
I can speculate on the socioeconomic level along the lines that perhaps their experience with customers owning more than one vehicle has been that these customers aren't the type that is "scraping by" paycheck to paycheck and require manpower/time to chase down for payments. Am I really being rewarded that much for automatic bank account debit?? Does it make me a better driver/lesser liability because I own more than one vehicle? I know this can not be so...
For those that have stuck with me on this, you're in for a treat. smile emoticon I've got a gift for you.
I have checked with my own insurance, online, as well as a number of different insurance companies about the difference between these two scenarios I've illustrated above. All of them yield the same result with the only variations, albeit minor, in the total policy cost. But all of them offer a better price for having TWO vehicles on the policy with one of them having a "storage coverage" policy.
The gift: Here's what you do: Find a junker... Perhaps a hand-me-down of a niece, nephew, one of your kids, a neighbor's kids, whatever,... a junker that just became non-road worthy; a blown engine, transmission, again, whatever.. But a dead vehicle that still has a good title. Obtain said title. Offer a 6-pack of beer and have the vehicle towed away for them. Find a salvage yard - a U-Pull-It or the like. Tell them you have a vehicle you want to scrap. They'll give you an offer for exchange on the title. Agree with whatever offer they give and tell them the junker is coming their way and you'll stop by with the title to collect payment. Have the junker towed to them, pay the $60 or whatever to get it there.... and then FORGET ABOUT IT.
The salvage yard will put it out, people will pick it's bits and then in the end, the yard will crush it for scrap metal. They dont need the title to scrap it. smile emoticon
But what really is a car to an insurance company? It is the cast aluminum, the cast iron? Is it the nuts and bolts? Is it the leather, or carpet, or your fancy suede? It is none of these. Your car is nothing more than a piece of paper to the insurance company.... the title.... a piece of paper that you LEGALLY own, even though in this case to here within this context, the physical part(s) of the car are nothing more than an inventory of randomly collected/distributed/re-used parts and a heap of crushed metal in one. Only cost you a 6-pack and a minor towing fee, which you could likely orchestrate said tow using your road-side assistance package after you add said vehicle to your "insurance policy." smile emoticon
This "vehicle" will take up no more than 8.5"X11" at only 4 and a half thousandths of an inch in thickness (normal paper is 0.0040" and a Florida Vehicle title is slightly thicker @ 0.0045". Yes, I measured it too.)
What this "paper vehicle" will offer you is a notable discount on your insurance policy... Dont ask me why this is the case. I can only speculate and it really gets quite stupid, rather quickly... Let's just call it a "multi-vehicle discount" and let it rest...
You are welcome...
Enthusiasts soon understand each other. --W. Irving.
Are you an enthusiast? If you are out to describe the truth, leave elegance to the
tailor.
Albert Einstein
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Interesting insurance policies... - 
