Insurance during the Winter on a Lease
 

Hi,

I am currently storing my Leased vehicle in the winter. It currently has fire and theft insurance. I got a letter from Toyota saying that I need to have full insurance on their vehicle.

Anyone that has stored a leased vehicle have experience with this?

The Location is Toronto Canada if it matters.

I stored mine when it had a lein on it so i would imagine that is similar circumstances. I never had a issue with storing mine and having storage insurance on it.

Check with your insurance company but I would think that comprehensive would be enough.
Be careful listening to advice from the U.S. guys as they have different laws and requirements than we do.

Read you lease agreement. It will state what type of insurance you must keep. You will probably be stuck with full coverage driving or not since it is a lease.

I'm not 100% sure but I do believe that you need to have full coverage on a leased vehicle at all times. I'm also in Ontario and leased my 86. I'm not storing it though lol, too much fun in the winter and I also can't justify paying lease payments on a car and not driving it. Kinda seems like it'd be throwing money away. If you plan on buying it out after than it makes a little more sense.

Yes, you are required to have full insurance on a lease car from Toyota and cannot take it off until the car is paid off.

I store mine and it's on a lease. Originally I asked about this the very first year since theft and fire protection is usually like $20.00 a month and found out you are not allowed because the car is on a lease.

This should answer all your questions :)

I'm also in Ontario.

This made me Lawl. Seems like throwing money away yet you leased the car... to each their own. As I get older as a secondary vehicle leases look more and more attractive.

At least I'm driving it lol. I flip through cars quite a bit so I'd rather lease and return.

Next new car I get will be a lease and driven year round. My BRZ was my 1st new car so I wanted to keep it nice but I deff feel you on the paying for it and not driving it. I paid it off in 2 years because I hated that feeling . By the time my Outback XT daily dies my wifes 2015 Jeep will be paid off so will be nice only having one payment and a low payment at that.

If it wasn't for the fact that I can exceed the total mileage allowed for a three year lease in one year I would be leasing as well. There are pros and cons to it of course. Since I never keep a car more than four or five years I look at as I will pretty much always have a car payment to make anyway so may as well have a new car every 3 years.

I would exceed it as well if I did not have 2 other vehicles that are owned to drive.

Not trying to be a d*ck but if that's what the letter says, that's what you need. I'm sure it would be in the fine print of your lease terms.

Makes you sort of wonder why Toyota sent the letter. Did they somehow know the insurance was reduced?

Here in California, if you cancel liability coverage the insurance company must notify DMV. DMV then immediately sends a notice of registration suspension to owner(s)/lean holders.

Well put...
:popcorn:

Not sure. I'm guessing since Toyota is the 'owner' of the vehicle, they would have been informed about the policy change. Just an assumption though.

Never understood not driving this car in the winter.

Uh, I put my chainsaw, gas, oil, and tow strap in the back of my AWD truck. I have pulled multiple people out of the ditch and have had to cut trees across the HWY to get to work. It seems like the right thing to drive in rural Oregon during the winter.


If you can get away with driving your twin in the winter, I applaud you!:clap::clap::clap:

There are many different conditions and reasons why somebody may/can not drive it in the winter. Most are perfectly reasonable.

:bow:

At 3:30 am yesterday morning, while driving through 14 inches of snow, on my yet to be plowed city street the thought of an AWD truck looked pretty good to me.


The honk and thumbs up I got from the STI driver while going down the snow and ice covered highway made up for it all though.

The snow must be dry up there! :respekt:


Oregon snow is soggy! (like everything here :() I high centered on wet snow in my driveway.

http://www.ft86club.com/forums/pictu...ictureid=10699

This snow was light and fluffy. It can vary though.

leased cars require full coverage (and with higher coverage as well). This was one of the conditions when I leased a CRV. I am not even sure if insurance lets u drop certain coverage for a few months (aka when in winter storage). My insurance policies are annual.

Thanks for all the replies, I did just get a letter and it is true that it states I require full coverage.

The car has been stored for ~ 1 month and the insurance company had no issues with it. Now the question becomes, what are the repercussions? If they want the car back, they are more than welcome to.

The reason it is stored is because I do not find the car as fun as the vehicle I am currently driving - has nothing to do with safety or preservation. Also keep the KM's down as the car already has 25k on the clock since April.

The insurance company never have issue with it because it's not their business to care, they only give you coverage if you fulfill payment obligations on the premium. You don't pay, they don't insure.

If you don't have required insurance, Toyota will buy insurance for you and send you the bill. I've seen it around 1.5x to 3x the cost of what you normally pay for.

If you don't pay then they will repo the car and your credit will take a massive shit.

Pay out the lease return penalty and be done with the car. Why store a leased car that you no longer find fun and don't want to drive? As said, if they repo it you will be totally screwed for many years. It isn't a toy that you can just cast aside without ramifications when you become bored.

100% correct!

You signed a legal document you have to live with it.

I never understood leasing a car? unless its a busness write off and you dont want to mess with depreciation.

I can't get past the username of OP.

Sent from my Nexus 6P using Tapatalk

I work for Nissan Canada Finance, we may do it a little bit differently, but we require full insurance coverage on leased vehicles as they are technically owned by Nissan.

We have someone looking at insurance constantly to see if there are any changes to the coverage.

@mav1178 is correct, if you don't have full coverage the OEM may repo the car at anytime and your credit is gonna reflect it. Not only that, but once repo'd they may bill you for the bailiff and if you don't pay up and pick up your car with full insurance, they'll sell the car, and you're liable for any deficient balance between your contract obligation and what they were able to auction your car for.

If you only view it as those two things, then of course leasing is completely foreign to you.