Insurance during the Winter on a Lease - Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community

8inchAzN · 12-14-2017, 06:53 AM

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.

jasonojordan · 12-14-2017, 07:52 AM

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.

Tcoat · 12-14-2017, 08:00 AM

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.

Grady · 12-14-2017, 08:15 AM

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.

YangerD · 12-14-2017, 09:41 AM

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.

Mr.Impreza · 12-14-2017, 09:49 AM

Quote:

Originally Posted by 8inchAzN

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.

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.

jasonojordan · 12-14-2017, 09:53 AM

Quote:

Originally Posted by YangerD

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.

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.

YangerD · 12-14-2017, 09:56 AM

Quote:

Originally Posted by jasonojordan

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.

jasonojordan · 12-14-2017, 10:01 AM

Quote:

Originally Posted by YangerD

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.

Tcoat · 12-14-2017, 11:50 AM

Quote:

Originally Posted by YangerD

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

Quote:

Originally Posted by jasonojordan

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.

jasonojordan · 12-14-2017, 11:57 AM

Quote:

Originally Posted by Tcoat

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.

Tcoat · 12-14-2017, 12:00 PM

Quote:

Originally Posted by jasonojordan

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

D_Thissen · 12-14-2017, 12:20 PM

Quote:

Originally Posted by 8inchAzN

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.

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.

Tcoat · 12-14-2017, 12:25 PM

Quote:

Originally Posted by D_Thissen

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?

12-14-2017, 06:53 AM	#1
8inchAzN Member Join Date: Nov 2017 Drives: Car Location: Markham Posts: 71 Thanks: 23 Thanked 28 Times in 21 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	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.

12-14-2017, 08:00 AM	#3
Tcoat Senior Member Join Date: Jul 2014 Drives: 2020 Hakone Location: London, Ont Posts: 69,845 Thanks: 61,656 Thanked 108,283 Times in 46,456 Posts Mentioned: 2495 Post(s) Tagged: 50 Thread(s)	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. __________________ Racecar spelled backwards is Racecar, because Racecar.

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12-14-2017, 07:52 AM	#2
jasonojordan Senior Member Join Date: Jul 2013 Drives: 2013 satin white brz limited Location: Cottage Grove MN Posts: 1,049 Thanks: 162 Thanked 511 Times in 326 Posts Mentioned: 4 Post(s) Tagged: 0 Thread(s)	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.

12-14-2017, 09:41 AM	#5
YangerD Senior Member Join Date: Feb 2012 Drives: 2017 Toyota 86 Location: Toronto Posts: 187 Thanks: 159 Thanked 55 Times in 48 Posts Mentioned: 0 Post(s) Tagged: 0 Thread(s)	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.

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