Fair-Market Prices For Your Junk Cars
Do you need insurance on a car that's been broken down for a while, or can you let it lapse? Will you face penalties for cancelling insurance? Get the answers here.
Fair-Market Prices For Your Junk Cars
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A broken down car is somewhere near the bottom of your list of “favorite things.” Outside of worrying what to do with your broken down car, you’ve still got an insurance policy to pay for it.
Unfortunately, you do need to maintain insurance on a broken down car. Most states require all registered vehicles to have some form of insurance.
You now have to either find cheaper insurance coverage or cancel the registration on your broken down car.
Do not, however, cancel the insurance on the vehicle. Canceling insurance on your broken-down vehicle can invalidate your license plate and make obtaining auto insurance in the future more difficult for you.
Furthermore, canceling insurance will be recorded as a gap in your coverage history, which can lead to higher insurance premiums later down the line.
When your car is broken down, you’ve got several options in regards to how to move forward: comprehensive coverage, suspend coverage, storage insurance, cancel registration, and cancel coverage.
Comprehensive Coverage - Offered by some insurance companies for non-running vehicles, comprehensive coverage is typically cheaper than standard coverages. It will account for theft and damage to your vehicle caused by an act of nature (like a falling tree branch). If you happen to repair the car to roadworthy status, however, you will not be able to legally drive it with only comprehensive insurance on the vehicle.
Suspend Coverage - Your insurance company may allow you to suspend the insurance coverage for a short period of time. Your policy will not be canceled, however you won’t be covered from theft or damage during the duration of the suspension.
Storage Insurance - Some providers offer “storage insurance.” Storage insurance is typically attached to specific criteria (car must be parked in a garage, for example). This policy allows you to avoid a lapse in insurance coverage while your car is broken down. Should you choose to repair it, however, then you’ll need to at least attain the minimum coverage before driving.
Cancel Registration - Paying insurance for a car that you can’t drive isn’t an appetizing prospect. If paying for that coverage is outside of your budget, then canceling your vehicle’s registration is a viable option. If you cancel the registration, you won’t be required to pay the coverage fee on that broken down car any longer. It will also prevent you from being documented as having a gap in your insurance.
Cancel Coverage - Canceling the coverage is an option that brings with it a host of other issues. First, you’ll likely have a gap in coverage recorded in your insurance history. These coverage gaps can make getting coverage again costly after you repair your broken down car.
Ultimately, your best option is to keep some form of coverage on your vehicle while it’s broken down. Other avenues might bite you on the back-end with increased costs in the future.
Deciding whether to fix or sell a broken down vehicle is dependent upon the cost of the repairs, the value of the car, and the cost of keeping it insured while broken down.
Taking your vehicle to a local mechanic and getting a professional’s eyes on your car is likely the best way to get a grasp on the potential cost of getting your wheels back up and running.
When it comes down to which types of repairs are worth paying for, consider some of the heavy hitters:
Repairing a broken down vehicle in order to avoid paying insurance coverage while it sits can be expensive. Fortunately, you have the option to get the junk car off your hands…FAST!
At WeBuyJunkCarsFast, we do exactly what our name says. You won’t have to keep your broken-down car for months on end, paying insurance when you can’t drive it.
Contact us and one of our representatives will provide you a free quote for your vehicle within 90 seconds!
If you like the offer, they’ll connect you with one of our local partners within our area. You can schedule a vehicle retrieval within 24-48 hours (or at your own convenience) absolutely free of charge.
Once your old ride is hooked up, you’ll get the exact quoted amount in your hand, without any haggling whatsoever.
We’re taking the hassle out of you getting rid of broken down cars, so contact WeBuyJunkCarsFast today and let us buy your junk car…FAST!
Answer a few quick questions and provide a picture if you can.
In less than two minutes, you’ll have a guaranteed offer.
Accept the offer if you’re happy with it.
Within 24-48 hours, we will tow your car for FREE and pay you on the spot!