Is insurance required to own a car, or to drive a car? In Colorado, if that...

M

Mrs.H

New member
...makes a difference? Assuming the loan was paid off, would it be legal to drop your car insurance, and keep it stored in a garage? Could you let the registration lapse if you are just storing a car? I am looking at ways to cut expenses, but I am not willing to sell my car, since I will want it later once my situation improves.

I already cut out the easy things like cable and dining out, and superfluous clothing purchases.
 
As long as the car is paid off and the bank satisfied, and you're sure you won't be driving the car, it should be OK to drop all the insurance. That's required only if you want to operate it on public roads. You might check with the Colorado DMV to see if any notification is required, though.

Of course, you'll need to place insurance again if/when you want to register it again.
 
yes it is legal...you do not have to have it insured if it is not on the road...however if something happens to the car without insurance then its on you
 
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