Korean Job Discussion Forums

Gosp · Joined: 13 May 2004 Location: 85% There.

Just curious to know if anyone has kept their auto insurance going back home while living overseas. Of course I'm looking at this situation from a completely American point of view. Texas has some of the highest auto insurance rates in the country and my "best friend" [let's call her Judy] at the insurance co. tells me that my rates will skyrocket if I cancel for a year or two and then come back. Hmm. Sounds like a line to me. Let me know what's up.

[p.s. I'm twenty-six, male, with ten years of ticket-free driving under my belt. No accidents, no dui's . . . nothing.]

Japchae · Joined: 03 Oct 2003 Location: South Korea

It's true. If you do not maintain your policy and let it expire you will pay a higher premium when you return home. Insurance companies reward consecutive years of good driving and do not like gaps in your driving history.

matthews_world · Joined: 15 Feb 2003

Hmm...just tell 'em you didn't have a car as an expat. Rolling Eyes

Zyzyfer · Posted: Sat Jul 10, 2004 7:34 pm Post subject:

Unless my rate was currently low, I wouldn't do it. It just seems like more money to keep paying all year round than to suck up an increased monthly rate for a bit. If you're only here for a year, though, you might still consider it, I guess. I always have to get insurance when I go back home for vacation, and I always just get a very basic 3-month plan...it isn't exactly cheap, but it saves me from paying insurance for 9 months just to get a lower rate.

I'm still under 25, though.

kprrok · Joined: 06 Apr 2004 Location: KC

I was told that if I could bring back proof of insurance from Korea when I returned to the US, they would not raise my rates or give me any crap for the gap in coverage.

KPRROK

chiaa · Joined: 23 Aug 2003

thegadfly · Joined: 01 Feb 2003

When I left for Korea, I stored my car at my folks' place and changed my insurance policy to reflect a "stored" vehicle. I pay about $100 a year for stored car insurance, and it counts as continuous coverage, so when I return and "reactivate" my insurance in order to drive my car, there is no lapse in coverage, hence no skyrocketing rates. Of course, I am from Michigan, so Texas policies may differ...but I actually kept my car just to store it, as I figure it will save me about $1000 my first year, compared to a "lapse" in coverage.....

Gosp · Joined: 13 May 2004 Location: 85% There.

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

I am on inactive driver insurance or some such like that...

Basically, I think car insurance is the one place in America where age and sexual discrimination are still legal. I've always been very pissed that as a male, I already had to pay higher rates than my sister with comparable experience and clean records. And this is maintained throughout a driving career. And I think it's BS that I have a clean record, but will still pay more insurance than a 45 year old that's had a car accident in the last 5 years because I'm 22 and therefore a "higher risk".

Either way, don't cancel your insurance in America. Do whatever is the cheapest option they have, but remember that car insurance companies are ruthless. They have no problem gauging you on premiums because of your age, sex, or any other reason they feel like it... but as soon as you're in an accident, they'll do anything they can to get out of paying money and then they'll triple your premiums just cause they can.

I think if the government is going to mandate that you have to have car insurance, they also need to mandate maximums on the premiums.

Gollum · Joined: 04 Sep 2003 Location: Japan

I plan on buying an older used car not worth much and getting only insurance that covers the other guy.... and the bare minimum at that. They can stick that in their tootie and smoke it.

lush72 · Joined: 18 Aug 2003 Location: I am Penalty Kick!

matthews_world · Joined: 15 Feb 2003

Dawn · Joined: 06 Mar 2004

I've kept my vehicle insured, but usually go home for at least a couple of weeks out of the year. Figure a year's worth of insurance on my '97 Camry cost me about the same as renting a car for two weeks, and I get to drive a car that still looks good, runs like a charm, and doesn't reak of stale cigarette smoke.

OiGirl · Joined: 23 Jan 2003 Location: Hoke-y-gun

My car was being financed, and so I HAD to keep insurance on it. Dropped it down to the minimum, but wasn't given a "storage" option.

Bowden_PSM · Joined: 22 Jun 2004 Location: United Arab Emirates

In Canada they are indeed ruthless if you break your policy for any reason. I have been insured as a temp driver on my parents cars even though I have been away at uni and Korea for the last five years and haven't really been able to drive.

So I stay insured as a temporary driver. When I am 25 or 27 or whatever it is when I finally cave in and get some wheels, I am told by a friend in the industry that my continuous coverage (around 10 years give or take) and lack of tickets or other offences will render me with very good premiums.

My verdict: Pay a little now, save a lot later. And unless you get hit by a bus tomorrow, later will happen.