TLC Insurance: Drivers Take Note

We did this note for our subscribers on TLC insurance that we thought many drivers are going to find helpful, especially as they contemplate putting plates into storage and generally thinking through insurance.

  1. Start gathering the data via your NYS inspections (or telematics if you have them) on how many miles you travelled in the months of April, May, June and July (and honestly even beyond this) and note down. This will potentially be important because if you can show your insurance company your utilization rate was much lower you, in the near future, may be able to get a refund due to lower utilization. Currently being worked through though by the insurance companies.

  2. What most insurance companies (i.e. American Transit, Hereford) have done is they have taken the total amount one owes from March until July and divided by 12. So, it would be normal month now plus that outstanding amount divided by 12 figures. So, if your normal monthly is $350 let’s say it may look like $350 + $116 ($350*4 months missed / 12). Most of you probably know this already.

  3. TLC has also extended the plate storage option to 180 days. When your plate is in storage you obviously don’t have to pay the insurance, but when you reactivate it you will need the insurance company to give you a new policy.

  4. IMPORTANT NOTE ON 3. something to keep in mind if you put your plate in storage YOU DO NOT HAVE PAY INSURANCE BUT BE VERY CAREFUL. Make sure your insurance is not currently pending cancellation and only then put your plate in storage because that will cause a lapse in insurance and you COULD LOSE YOUR PLATE. Does that make sense? Basically, before you put your plate into storage make sure your insurance is current. Personally I would wait until after September 1 because the renewals are March 1 so let’s say you put your plate in storage right now it’s going to be an odd 2 week period just before renewals you have to have active insurance and it may cause headaches in February.

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