If i'm not driving my car, but am making payments on it, does it still have to be insured?

I have a 2013 Ford Fiesta that i have been paying off for a few months, but I plan to join the navy. I still have a little over 4 years of payments left on this car. If i leave to the navy, i will leave the car in my garage. So does it need to be insured if there's no chance of it getting damaged. I know that new cars, if you are making payments, need to have full coverage, but i'm not sure if that is the case if its never driven. Id rather not pay 200 a month for a car i'm not driving.

In the UK you will have to declare SORN if you don't keep taxing it. Insurance is not required off road. I suggest that you immobilise it just in case some twit tries to steal it. Wheel clamp is ideal. If you are going to be away for some time leave the handbrake off (chock a wheel) and wedge the clutch down with a lump of wood. Sounds extreme but if the clutch plates bond with rust it's costly to cure.

The bank requires full coverage it is part of the loan agreement. You are already paying 300 bucks a month for payments for a car your not driving. This could have been avoided all together with better planning.

You DO need to carry insurance on a vehicle that has a lien against it whether it's on the road or not. I recommend calling your DMV to get the facts on it because it may vary from state to state as to what type of coverage is required.

While making payments, it's not your car - it's owned by the finance company so Yes, you must keep full insurance on it! The car may get stolen, or accidentally damaged or destroyed while in the storage garage, especially over a 4-year time span. Best to sell the car now, before it depreciates any more, then pay off the loan on the Fiesta. Rent or borrow a car that you can give back when you join the Navy. Most likely the Fiesta would need a lot of work to put back on the road after being parked not driven for four years (tyres, belts, hoses, battery, rodent infestation, and more).

The lien holder doesn't care if you put it in the garage and padlock it and never drive it, they expect you to fulfill the terms of the agreement you signed with them, which no doubt includes the insurance coverage you will have to keep on the vehicle regardless.

And yes, there's a chance of it getting damaged, the garage could catch fire, someone could steal and wreck it, a tree could fall on the roof damaging it, a tornado could pick it up and set it down in the middle of a lake, just to name a few possibilities.

If the bank finds out you don't have insurance (and they will) THEY will insure it for you and charge you an exhorbitant fee to do so. Much more than you would have paid directly to an insurance company.

The finance agreement says you have to carry Collision and Comprehensive coverage until the loan is paid off. BUT…

If you call the finance company and explain your situation, they might make an exception. You'll be asking them for a favour, so ask nicely.

You don't NEED liability or other coverage on a car parked off street… EXCEPT Your lender will require at least collision and comprehensive coverage. But… Why wouldn't you ask your lender instead of us so that you know exactly what THEY require?