I have 5 vehicles insured for my business which costs a whopping $23500/yr. That’s $64/day. We don’t ever use the vehicles on the weekend, so basically we’re paying for insurance when the vehicles are not on the road. During our offseason, we drop our coverages down to bare minimum which brings our total yearly premium down to like $700, or $2/day. We only keep comprehensive on the policy, no liability, because they are parked and not being driven. Our offseason is about 2 months, so that saves us about $3700.

What’s stopping us from calling our insurance company (Progressive) every Friday, dropping to minimum coverages, and then calling them again Monday morning and raising them back up? 2 ten minute phone calls per week could potentially save us $6600 over the course of the year. Sure, it’s annoying, but that’s substantial money saved. It’s basically $64 per phone call saved. We make changes to our policy all the time and it doesn’t seem to be a very big deal to anyone.

Downsides: – Progressive reports loss of liability coverage to the state, but this hasn’t been an issue for us so far. – It’s annoying – I’m sure we’re not making any friends over at Progressive – potential underinsured exposure from… something?

Upsides: – $6600/yr saved – Not very difficult

Has anybody done this? Especially with a bigger fleet, this seems like it’d be a a no brainer. Maybe I’m missing something obvious?