This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Soldiers Have Unique Car Insurance Needs

If you're in the military and preparing to ship out overseas, or even across the country, one of your missions should be learning about your auto insurance options.

No matter where you're headed, the best thing you can do is "converse with your insurance company, maintain your coverages and pay your premium," says Mike Baker, director of Geico's Military Department, which specializes in auto insurance issues for military members.

The wrong choices could mean your rates rise dramatically. You may try to save money by dropping coverage entirely if you deploy overseas -- and wind up paying much, much more when you return home.

Here's what you need to know.

Your car is in the U.S., and you're not

As of December, more than 10 percent of the 1.4 million active-duty personnel were deployed overseas, according to the Department of Defense.

While war zones receive most of the media coverage, the largest numbers of U.S. troops overseas are actually based in Germany and Japan. Depending on where you're heading abroad, you might be able to bring your vehicle with you.

That's not an option for service personnel heading to hot spots like Afghanistan.

Angela Preciado, director of the auto product management team at USAA, which caters to military members, says it's more common for military personnel to store a vehicle while deployed, rather than let someone else drive it. (See " Who can drive your car?")

One option is to store your vehicle and drop all coverage but comprehensive -- which would cover you if the garage where your car is stored caught on fire, or a tornado swept your car away. But without state-required liability coverage you'd have to turn in your license plates and registration, then re-register your car when you return stateside.

You cannot drop comprehensive and collision coverage if your car is financed or leased, even if you won't be driving it for an extended period of time.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs