We get a lot of montana llc car insurance inquiries. Tons of people want to know all about they can save thousands of dollars in taxes by buying high-value cars and rvs in and registering them under an llc in montana.see here for an overview of the topic, and how to make it work.one question we get is “do i need to have my insurance in montana.The basic rule is this: The insurance is on the car, not on the LLC. So you should ensure it wherever you garage the car.
If you live in New York but primarily keep the car in a garage in New Jersey, you should insure the car in New Jersey.
Don’t try to insure the car in a state where it’s not primarily garaged just to save a few dollars. If that happens, you put the entire value of the car at risk. Here’s why:
Suppose you have your high-dollar car registered in Montana, and it has Montana tags. But you keep it in Florida. And bang… the car is destroyed by a storm surge during a hurricane.
If you get in a wreck, and your insurance company finds out that your car is used year-round in your state of residence…. that’s nowhere near Montana (In Florida, they can tell by your tolls), they may deny the claim outright.
You didn’t tell the insurance company the car was primarily being stored in Florida. So you didn’t pay to insure the car against Florida hazards. You essentially attempted to defraud the insurance carrier in order to save a few dollars per month in premiums.
So you save a few grand in sales tax on your beautiful McLaren Artura. But you put hundreds of thousands of dollars at risk!
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