MONTANA INSURANCE

I am wanting to put all of my Ferraris in a Montana L.L.C. which means that they will not be titled and registered in my personal name. My new 458 spider arrived at the dealership today and I was going to put it in my Montana L.L.C.. I contacted my insurance company, which is Condon & Skelly, a collector car insurance company out of NJ, they informed me that they would not insure vehicles in a LLC, business or corporation. I know that many people have their cars in a Montana L.L.C., I was wondering if anyone could tell me what insurance company they use that will insure vehicles that are owned by a Montana L.L.C.. Any help at all would be greatly appreciated.

Thank you in advance for your time and your responses.

 

i use farmer's and my insurance agent was able to do it. the car was in california though.

 

what is the significance of a montana llc? i have 3 ferraris.

 

No sales tax.

 

And lower annual registration/license fees and the ability to ignore "local" laws like needing a front plate for example.

That said, I recently thoroughly looked into this with the help of the right lawyers and concluded it is virtually impossible to do this legally IF your intent is to keep the car somewhere other than Montana for the majority of the year. I know folks on here are doing this and will say they are following the law. I'm skeptical...I found that the states I live in (wy, ca, az) have laws that basically preclude this. Doesn't mean one can't get away with it, but doesn't make it legal either. Anyone who is doing it legally, please share the details of where you physically keep your vehicle and for how long, I am very keen to find a legal way to do this and would appreciate the working example...


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Btw, the risk of having an insurance claim denied due to misleading physical location information in your insurance policy is by far the greater risk over any potential state action with regard to your taxes and registration. Just be fully informed and careful with these things...


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I tried this. The insurance was the problem. I canceled the Montana corp. it was a bigger pain than it was worth. Where I live it s not legal to have a Montana registered car.

 

This isn't legal if the car is majority used outside of Montana.

 

I live in Mass and there are laws bith through the state and insurance company that strictly prohibit it.....our advantage would be to save on the excise tax....2.5% of the value of the car on a yearly basis....

 

Agree! To those trying to avoid taxes on this scheme, dont do it, it will catch up to you.

 

I can solve your problem, I currently have an open space in my garage here and could store the car. Of course we have about 18 inches of snow on the ground with more on the way. :-/

 

My opinion is: if you can afford one of these, you can afford to pay the taxes and insurance in your state for it where you own it, keep it, and drive it.

If every car in America was registered in Montana, I think they'd just find some another way to collect the taxes.

 

Bingo!!!

 

+1

We are enjoying all (most) the free road and public facilities the government is providing to us, we need to pay our dues when we can

 

All you big city folks with your fancy cars and your odd ball ideas are making it real difficult for us country folk.

Every time I'm on the west coast in a nice car I get pulled over and have to prove that I deserve to have a Montana plate. This doesn't seem to happen on the highway but if I'm driving around San Francisco, Monterey, or the wine country I can plan to get stopped at least once during the day to show my drivers license, registration and insurance card. The same now happens in Denver.

I think most states are on to this scam now, unless you can prove that you're one of the one million of us that live here you're better off just paying the sales tax.

 

Aww shucks

 

The Mayor has a point. Most of us pay a lot of tax. The amount we save for the amount of hassle it is isn't worth it.

 

There is no doubt the insurance would view it differently as Arizonaitalian brought up they could deny coverage if you sneak it under your policy,My other concern would be if you have to file a tax return on the LLC?

 

I think they just came up with a new way on 1/1/13 Happy New Year!!

 

I know. Happy tax more new year. It's tax and spend time 13 and on.