Your Stored Vehicle Needs Insurance
If you own a car that isn’t running or being driven and is stored in a safe place, it may be tempting to remove the insurance on this vehicle. Why not, right? It’s not like the car is going to hit something.
However, that doesn’t mean that something couldn’t hit your car. In other words, if you don’t have auto insurance, it’s good to look into getting some for your stored vehicle. Let’s take a closer look at why this is the case:
The Benefits of Insuring a Stored Vehicle
There’s no doubt that auto insurance can be expensive. In fact, in recent years, it has hiked in price considerably. For some, this means car insurance is one of the first expenses to go, especially if the car isn’t being driven and is instead stored for safe keeping.
Even if you don’t drive the car, it’s good to keep it insured. Here are a few reasons why:
- Home insurance doesn’t usually cover cars: One big reason to consider purchasing auto insurance for your car is that home insurance typically doesn’t cover it. While it covers other belongings and possibly even the garage your car is stored in, policies usually leave the car coverage to auto insurance. So if you park your car in the garage and a tornado peels through town, causing the garage to collapse on the car, it’s likely the vehicle damage won’t be covered.
- Accidents happen even when you don’t drive: Sometimes minor things occur that could cause noticeable damage. For instance, suppose your child is playing in the garage and scratches your car. In this case, you won’t be covered unless you already have some type of comprehensive policy.
- Your car may not be protected if stored elsewhere: If you decide to keep your car in a storage facility, unless you purchase some type of protection from the company, it’s likely that if the place catches fire, a natural disaster occurs or some other damage is caused, your car may not be protected.
There are so many incidences that could occur that could put your vehicle in jeopardy that it’s a good idea to just make sure that it’s covered rather than take a chance.
What Types of Coverage Are Available?
Depending on the car insurance companies you work with, you may be able to take advantage of more than one type of coverage for your stored vehicle. There may also be auto insurance discounts available for some car owners. Here are a few options to consider:
- Comprehensive-only coverage: If you are keeping your car in your garage or in a storage facility for a while and are concerned it could be damaged or even vandalized then you could consider purchasing only comprehensive coverage. A comprehensive policy covers any damage that occurs to your car. It also covers theft.
- Classic car insurance: Another option to consider is classic car insurance. If you’re storing what’s considered a classic or antique car, you could consider this coverage. It’s often low-cost because it considers a classic car will not be driven very much.
- Low mileage insurance: Many states are now offering low-mileage insurance (like Progressive’s MyRate) for vehicle owners who don’t drive much. The insurance company calculates the number of miles you drive each month then charges you for those miles only. However, there may be a minimum amount that you would need to pay to keep the coverage if you don’t drive it at all.
There is no doubt a car is a valuable possession and something that should be protected under all circumstances. If you need to leave your car in the garage or a storage facility for some time, it’s good to make sure it has the coverage it deserves.