Does My Home Insurance Cover My Car?
Posted in Home Insurance
April 20th, 2010
Saving money is always of interest to consumers, and there are plenty of creative ways to do so. However, cutting your insurance coverage is not one of those ways.
Auto and home insurance will provide policyholders not only with a financial safety net, but may actually be legal necessities requiring minimum levels of coverage. Typically, if you own both a home and a vehicle, separate policies will be required for the fullest level of protection.
Auto and home insurance are sold as unique entities. Although many insurance providers offer substantial discounts to consumers who bundle their policies together, the policies issued are completely separate and cover different items altogether. However, in some very rare circumstances, your homeowners insurance would come in handy and cover some situations directly related to your automobile.
What Does Auto Insurance Cover?
Auto insurance is structured to protect your financial assets and well being of those involved in a car accident. Legally, auto insurance minimums include financial protection for bodily injury liability limits property damage.
In addition to that, more coverage can be purchased such as comprehensive and personal injury protection (PIP). When it comes to personal possessions in a car, auto insurance providers only cover the standard features (such as CD player and radio) that were in the vehicle upon purchase.
What Does Home Insurance Cover?
Homeowner’s insurance is the type of protection required to help assist when personal property is stolen directly from your vehicle. Consider if you left your computer, cell phone and a newly purchased designer handbag in your car while you ran into a shop.
Upon your return, if you see your car was broken into and your stash has gone AWOL, not only would you need to report the incident to the police, but also contacting your auto and home insurance providers would be essential.
Does My Home Insurance Include My Car?
Typically homeowner insurance policies do not cover your auto in any way except for personal property.
If you are considering pulling a spare car off the road and storing it in your driveway to cut down on insurance expenses, you need to check with both your auto and home insurance providers to ensure coverage for the automobile.
Although some homeowner’s policies may let you schedule the vehicle as personal property under an additional rider, that is not automatic and not offered by all home insurance providers.