You may not think anything can happen to your car while it’s parked. Unfortunately, theft, car fires, storm damage, and flooding happen as frequently to cars parked long-term as they do to regularly used cars. This damage is usually no less expensive for parked as for used cars.
Parked car insurance is the protection you need for vehicles stored either on your property or at a car storage facility.
The Details on Parked Car Insurance
Parked car insurance is comprehensive coverage which covers the threats mentioned above. With the car unused, drivers don’t need liability/collision insurance. Some insurance companies require a storage minimum (i.e. 30 or 60 days) for a vehicle to be approved for a comprehensive policy. If you drive at all under comprehensive-only coverage, you won’t be covered in an accident or if you damage someone else’s property while driving the car.
What Does It Cover?
In addition to theft, fire, and flood, parked car insurance covers many less common issues such as falling debris and sideswipes. Instances of parked cars getting hit aren’t uncommon. If you know who has hit your parked car, you can file property damage claims against their insurer. Most often, however, you come home to find the damage with the perpetrator long gone. If your car experiences a hit-and-run, parked car insurance would cover it — and your insurance rates wouldn’t be affected.
What Doesn’t It Cover?
Comprehensive coverage covers all situations where you’re not driving and your vehicle is damaged. One situation where comprehensive parked car insurance wouldn’t be possible is on some loaned vehicles. If you’re leasing your car, you may have to get approval from your bank to put comprehensive-only coverage on the vehicle. Similarly, if you’re financing through a non-bank auto loan lender, you may still require both collision and comprehensive. Another situation where comprehensive doesn’t apply would be if someone began driving their vehicle again without switching back to collision/liability insurance, during which any damage wouldn’t be covered.
How Much Does Parked Car Insurance Cost?
Roughly speaking, parked car insurance costs between $100 to $200 per month on average, which is lower than if you were driving the car and needed liability/collision insurance. Comprehensive coverage can be switched with a phone call once you’re ready to drive your car again. Having parked car insurance prevents a lapse in coverage as well. Some insurance companies charge higher rates for drivers who have let their insurance lapse.
Do I Still Need My Normal Auto Insurance?
If your car is stored for over 30 days, you can suspend your liability and collision coverages, maintaining only comprehensive coverage. Comprehensive coverage is the insurance necessary for scenarios that can still happen while your vehicle is in storage, including things like vandalism and acts of nature.
Why Do I Need Insurance While My Car Is in a Storage Facility?
When you place your car in storage, damage can be covered by the garage keepers’ insurance policy. This is optional protection offered to garage businesses that cover losses to a customer’s automobile when left in their care. There are several types of insurance sub-policies under the garage keeper’s coverage, and garages must choose whether they want direct coverage or legal liability coverage, as well as if they want primary or excess coverage. Definitely ask your car storage manager the specific of the insurance they offer. These policies are in effect whenever the garage is “attending, servicing, repairing, parking, or storing” the vehicle, and help businesses pay claims so that customers don’t need to file on their own personal auto insurance.
However, if a garage doesn’t have insurance, or more likely, if they do their due diligence in protecting the car but something damages it anyway, you’ll need to pay out of pocket for the repairs if you lack comprehensive coverage.
What Is Continuous Insurance Enforcement Legislation?
Sometimes, countries will have laws that ensure vehicles always have insurance. For instance, the continuous insurance enforcement legislation in the United Kingdom is mandated. Any registered vehicle owners must keep the vehicle insured, and failure to comply results in varying degrees of punishment. A citation for an uninsured vehicle may result in penalty fines, and repeated or ongoing offenses may result in a vehicle being seized and disposed of, and possibly court prosecution with higher fines.
Police already have the right to seize an uninsured car being used on the road, and continuous insurance enforcement legislation furthers these rights to vehicles on personal property. The only exception to this is if the car is kept on private ground and officially declared “off the road.”
Choose The Vault for Your Car Storage
As you can see, parked car insurance is important for many reasons. The next time you need to store your car, consider choosing The Vault! We offer storage for exotic and classic cars as well as for the everyday driver and members of the military going on deployment. We even have options for holding your vehicle during the week so you can access it on weekends. Our state-of-the-art facility features high security, detailing, battery maintenance, and even door-to-door transport services. Contact us today to see what pricing would be for your specific vehicle and situation, and combine parked car insurance with The Vault’s car storage for ultimate protection.