What Is Vehicle Storage Insurance And Who Needs To Buy It?

Share Article

Compare-autoinsurance.org (https://compare-autoinsurance.org/) announces a new blog post, “Car Insurance Basics: Vehicle Storage Insurance”

News Image
“Vehicle storage insurance is a policy that is useful for drivers that plan to store their vehicles for a long time. This simplified policy helps them save money and protects their vehicles against damages that occur in non-driving incidents.”, said Russell Rabichev, Marketing Director of IMC

Compare-autoinsurance.org has launched a new blog post that presents some basic information any driver should know about vehicle storage insurance.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/car-insurance-basics-vehicle-storage-insurance/

When people talk about insurance for stored cars or parked car insurance, what they usually mean is that they will cancel liability and collision, and any additional options they have on their policy, and just keep comprehensive coverage. Many drivers own a convertible car that is usually stored in a garage in the winter months. Others have classic cars that are being restored and won’t be ready to hit the road for many months. Canceling insurance on these types of cars is not the best idea. By keeping comprehensive coverage, policyholders can protect their stored vehicles from various non-accident related incidents such as vandalism, theft, fire damage, damage caused by animals, falling objects, floods, wind damage, and more.

Drivers who are planning to store their vehicles and get a vehicle storage insurance should know more about the following:

  • How does it work. Storage insurance for vehicles assumes that the vehicle is never driven and isn't parked on a public road. The first thing policyholders need to do is to get their cars off the road and keep them in a safe place for the duration of the storage period. The best option would be a locked garage. Then, they will need to cancel registration and hand over the license plates. Also, drivers should check with their local DMV if they have other requirements when storing a vehicle. Next, contact the insurance provider. The insurer will likely write a specific policy only if the policyholder has another policy on them that includes liability for another vehicle. Also, they will write a comprehensive-only coverage policy only if the state allows it. Furthermore, most providers require the car to be stored for at least 30 days before qualifying for storage insurance.
  • What it covers. This type of coverage protects the vehicle against any damage that may occur when the policyholder is not driving it. It protects against natural disasters such as tornadoes, hurricanes, hailstorms to fire, smoke, and flood damage. Even if the car is stored in a safe place, that does not mean it can't be damaged. The good news is that drivers can pay 50-80% less on comprehensive-only insurance than what they pay on regular car insurance.
  • Who needs it. Drivers who store their vehicles and want to avoid a gap in their insurance should get vehicle storage insurance. Also, if the car is leased, or the driver still owes money on the car loan, the lender will require the driver to have insurance. Furthermore, drivers who don't want to pay money from their own pockets if something bad happens with their cars while they are stored should get vehicle storage insurance.

When getting vehicle storage insurance, drivers are not required to follow the state’s minimum insurance requirements. It is legal to not have liability on the car as long as that car is not parked on a public road or driven, and if the owner cancels the registration and turns in the license plates.

For additional info, money-saving tips and free car insurance quotes, visit https://compare-autoinsurance.org/

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website