Question 1

Do I need to insure a stored vehicle?

Accepted Answer

Since most states require the owners of registered vehicles parked or driven on public roads to carry a minimum amount of insurance, you are likely required to insure your stored vehicle. Beyond legal requirements, insuring your parked vehicle can avoid insurance policy violations and gaps in your insurance coverage history that can lead to higher premiums in the future. Carrying insurance can also protect you financially if your car is damaged or stolen while it’s being stored.

Question 2

Are there discounts available for insuring stored cars?

Accepted Answer

Although programs vary, some insurance companies offer discounts for stored vehicles under certain circumstances. Below are a few examples of discounts related to stored vehicles:

Erie Insurance offers a discount for vehicles stored for longer than 90 days in most states (excluding Kentucky).
USAA offers a discount to military members that garage their vehicles on military installations.
Other insurance companies, like Nationwide, offer usage-based programs for low-mileage drivers with a safe driving record.

Since storage and pay-per-mile insurance varies by insurer and location, check with your insurance agent or provider to learn more about the discounts available when insuring your stored vehicle.

Question 3

What are the advantages of insuring a car in storage?

Accepted Answer

In addition to saving money on insurance premiums, insuring a stored vehicle can reduce the amount you’ll have to pay out-of-pocket if your vehicle is damaged or stolen while in storage. Additionally, carrying at least comprehensive-only coverage on a stored vehicle can prevent potential insurance policy violations and coverage gaps that could increase your premiums in the future.

Question 4

Do parked cars need auto insurance?

Accepted Answer

Yes, parked cars should have auto insurance coverage. While they may not be actively driven, they are still at risk of damage or theft. Auto insurance for parked cars provides financial protection in such situations.

Question 5

What types of coverage are available for parked cars?

Accepted Answer

The two main types of coverage for parked cars are comprehensive insurance and storage insurance. Comprehensive insurance covers various non-collision incidents like theft, vandalism, fire, natural disasters, and falling objects. Storage insurance is specifically designed for cars that are not in use for an extended period, such as during winter storage.

Question 6

Is auto insurance mandatory for parked cars?

Accepted Answer

The requirement for auto insurance varies by jurisdiction. In many places, auto insurance is mandatory regardless of whether the car is parked or actively driven. It&#8217;s essential to check the specific laws and regulations of your location to determine the requirements.

Question 7

What are the benefits of having auto insurance for parked cars?

Accepted Answer

Financial protection: Auto insurance safeguards your parked car against a wide range of risks, including theft, vandalism, fire, and natural disasters.
Peace of mind: Knowing that your parked car is insured provides peace of mind, eliminating worries about unexpected damages or losses.
Liability coverage: Some auto insurance policies include liability coverage, which protects you if your parked car causes damage to someone else&#8217;s property.

Question 8

Are there any drawbacks to having auto insurance for parked cars?

Accepted Answer

Cost: Auto insurance comes with a premium cost, and adding coverage for a parked car can increase the overall expense.
Deductibles: Insurance policies often have deductibles, which means you&#8217;ll have to pay a certain amount out of pocket before the coverage kicks in.
Claims impact: Making claims on your auto insurance, even for parked cars, can potentially impact your future premiums.

Question 9

Can I modify my existing auto insurance policy to include coverage for a parked car?

Accepted Answer

Yes, in most cases, you can modify your existing auto insurance policy to include coverage for a parked car. Contact your insurance provider and discuss your specific needs to make the necessary changes to your policy.

Question 10

How can I lower the cost of auto insurance for my parked car?

Accepted Answer

Some ways to lower the cost of auto insurance for your parked car include:

Comparing quotes from multiple insurance providers to find the best rates.
Increasing your deductibles, which can lower the premium.
Installing security features such as alarms, immobilizers, or tracking devices, which can qualify for discounts.
Storing your car in a secure location like a locked garage or monitored parking lot.

Tag: auto insurance for parked vehicle

Compare Quotes from Top Companies and Save

Best Parked Car Insurance in 2024

Compare Quotes from Top Companies and Save

Tag: auto insurance for parked vehicle

Compare Quotes from Top Companies and Save

Best Parked Car Insurance in 2024

Compare Quotes from Top Companies and Save

Free Car Insurance Comparison