Car storage insurance is a term used to describe the minimum amount of regular car insurance coverage needed when your car is in storage. Although there isn’t a specific policy for stored cars, you can modify your existing coverage to reduce costs. “Parked car insurance” and “comprehensive-only insurance” are other terms used for the same purpose. These policies provide minimal coverage for non-driven vehicles. Now, let’s dive into the details.
When Auto Storage Insurance is Necessary:
If you won’t be using your car for an extended period, it’s impractical to pay for insurance you won’t put to use. Here are a few scenarios where full coverage car insurance isn’t necessary:
- Traveling abroad for an extended period
- Students moving to a new location for school without their vehicle.
- Temporary break from commuting to work
- Inoperable vehicles awaiting repairs regardless of the reason, long-term car parking calls for decreased insurance coverage.
How Car Storage Insurance Works:
Car storage insurance works in the same way as a standard car insurance policy. If your vehicle suffers damage, you can file a claim with your insurance provider.
Obtaining Car Storage Insurance:
To reduce your auto insurance for a stored car, reach out to Bradford Turner Insurance. Most companies permit policy changes at any time. Simply inform us that you want to acquire car storage insurance, and we will guide you accordingly. We can provide information on:
- Whether your state permits the complete removal of liability coverage
- Minimum coverage requirements
- Vehicle registration cancellation while the car is stored.
- Coverage for a parked car in your garage through your homeowner’s insurance
- The best policy to suit your requirements.
Additional Factors to Consider for Vehicle Storage Insurance:
Before transitioning to car storage insurance, keep the following details in mind:
- If your car is loaned or leased, reducing, or dropping liability coverage may not be permitted.
- During impending major natural disasters, such as hurricanes, policy changes are usually restricted.
- Remember to reinstate your insurance before restarting regular vehicle use to maintain coverage and protect any potential claims.
Alternatives to Vehicle Storage Insurance:
While car storage insurance is a possible option, there are alternatives to consider when parking your car for an extended period:
- Suspending coverage
- Canceling vehicle registration
- Canceling coverage
With the last two choices, be aware that a coverage gap may lead to higher premiums when you reinstate coverage.
Cost of Car Storage Insurance:
The good news is that car storage insurance in Cumming, Ga and elsewhere is affordable since the risk of damage is lowered compared to a regularly driven vehicle. By opting for comprehensive insurance only, you can expect notable savings on your auto insurance. However, the precise cost will depend on your provider and policy.
