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Storage Insurance – Do I Need To Insure A Parked Car?

There are plenty of reasons why you may not need to use your car right now. Perhaps you’re working from home, or you had to cancel that road trip you were going to take. Perhaps you just don’t want to drive an extra vehicle that you have, or one of your vehicles is no longer drivable and you don’t feel like spending the money to fix it.So you’re deciding to store your car for an extended period of time. If this applies to you, you might be considering whether you need insurance coverage while your car is not in use.

But is this something you really need to do? Do you really need to ensure a car that isn’t even going to be on the road? Read on to find out.

On the one hand canceling your policy may save you some money in the short term because you won’t be paying an insurance premium for a car that you’re not even driving. However, there are drawbacks to canceling your car insurance policy. Here are a few to consider: 

Where are you storing your car?  

If you were planning to store your car in an enclosed garage, that’s one thing. However, if your car is going to be stored in your driveway or outside of your home somewhere, canceling your policy means that you will not be protected against any accidents such as another car running into yours, or a falling tree. Well the scenarios may seem unlikely, there’s definitely things to consider.

Gaps in Coverage

Insurance companies don’t like to see any gaps in your insurance history. To them it means that she may be a higher risk to ensure. This means that your premium may be higher when you decide to renew it. 

Your Lenders

If you are currently still paying your car off, the lenders that you are paying your car loan to may require that you are insured under any and all circumstances. You may want to check with them before canceling your policy.

Reducing the Cost of Your Insurance

Instead of canceling your insurance, you may want to consider changes To your coverage to cut the costs. Sample, you could take away the liability insurance that you were covered for, since you are not going to be driving and therefore it’s very unlikely that you’ll be considered at fault if anything should happen to your vehicle. This leaves you with comprehensive coverage only, which helps pay to repair the vehicle should the scenario as mentioned above happen. This could help you keep your premium costs low while keeping you insured and preventing any gaps in your coverage.

There are many factors to consider when you are dealing with the car you’re not driving. A knowledgeable insurance expert can make sure that you get the right type of insurance for your situation. Fill out the form here and get in contact with someone today. It’s free, and it can save you a lot of time and money.