The truth is, there is no such thing as a car storage insurance policy. But that doesn’t mean you can’t protect your car in storage. While there is no such thing as a policy that is specifically designated for a stored car, the term “car storage insurance” refers to the minimum amount of normal car insurance coverage that should be used when your car is in storage.
Therefore, you can reduce the amount of your auto insurance coverage and still have car storage insurance. You may also hear the terms “parked car insurance” and “comprehensive-only insurance” thrown around. These terms mean the same exact thing that car storage insurance does: they simply describe the minimum coverage placed on a vehicle that is not being driven.
So how exactly does it work? Let’s dive into the details.
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Because a car storage insurance policy is not actually different from the standard car insurance policy, it works just the same. If your vehicle becomes damaged, you simply file a claim with your provider.
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Generally speaking, any insurance is better than no insurance. That said, when parking your car for a longer period of time, car storage insurance is not your only option. You can also consider:
Note: with the last two options, you should be mindful that a gap in coverage will likely mean higher premiums when you do restore coverage.
The good news is that car storage insurance is affordable. After all, the risk of damage is minimized compared to a vehicle that’s being driven around all the time. You can expect to save a significant chunk of money on your auto insurance since you only need comprehensive insurance, although the exact cost will vary by provider and policy.
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When parking your vehicle for a substantial period of time, reducing your insurance coverage can save you money. All you need to do is contact your insurance provider, and they can help you get car storage insurance. Keep in mind, you should only do this if you’re not planning to drive your vehicle, or else you could jeopardize your coverage.
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Margaret Huntley Margaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.
