When it comes to storing a car, many people assume that they don’t need to worry about insurance. After all, the car is not being driven, so what’s the risk? However, this is a common misconception. In fact, there are several types of insurance that you should consider when storing a car, depending on the circumstances. In this article, we’ll explore the different types of insurance that you should consider, and why they’re important.
Whether you’re storing your car for a few weeks, months, or even years, it’s essential to have the right insurance coverage. This is because cars can be vulnerable to damage, theft, and other risks, even when they’re not being driven. For example, a car that’s left in a storage facility can be damaged by rodents, mold, or mildew, or it can be stolen or vandalized. Additionally, if you’re storing your car in a public facility, you may be liable for any damage or theft that occurs while the car is in storage.
So, what insurance should you consider when storing a car? The answer depends on several factors, including the type of storage facility you’re using, the value of your car, and the length of time you plan to store it. In this article, we’ll explore the different types of insurance that you should consider, and provide guidance on how to choose the right coverage for your needs.
Types of Insurance to Consider
There are several types of insurance that you should consider when storing a car. These include:
Comprehensive Insurance
Comprehensive insurance is a type of coverage that pays for damage to your car that’s not related to a collision. This can include damage caused by natural disasters, theft, vandalism, and other types of damage. If you’re storing your car in a public facility, comprehensive insurance is a good idea, as it will provide coverage in the event that your car is damaged or stolen.
Comprehensive insurance typically covers damage caused by:
- Rodents and other pests
- Mold and mildew
- Theft
- Vandalism
- Fire
- Windstorms
- Earthquakes
Collision Insurance
Collision insurance is a type of coverage that pays for damage to your car caused by a collision with another vehicle or object. This type of insurance is not typically necessary when storing a car, as the car is not being driven. However, if you’re storing your car in a public facility and there’s a risk of a collision occurring (such as if the facility is located near a busy road), collision insurance may be a good idea. (See Also: How to Switch Car Insurance Providers – Simplify Your Ride)
Liability Insurance
Liability insurance is a type of coverage that pays for damage or injuries caused to others in an accident. This type of insurance is typically required by law, and it’s essential to have it if you’re storing your car in a public facility. If someone is injured or their property is damaged while your car is in storage, liability insurance will provide coverage.
Storage Insurance
Storage insurance is a type of coverage that’s specifically designed for cars that are being stored. This type of insurance provides coverage for damage or theft that occurs while the car is in storage. Storage insurance is usually offered by the storage facility, and it’s typically required if you’re storing your car in a public facility.
Factors to Consider When Choosing Insurance
When choosing insurance for your stored car, there are several factors to consider. These include:
Value of Your Car
The value of your car is an important factor to consider when choosing insurance. If your car is worth a significant amount of money, you’ll want to make sure that you have adequate coverage in case it’s damaged or stolen while it’s in storage.
Length of Storage
The length of time you plan to store your car is also an important factor to consider. If you’re storing your car for an extended period of time, you’ll want to make sure that you have insurance that covers you for the entire duration of the storage period.
Type of Storage Facility
The type of storage facility you’re using is also an important factor to consider. If you’re storing your car in a public facility, you’ll want to make sure that you have insurance that covers you for damage or theft that occurs while the car is in storage. If you’re storing your car in a private facility, you may not need insurance, but it’s still a good idea to have some type of coverage in case something goes wrong. (See Also: What to Include in Car Insurance? Essential Coverage)
Location of Storage Facility
The location of the storage facility is also an important factor to consider. If you’re storing your car in a facility that’s located in an area prone to natural disasters, such as a flood zone, you’ll want to make sure that you have insurance that covers you for damage caused by those disasters.
Conclusion
In conclusion, when it comes to storing a car, it’s essential to have the right insurance coverage. There are several types of insurance that you should consider, including comprehensive, collision, liability, and storage insurance. By choosing the right insurance coverage for your stored car, you can ensure that you’re protected in case something goes wrong. Remember to consider the value of your car, the length of time you plan to store it, the type of storage facility you’re using, and the location of the facility when choosing insurance.
Recap
Here’s a recap of the key points:
- Comprehensive insurance covers damage to your car caused by natural disasters, theft, vandalism, and other types of damage.
- Collision insurance covers damage to your car caused by a collision with another vehicle or object.
- Liability insurance covers damage or injuries caused to others in an accident.
- Storage insurance is a type of coverage that’s specifically designed for cars that are being stored.
- When choosing insurance for your stored car, consider the value of your car, the length of time you plan to store it, the type of storage facility you’re using, and the location of the facility.
Frequently Asked Questions
Q: Do I need insurance if I’m storing my car in a private facility?
A: While you may not need insurance if you’re storing your car in a private facility, it’s still a good idea to have some type of coverage in case something goes wrong. Consider purchasing a comprehensive insurance policy to cover damage or theft that occurs while your car is in storage.
Q: Can I use my regular car insurance policy to cover my stored car?
A: In most cases, your regular car insurance policy will not cover your stored car. This is because your regular policy is designed to cover your car while it’s being driven, not while it’s being stored. You’ll need to purchase a separate insurance policy specifically designed for stored cars. (See Also: When Do You Pay an Excess on Car Insurance? What You Need to Know)
Q: How much does insurance for a stored car cost?
A: The cost of insurance for a stored car will depend on several factors, including the value of your car, the length of time you plan to store it, and the type of storage facility you’re using. On average, you can expect to pay between $100 and $500 per year for comprehensive insurance coverage.
Q: Can I cancel my insurance policy if I decide to sell my car?
A: Yes, you can cancel your insurance policy if you decide to sell your car. However, you’ll need to notify your insurance provider in writing and return any remaining premiums. You may also need to provide proof of sale or ownership transfer.
Q: Do I need to provide proof of insurance to the storage facility?
A: Yes, most storage facilities will require proof of insurance before they’ll allow you to store your car. This is to ensure that you have adequate coverage in case something goes wrong while your car is in storage. Be sure to check with your storage facility to see what type of insurance they require and what documentation they need to see.