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Home > Blog > Auto Insurance for Your Stored Vehicle
FRIDAY, JANUARY 14, 2022

Auto Insurance for Your Stored Vehicle

You have a vehicle you do not use. Storing it can help minimize damage to it. But, there are still risks present. Should you have auto insurance? It is tempting to reduce or remove coverage. But, before you do, there are a few key things to consider about your coverage needs. 
man leaning on car smiling at camera
How Long Do You Plan to Store Your Vehicle? 
Some people store their convertibles or off-roading vehicles during the winter months. Others store sports cars most of the year, except for those few weekends they decide to use them.  

The key to remember is this. If you plan to store your vehicle for an extended period (think for months) you may not need full coverage the whole time. Your auto insurance agent can work with you. They can create a policy with minimal coverage and cost to protect you during the off-season. 

Why Not Just Cancel Your Policy? 
Some people may think they do not need car insurance if they do not use the car. This is true. Legally, if the car is never in use, you may not need coverage. There are some facts to think about, though. 

  • If you drive it on the road, it must have a license with tags. This usually requires having the bare minimum of liability insurance. 

  • If it is in the garage unused, but a storm damages it, or someone steals it, you have no financial protection. This can be a big risk for valuable cars. You might need comprehensive coverage to make up for this loss. 

  • If you have a loan on the car, even if it is not in use, the lender is likely to require full coverage on it. This provides the lender with financial protection. 

  • Furthermore, simply cancelling and restarting coverage might increase your premiums time over time.

 

In addition to this, consider where you are storing it. If you store it at home, it has a greater chance of damage due to the less-than-secure area. If you store it in a facility, you may be able to improve security and protection for the car to a higher value. 

But, remember this. If you decide to drive it, even one time a year, you need auto insurance in place. Most car insurance agents can activate a policy right away for you. However, this does not help if an accident occurs before you have the policy in place. Ensure your auto insurance reflects how you use the car. Yet, for most owners, keeping a basic policy on the car makes financial sense. 

Posted 4:45 PM

Tags: auto insurance
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