When it comes to protecting your vehicle, standard auto insurance is often the first thing that comes to mind. However, many car owners store their cars for long periods, whether for seasonal changes or long-term travel. Car storage insurance is specifically designed to cover vehicles that will not be driven for a while, providing peace of mind and financial protection against potential risks such as theft, vandalism, and natural disasters. Join us as we explore the ins and outs of car storage insurance, giving you the knowledge you need before storing your car!
What is car storage insurance?
Car storage insurance is a specialized type of auto coverage designed to protect cars that will not be driven for an extended period. For example, if you have a convertible that you won’t drive during the fall or winter, car storage insurance may be for you. Unlike standard auto insurance, which provides coverage for vehicles actively being driven, car storage insurance focuses on protecting your car while it’s parked and not in regular use.
Normal auto insurance typically includes liability, collision, and comprehensive coverage for vehicles on the road. Car storage insurance eliminates the need for liability and collision coverage since the car is not being driven. Instead, this kind of insurance includes comprehensive coverage which covers non-driving related hazards like theft and vandalism. Car storage insurance may cover hazards like fire, natural disaster, vandalism, theft, and more, depending on your insurer. These incidents occur at unprecedented rates. For example, over 1 million car thefts occur in the US each year. Be sure to thoroughly read your policy so you know exactly what hazards are covered!
By getting car storage insurance, you can protect your vehicle even when it’s not on the road, providing peace of mind and financial protection.
Benefits of Car Storage Insurance
Opting for car storage insurance offers several advantages, ensuring your vehicle remains protected while it’s not in use. Here are the key benefits:
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Financial Protection
With the average price of a new car being well over $47,000, most car owners can’t afford to suddenly purchase a new vehicle if something happens to their current car in storage. With car storage insurance, car owners are protected from unexpected financial tolls when their car is stored for the season.
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Peace of Mind
Knowing your vehicle is covered if something happens to it in storage brings peace of mind.
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Easy Transition Back to Standard Insurance
Car storage insurance makes it easy to save money while you’re not driving your vehicle. Insurers can help you easily make the transition from auto coverage to car storage insurance and back again.
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Cost Savings
One of the primary benefits of car storage insurance is the potential for cost savings. Since the vehicle is not being driven, the policy typically excludes liability and collision coverage, which reduces the premium compared to standard auto insurance. This makes it a cost-effective option for long-term storage.
In summary, car storage insurance provides comprehensive protection for your vehicle while it’s in storage, offering financial security, peace of mind, and potential cost savings. By choosing the right coverage and the right insurer, you can ensure your vehicle remains safe and well-preserved on your next extended vacation or work travel.
Factors Affecting Car Storage Insurance Rates
Similar to auto insurance, car storage premiums are not one size fits all. There are a variety of factors that play into the overall cost of this kind of insurance. As with regular auto coverage, the vehicle’s make, model, and age are important factors for determining the insurance rate. High-value or luxury cars, as well as classic and antique vehicles, typically have higher insurance rates due to their replacement and repair costs.
The storage location and security features also affect car storage insurance rates. Certain areas may be considered higher risk due to weather events or crime, leading to higher insurance rates. Vehicles stored in secure, enclosed garages or professional storage facilities often have lower insurance rates compared to those stored outdoors or in less secure locations. If the garage or storage facility has security features like surveillance cameras or gated access, rates may be lower due to a lower perceived risk.
The length of time the vehicle will be stored can also impact the insurance rates. Some insurers offer discounts for long-term storage policies due to the reduced risk of accidents and liability claims.
As with other kinds of insurance, your coverage limits and deductibles can also sway your car storage insurance rates. Higher coverage limits generally result in higher premiums. It’s important to balance adequate coverage with affordable premiums. Alternatively, a higher deductible can lower your premium, but it will increase your out-of-pocket cost.
By considering these factors, you can better understand what influences the cost of insurance and make choices that help manage your premium costs effectively. Selecting a policy that fits your needs while taking advantage of discounts and security measures can lead to more affordable and comprehensive coverage for your stored vehicle.
How to Choose the Right Car Storage Insurance
Choosing the right car storage coverage is crucial for your peace of mind and financial protection. Start by assessing the market value of your vehicle. This will help you determine the level of coverage you need. A professional insurance agent can also help you determine the right level of coverage depending on your car, storage location, and storage length. Your insurer can also help you determine if you need any special coverage for high-value parts.
Before choosing a policy, get quotes from multiple reputable providers. Look at reviews and seek recommendations from others to gauge the reliability of various insurance providers. When reading over your policy options, ensure the policy you choose includes comprehensive coverage for risks like theft, vandalism, fire, and natural disasters.
By following these steps, you can choose the right insurance that offers comprehensive protection for your vehicle during its time in storage. Taking the time to evaluate your needs, compare options, and understand the terms will help you make an informed decision and ensure your vehicle remains safeguarded against potential risks.
Tips for Storing Your Car Safely
Properly preparing and storing your car is essential to maintain its condition and ensure its safety during long-term storage. Here are some key tips to help you store your car safely and protect it from potential damage during its storage period:
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Clean Your Car Thoroughly.
Before storing your car, take the time to wash and clean the interior and exterior of your vehicle. This can prevent mold, mildew, and staining from developing during storage.
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Change the Oil and Fluids.
Take your car in for regular maintenance before storage to prevent oil from becoming acidic and damaging the engine.
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Fill the Gas Tank.
Fill the gas tank to prevent moisture from accumulating, and add a fuel stabilizer to keep the gasoline from degrading.
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Disconnect the Battery.
Disconnect the battery to prevent it from draining. Alternatively, you can use a trickle charger or battery maintainer to keep it charged.
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Inflate the Tires.
Inflate the tires to the recommended pressure to prevent flat spots from developing during storage.
These tips can ensure your vehicle stays in working order throughout storage, so you can get back on the road quickly! With proper preparation and car storage insurance, you can set yourself up for success the next time you store your vehicle for a long period.
Let Us Help!
In your quest for customized coverage for your stored vehicle, trust the expertise and dedication of Masters Insurance. With four convenient locations serving Indiana and Ohio residents, Masters Insurance has proved to be a reliable provider of personal and commercial lines insurance, life insurance, and annuities. Our knowledgeable team is committed to finding the best insurance solutions tailored to your unique needs. Contact Masters Insurance today and discover the peace of mind that comes with protecting your car with the proper coverage.