Vehicle Storage Insurance: What Is It And Why Drivers Should Purchase It

LOS ANGELES, July 10, 2020 /PRNewswire-PRWeb/ -- Compare-autoinsurance.org has launched a new blog post that presents some basic information any driver should know about vehicle storage insurance.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/car-insurance-basics-vehicle-storage-insurance/

When people talk about insurance for stored cars or parked car insurance, what they usually mean is that they will cancel liability and collision, and any additional options they have on their policy, and just keep comprehensive coverage. Many drivers own a convertible car that is usually stored in a garage in the winter months. Others have classic cars that are being restored and won't be ready to hit the road for many months. Canceling insurance on these types of cars is not the best idea. By keeping comprehensive coverage, policyholders can protect their stored vehicles from various non-accident related incidents such as vandalism, theft, fire damage, damage caused by animals, falling objects, floods, wind damage, and more.

Drivers who are planning to store their vehicles and get a vehicle storage insurance should know more about the following:

    --  How does it work. Storage insurance for vehicles assumes that the
        vehicle is never driven and isn't parked on a public road. The first
        thing policyholders need to do is to get their cars off the road and
        keep them in a safe place for the duration of the storage period. The
        best option would be a locked garage. Then, they will need to cancel
        registration and hand over the license plates. Also, drivers should
        check with their local DMV if they have other requirements when storing
        a vehicle. Next, contact the insurance provider. The insurer will likely
        write a specific policy only if the policyholder has another policy on
        them that includes liability for another vehicle. Also, they will write
        a comprehensive-only coverage policy only if the state allows it.
        Furthermore, most providers require the car to be stored for at least 30
        days before qualifying for storage insurance.
    --  What it covers. This type of coverage protects the vehicle against any
        damage that may occur when the policyholder is not driving it. It
        protects against natural disasters such as tornadoes, hurricanes,
        hailstorms to fire, smoke, and flood damage. Even if the car is stored
        in a safe place, that does not mean it can't be damaged. The good news
        is that drivers can pay 50-80% less on comprehensive-only insurance than
        what they pay on regular car insurance.
    --  Who needs it. Drivers who store their vehicles and want to avoid a gap
        in their insurance should get vehicle storage insurance. Also, if the
        car is leased, or the driver still owes money on the car loan, the
        lender will require the driver to have insurance. Furthermore, drivers
        who don't want to pay money from their own pockets if something bad
        happens with their cars while they are stored should get vehicle storage
        insurance.

When getting vehicle storage insurance, drivers are not required to follow the state's minimum insurance requirements. It is legal to not have liability on the car as long as that car is not parked on a public road or driven, and if the owner cancels the registration and turns in the license plates.

For additional info, money-saving tips and free car insurance quotes, visit https://compare-autoinsurance.org/

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

SOURCE Compare-Autoinsurance.org