The Importance of Insurance for Cars in Storage
While it may not be required by law, having insurance for a car in storage can provide peace of mind and financial protection in case of unexpected damage. Whether your car is a classic, exotic, or restored vehicle, it likely holds sentimental or financial value, making it worth protecting while in storage.
Comprehensive Coverage: The Closest Thing to Insurance Specifically for a Car in Storage
Comprehensive coverage is the closest thing to insurance specifically for a car in storage. This type of insurance protects against weather-related damage and theft or vandalism. It’s important to note that some insurance companies allow you to keep comprehensive coverage while dropping collision coverage, which can be a good option if you’re not driving the car. However, lienholders may require you to maintain both comprehensive and collision coverage, even when the car is not being driven.
Suspending, Canceling Registration, or Canceling Coverage: Things to Consider
If you decide to suspend, cancel the registration, or cancel coverage for your car while it’s in storage, it’s important to consider how long the car will be out of commission before making a decision. And if you do drop coverage, make sure to restore it before putting the car back on the road.
Repairing Your Car and Putting it Back on the Road
If you’re planning to repair your car and have it back on the road soon, it may be better to keep the coverage you already have on it. This ensures that your car is protected in case of any unexpected damage during the repair process.
Final Thoughts
Insuring a car while it’s in storage may not be required by law, but it can provide valuable protection against theft, vandalism, and other types of damage. Comprehensive coverage is the closest thing to insurance specifically for a car in storage, and it’s important to consider your options if you’re considering suspending, canceling registration, or canceling coverage for your car. If you’re planning to repair your car and have it back on the road soon, it may be best to keep the coverage you already have on it.
The entire team here at The McBride Agency is happy to answer any questions you may have about your current coverage. Schedule a call or import your policies for a full review with us using the buttons below!
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