Car Insurance Storage

You insurance needs will change if you plan on storing your car for an extending period of time. If your car has some value to it you may want to leave some type of insurance level on it. If you pull off insurance, and the storage building or area suffers some type of issue that damages your car, you might be out of luck on any value of your car.

However, leaving the total cost of say, full coverage, on a vehicle that isn’t going to move for several years really don’t make any sense either. Chances are, nothing is going to happen to the car, it’s not out on the roads, and is protected from most things that will do it harm, so why pay the full amount? Leaving just liability on the car also does not make any sense. Liability is pretty much if you do damage to other people and their vehicle with your own car. It doesn’t cover any damages to your own vehicle. Since the car is just sitting there, you’re not going to get into a wreck that is your own fault.

The storage facility generally will not have storage unit insurance that will cover your car in storage. They will have insurance for their own facilities but when you sign the storage agreement, there will be a section that states that you are on your own for the value of what you are storing. They really can’t determine the total value of items that they are storing and pay the insurance for all of it, so they don’t. That coverage is left to you. You would want to get something called self storage insurance in that case.

Think of it like you are a renter. If you rent a house and the house burns down, the insurance that the landlord bought will not cover the things that you had in the house. You could sue them and if they are at fault, maybe get a settlement if they can pay, but if it’s your fault, you are up a creek. There is something called renters insurance that you can get.

So the first step is to get the car stored correctly and put away. Then call your insurance agent and see what they have to offer. Most of them will have a storage option and it’s usually very reasonable for the cost. Basically, you will put a value of worth on the car being stored and that’s what you will get if things are a total loss. If it’s a classic car see if they offer classic car insurance. This will have a higher value then regular insurance and it might pay to have the car appraised for its correct value.

Take the extra step to have your stored car correctly insured and you might really thank yourself because fires, floods and other natural disasters do happen and they don’t always happen to the other person.

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