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    Home » Parked Car Insurance: What You Should Know
    Finance

    Parked Car Insurance: What You Should Know

    AdminBy AdminFebruary 20, 2023Updated:February 20, 2023No Comments4 Mins Read
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    Whether you are a new driver or have years of driving experience, it is your main responsibility to protect your vehicle at all times. One of the best ways to do so is to obtain car insurance.

    In general, the main purpose of car insurance is to provide you with financial and legal protection by covering all expenses that may incur after a road accident. There are several types of insurance coverages you can purchase, some of which are required by law and others which are optional.

    A type of auto insurance coverage you can greatly benefit from having is parked car insurance. This type of insurance is mainly designed for vehicles that won’t be driven for a longer period of time, so they can stay protected if anything unexpected happens.

    But should you get parked car insurance in the first place? This is something many drivers ask their insurance providers to explain when obtaining their car insurance policy. However, it can all depend on your needs and budget.

    To help you along, we have written the ultimate guide elaborating on everything you need to know about parked car insurance, including its cost, benefits, and what to use it for.

    Photo by Vlad Deep from Pexels

    The basics of parked car insurance

    In general, parked car insurance is an example of optional auto insurance coverage you can purchase to protect your car against various non-collision-related accidents and damages while parked. It can come especially in handy if you don’t drive your vehicle often or you keep it in long-term storage where there is a greater risk of other perils that can damage your ride. 

    In either case, most insurance companies allow you to “suspend” your primary auto insurance policy if you aren’t planning on using your car for a considerable amount of time. So, instead of skipping car insurance or paying higher premiums, you can easily protect your classic, inoperable, or irregularly driven car by getting an affordable comprehensive-only policy. 

    When it comes to the cost of parked car insurance, there are many factors that are taken into consideration, including your age, gender, driving history, location, vehicle type, and annual mileage.

    What does parked car insurance cover?

    Comprehensive insurance, for instance, covers various risks and perils that may happen to a vehicle while it is parked, and that is why it is connected to parked car insurance These risks and perils are the terms used by insurance providers to refer to any unforeseeable and unavoidable events that may occur to the car when parked, such as:

    • Storm damage, such as hail or lightning;
    • Fire and smoke damage;
    • Floods;
    • Theft and vandalism;
    • Riot or civil disobedience.

    For example, if you decide to park your car in a public parking lot and a severe snowstorm strikes out of nowhere, your vehicle’s exterior can sustain serious damages which you will need to repair immediately. Instead of paying for the repairs out of pocket, you can use your parked car insurance to cover all the expenses or at least a portion of the damage.

    Benefits of parked car insurance

    There are a number of benefits you get from obtaining parked car insurance. The most prominent one is that you will have peace of mind knowing that if anything non-collision-related happens to your vehicle while parked or in storage, you can pay for all repairs and other expenses using this type of insurance. 

    Other major reasons why you shouldn’t hesitate to purchase parked car insurance include:

    • If you only use your vehicle during a specific season;
    • If your car is not operational;
    • To avoid a gap in car insurance;
    • If your financial circumstances have changed;
    • If you are not allowed to drive because your license has been revoked.

    Despite all of these benefits, there is one drawback that comes with parked car insurance and it is that your ride won’t be protected against damages that resulted from a hit-and-run accident.

    Also, if you are leasing your car, you may be required to get approval from your bank first to put comprehensive-only coverage on the vehicle.

    Photo by Pok Rie from Pexels

    Final thoughts

    In addition to the mandatory types of car insurance coverage you need to have, there are other optional ones you can also greatly benefit from. One such coverage is the parked car insurance policy which protects your vehicle if you aren’t planning on using it for a longer period of time.

    To find out more about this type of insurance, refer to our post and read about the benefits you get from having it. 

    Parked Car Insurance
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