What You Need to Know About Vehicle Storage Coverage
In reality, there is not a specific type of car insurance called ‒vehicle storage insurance. What they generally refer to as insurance for stored vehicles, or simply ‐parked vehicle insurance‒, is that when people talk about car insurance, what they really mean is that they'll cancel liability, collision and comprehensive, and keep any other endorsements that their policy already has. If your vehicle is parked in your driveway or garage, you have the right to choose how you want your insurance to be written, but in general you will choose basic liability, with or without uninsured/underinsured motorist coverage, uninsured/underinsured property damage coverage, and property damage liability.
Liability coverage is designed to pay for any legal costs if another person gets injured because of your negligence. A minimum amount of liability coverage needs to be added to your policy, so that you're adequately covered in case of an accident. Comprehensive coverage is designed to replace or repair any personal property that's damaged as a result of a vehicle accident, but sometimes it's cheaper to buy more coverage than just liability coverage. This type of insurance is especially useful when you drive older cars that are not worth much and need to be replaced in order to be affordable for the long-term.
Collision coverage pays for any car damages that happen to the car while it's in motion. It doesn't matter if you're driving down the street or on the interstate. You should also be prepared to replace the car if it's stolen. If you're driving a classic car, or any other type of vehicle that doesn't come with much value, collision coverage may not be enough.
Collision coverage is usually included in the price of your policy. However, some policies will include it as a rider on the policy, which means that if you choose to purchase collision coverage, you may only have to pay for collision if you cause a claim. Collision insurance can cost you a bit more money upfront, but it is usually a very good investment. If you have an expensive car and it gets damaged in an accident, the insurance company can usually replace the car without charging you anything.
Collision coverage does not apply to uninsured/underinsured motorist coverage, which covers the financial losses you may sustain due to someone else's negligence. It is very rare for uninsured/underinsured motorists to be responsible for any car damage that occurs while driving or parking in your driveway. It is, however, important to consider adding uninsured/underinsured motorist coverage to your coverage, particularly if you park your car outside your home. Some states require you to carry uninsured/underinsured motorist coverage, so make sure to add it to your policy before purchasing your insurance policy. If you are a landlord, however, your landlord insurance policy will usually provide you with liability insurance, which will not cover your vehicle.
Collision coverage is usually the same as liability coverage, except that collision will pay for damage to your car that's caused by vandalism. This coverage doesn't pay for damage that occurs while your car is in motion, but it will pay for damages to other people's vehicles. Collision coverage is also not always the same as comprehensive, as liability insurance does. Comprehensive insurance pays for damage to other people's personal property, which includes other people's houses, cars, boats, RV's, RVs, boat trailers, etc., as well as vandalism to other people's personal property.
Comprehensive insurance covers damages to any personal property that's damaged because of an accident, vandalism, fire, or vandalism. You can usually only get this type of coverage on a rental vehicle. Comprehensive insurance is generally the most expensive form of automobile insurance, but it is usually worth it for the peace of mind that it provides.
When comparing car insurance policies, you'll find that collision and liability coverage are often included in the total cost of your vehicle storage insurance policy. Make sure you take the time to understand what each type of coverage does, and how it may affect your cost. In the event of an accident, if your insurance company won't cover all or some of your expenses, you'll need to check with the Department of Insurance to see if your state's auto insurance law requires that you obtain an insurance policy on your own.