Buying Car Storage Insurance: What You Need To Know in 2024
Storage insurance for vehicles is comprehensive-only auto insurance, and is also known as parked car insurance. Comprehensive insurance rates average only $12/mo. It's better to put storage insurance on a car than to remove a car from your auto insurance to keep it protected. You need insurance on a stored car in case of theft, fire, or vandalism.
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Daniel Walker
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Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
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UPDATED: Sep 21, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Sep 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Food for thought
- If you want to suspend auto insurance temporarily, you can purchase storage insurance for vehicles.
- Parked car insurance is often referred to as comprehensive-only auto insurance.
- Insurers usually require proof you have another vehicle for day-to-day use before they will sell storage auto insurance.
Do you need storage insurance for vehicles you won’t be driving for a prolonged period of time? If you won’t be driving it, you won’t likely be in an at-fault accident. But the problem is that damage can still occur to the vehicle when it’s parked in a garage or storage shed.
Do I need insurance for a stored car? It’s always a good idea, and many insurers offer special comprehensive insurance just for your convertible that won’t be out all winter or the car of a military officer who will be deployed for an indeterminate amount of time.
To get free quotes for parked car insurance and learn more, enter your ZIP code above. You’ll get free quotes from multiple auto insurance companies to compare.
How much is storage insurance on a car?
What is parked car insurance? You can pause your auto insurance if it’s going to be in storage for a while. If you want to suspend auto insurance temporarily, you have the option of parked auto insurance.
To do this though, you will not be able to drive that vehicle at all for the duration of the suspension of liability.
Parked auto insurance is often referred to as comprehensive-only auto insurance.
You’ll save money too. Let’s look at the average comprehensive rates. This information comes from the National Association of Insurance Commissioners.
Average Annual Comprehensive Auto Insurance Coverage Rates by State
| States | Average Annual Comprehensive Rates | Full coverage |
|---|---|---|
| Alabama | $169 | $1,000 |
| Alaska | $144 | $1,088 |
| Arizona | $200 | $1,109 |
| Arkansas | $216 | $1,020 |
| California | $98 | $1,113 |
| Colorado | $234 | $1,177 |
| Connecticut | $133 | $1,268 |
| Delaware | $132 | $1,323 |
| Florida | $136 | $1,414 |
| Georgia | $170 | $1,267 |
| Hawaii | $105 | $917 |
| Idaho | $131 | $777 |
| Illinois | $136 | $963 |
| Indiana | $131 | $828 |
| Iowa | $205 | $777 |
| Kansas | $264 | $937 |
| Kentucky | $156 | $1,032 |
| Louisiana | $234 | $1,618 |
| Maine | $109 | $760 |
| Maryland | $162 | $1,247 |
| Massachusetts | $143 | $1,205 |
| Michigan | $158 | $1,507 |
| Minnesota | $199 | $937 |
| Mississippi | $228 | $1,092 |
| Missouri | $203 | $989 |
| Montana | $267 | $962 |
| Nebraska | $250 | $962 |
| Nevada | $117 | $1,271 |
| New Hampshire | $115 | $859 |
| New Jersey | $130 | $1,457 |
| New Mexico | $197 | $1,043 |
| New York | $176 | $1,484 |
| North Carolina | $129 | $824 |
| North Dakota | $246 | $817 |
| Ohio | $128 | $853 |
| Oklahoma | $251 | $1,079 |
| Oregon | $102 | $1,014 |
| Pennsylvania | $161 | $1,053 |
| Rhode Island | $138 | $1,450 |
| South Carolina | $197 | $1,132 |
| South Dakota | $305 | $860 |
| Tennessee | $158 | $950 |
| Texas | $242 | $1,268 |
| Utah | $120 | $974 |
| Vermont | $141 | $832 |
| Virginia | $145 | $916 |
| Washington | $114 | $1,067 |
| West Virginia | $215 | $1,072 |
| Wisconsin | $151 | $799 |
| Wyoming | $292 | $931 |
Typically, the only way insurers will sell storage auto insurance is if you can prove you have another vehicle in the home that is for day-to-day use.
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Why do you need comprehensive storage insurance for vehicles?
Comprehensive coverage is important for a stored car. If you don’t have coverage at all, that can really put you in a bind. What will you do if your car is stolen and what to do if your car gets hit in a parking lot and someone drives off?
Comprehensive covers these scenarios as well as several more like:
- Hitting a deer
- A limb falling on your vehicle while it’s in the driveway
- Vandalism
- Damage from a natural disaster or fire
And what happens if you’re hit by an uninsured driver? You’ll have to take care of the damages yourself, and it’s not unlikely. The Insurance Information Institute (III) estimates that one in eight drivers in the country is uninsured.
Read More: What To Do if Your Car Is Stolen
Can you put storage insurance on a car with a loan?
Most lenders require you to carry full coverage auto insurance for the duration of the loan. Storage insurance does not meet the requirements of full coverage, so it’s not likely you’ll be able to get this on your financed car.
Another thing to know about this is that, if you don’t have full coverage on a leased car, your lender can purchase force-placed insurance for your vehicle. (For more information, read our “Buy Cheap Auto Insurance for Leased Vehicles“)
The Consumer Financial Protection Bureau explains force-placed insurance as coverage that is purchased by the lender to cover their own interests. You’ll still need to purchase your own coverage, and it’s important to note that the force-placed insurance will be added to the cost of your loan.
Frequently Asked Questions: Storage Insurance For Vehicles
We’ve added a few more FAQs below.
How do you stop auto insurance coverage?
Many auto insurance companies allow you to cancel your policy at any time. Simply call and ask them how to stop your car insurance. If you have Geico car insurance storage, for example, Geico and other major insurers like it will allow you to cancel your policy if needed.
And your car storage insurance with Geico or State Farm will allow you to upgrade to full coverage when you’re ready to go for a drive soon.
How do you remove a car from an insurance policy?
If parked car coverage isn’t for you for whatever reason and you really want to completely remove insurance from an owned car, it is usually an option. You’ll need to notify the DMV that the car isn’t going to be operated.
Then it varies by state. The California DMV gives you the option to file the vehicle as Planned Non-Operable (PNO).
Once a vehicle is filed as PNO:
- You can’t move it at all without a placard
- You can’t park the car in a public area
- You can’t tow the vehicle
That really restricts the vehicle, so it should only be used if you absolutely know it will not be touched for an extended period of time. You should also receive a refund for a portion of registration fees you’ve paid.
Other states are different. For instance, the North Carolina Department of Transportation requires you to turn in the car’s license plate before dropping liability coverage.
Get comprehensive coverage for your stored car. Enter your ZIP code below to get FREE quotes from multiple insurers.
References:
- https://content.naic.org/article/news_release_naic_releases_auto_homeowners_insurance_reports.htm
- https://www.iii.org/fact-statistic/facts-statistics-uninsured-motorists
- https://www.consumerfinance.gov/ask-cfpb/what-is-force-placed-insurance-en-827/
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Frequently Asked Questions
What is car storage insurance?
Car storage insurance is a type of insurance coverage designed specifically for vehicles that are being stored or not driven for an extended period. It provides protection against risks such as theft, vandalism, damage from natural disasters, and other covered perils while the vehicle is in storage.
When would I need car storage insurance?
Car storage insurance is typically needed when you plan to store your vehicle for an extended period, such as during the winter months or when you’re going on a long trip. It provides coverage and peace of mind during the time your vehicle is not in regular use.
What does car storage insurance typically cover?
Car storage insurance typically covers risks such as theft, vandalism, fire, flood, hail, falling objects, and other covered perils specified in the policy. It may also include coverage for damage caused by rodents or pests that can occur when a vehicle is in storage.
Does car storage insurance cover liability?
Car storage insurance typically does not cover liability for accidents or injuries that may occur while the vehicle is not in use. Liability coverage is generally associated with active use of the vehicle on public roads. However, it’s essential to check with your insurance provider for specific details on what is covered.
Can I add car storage coverage to my existing auto insurance policy?
Depending on your insurance provider, you may be able to add car storage coverage as an endorsement or an add-on to your existing auto insurance policy. Alternatively, some insurers offer separate standalone policies specifically for car storage.
Can I reduce my coverage to just car storage insurance during the storage period?
Yes, during the storage period, you may be able to reduce your coverage to just car storage insurance, especially if you won’t be using the vehicle. However, it’s important to keep in mind any legal requirements for maintaining certain levels of coverage, such as liability insurance, depending on your jurisdiction.
How much does car storage insurance cost?
The cost of car storage insurance varies depending on factors such as the value of the vehicle, location, coverage limits, and the insurance provider. Car storage insurance is generally more affordable compared to standard auto insurance since it provides limited coverage for a specific period.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.