Parked Car Insurance - Why you Should get it?

Usually, car insurance policies provide coverage for vehicles on road against any kind of eventuality. Nevertheless, few drivers may realize that cars can even get damaged when they are parked and at times, the repair costs can be extensive. Insurance is available to get protection for a parked vehicle now.

If your existing auto insurance policy covers your vehicle when it is parked in garage/roadside, you may not need to buy separate parked car coverage. But if it is not covered, buying insurance for a parked car makes real sense. Such a prerogative can give you complete peace of mind.

A Parked Car Insurance Policy Can Protect Your Finances When In Parking

For reducing possibility of theft, it is important that you park your car in a proper garage at your home especially when it is not in use. You will be required to park your vehicle when you go to job, shopping, during night time or when you are out station.

A comprehensive parked car cover will pay costs for damages resulting from the following situations.

  • Car theft
  • Fire
  • Storm
  • Floods

You can select a deductible to keep premium low if you are planning to park car in garage long-term.

2 Different Situations In Which Car Insurance For Parked Car Can Be Useful

  • You hit a parked vehicle - When your vehicle hits a parked car, it might cause damages to other person’s vehicle. The costs will be paid by parked vehicle insurance policy. If you don’t have such coverage, you can be booked for a hit-and-run case and bear all resulting expenses.
  • Other car hits your parked vehicle - In this situation, the other driver’s liability coverage will pay costs towards damages caused to your parked vehicle. But if the other car’s driver is uninsured or underinsured, the tables could turn on you and impact your finances.

Here’s How Coverage of Car Insurance for Parked Vehicles Actually Works

When some other driver’s vehicle crashes into your parked car then you can file claim under bodily injury (if you are injured) and property damage liability coverage with the at-fault driver’s insurer. The company will investigate your car repair claim and so, the settlement process will take a longer time.

Alternatively, if the at-fault driver is uninsured then you can file claim under your personal policy for recovering damages as also repair costs. But you will be needed to register a police complaint against at-fault driver and based on detailed report of subsequent investigation your insurer will settle the claim.

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5 Vital Factors That Can Prompt You To Purchase Parking Insurance For Car

To make sure that your finances remain fully protected, it could be vital for you to take the following factors into consideration prior to exploring your parked vehicle insurance options.

  • Damages caused by weather - If you are parking your car outdoors then it is exposed to the fury of storm or rain so better park it in in-house garage.
  • Damages due to vandalism/riot - Comprehensive parked car coverage will pay expenses for the required car repairs that can result from either of these situations.
  • Damages resulting from car theft - If your car gets stolen from parking lot while you are at work, a comprehensive cover will pay for the loss you have incurred.
  • Damages caused to car in garage - Any damage caused to your vehicle because of whatsoever reason when it is parked in in-house garage or outside parking lot will be covered by collision and comprehensive coverage.
  • Concession for long-term storage - If car is stored in garage for 30 days then you can suspend liability and collision coverage but retain comprehensive cover. Such a move will reduce the premium amount.

Determine Eligibility To Get Parked Car Insurance Coverage

Most of the insurers typically require drivers to store cars in in-house garage for a specified period of time. You can talk to a competent local agent to know more about the subject before thinking of switching over to a new insurer. However, if your vehicle is going to be parked for few days or even couple of weeks, there may be no need to change your auto insurance provider. Just check that your existing comprehensive/collision coverage features also protect parked cars. You can switch to a new insurer only if your vehicle is parked for a month or more.

Learn more about how much is parked car insurance quote by talking to an expert today!

What Happens if Someone Hits My Parked Car?
  • This is what you should get to know when someone hits your parked car.
  • If your car has been hit and been parked for a while and get a scrap there or a dent on your door that wasn’t there before means that someone knowingly or unknowingly hit your car. If you are lucky, the other driver ought to take care of all the bills incurred.
  • Optional collision coverage may offer a hand to pay for all damages if the person responsible isn’t located. A deductible may apply; nonetheless, this policy is an option, and it’s up to decide whether or not to purchase it or not. Otherwise, you can pay all the damages from your pocket.
  • If you don’t have it, you need to settle all the damages, and if the insurance recovers the funds from the driver, you may be refunded either the whole or as per your policy.
Know Which Is the Best Place Where You Must Park Your Car

Many of you may think that your car is safer when it is parked in a garage in your property. Well, it is true that there is some degree of safety if your vehicle in parked properly in a garage. But it also comes standard with few challenges as under:

  • Increases risks of scratches and scrapes while driving car in and out
  • Can cause damages if some tools or sharp objects lay inside garage
  • There is a chance that burglars can get access to car if they break in your house
  • If garage is separate space you might not be able to listen if burglar breaks in

The best place to park your car is to have a carport built on your property. It will also ensure discount on premium from insurers and guarantee enhanced safety as the space will be reasonably open for preventing any damage to your vehicle.

Even Cars In Garage Are Prone To Damages. So, Act To Get Your Car Insured Comprehensively For Protecting Your Finances!
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