How Much Is Car Storage Insurance?

Car storage insurance protects vehicles not in regular use. This coverage safeguards cars, trucks, and other automobiles when parked and not actively driven on public roads. Its primary purpose is to provide protection against non-driving risks that can affect a stationary vehicle, potentially reducing insurance costs compared to a standard policy.

Understanding Car Storage Insurance

Car storage insurance is a modification of a standard auto insurance policy, typically comprehensive-only coverage. It protects a vehicle from damages not caused by a collision. It commonly covers risks such as fire, theft, vandalism, falling objects, and natural disasters like hail, floods, or storms. This protection remains active even when the vehicle is stationary.

This insurance is suitable for vehicles such as classic cars, seasonal vehicles, project cars undergoing long-term restoration, or vehicles belonging to individuals traveling or deployed for extended periods. Since the vehicle is not driven, it generally excludes liability coverage for road use, which differentiates it from traditional auto policies.

Key Factors Affecting Cost

The cost of car storage insurance varies based on several elements. The vehicle’s value, including its make, model, year, and condition, directly influences the premium. High-value, luxury, classic, or antique vehicles incur higher rates due to increased replacement or repair costs.

The storage location also plays a significant role. Storing a vehicle in a secure, enclosed garage or a professional facility with features like surveillance or gated access can lead to lower rates compared to storing it outdoors or in less secure environments. Geographic areas with higher crime rates or frequent severe weather may also result in increased premiums.

Coverage limits and deductibles influence the final premium. Higher coverage limits for a valuable asset generally result in a higher premium. Conversely, choosing a higher deductible can lower the monthly or annual premium, though it means a greater out-of-pocket expense if a claim arises. Different insurance providers offer varying rates, and specific policy clauses can further influence the overall cost. On average, car storage insurance can cost between $27 and $51 per month, with some estimates ranging from $20 to $60 monthly.

Distinguishing From Standard Auto Insurance

The primary distinction between car storage insurance and a standard auto insurance policy is their coverage scope. Standard auto insurance is tailored for vehicles actively driven on roads, encompassing liability, collision, and comprehensive coverages. Liability coverage protects against damages or injuries caused to others, while collision coverage addresses damage to your vehicle from an accident.

Car storage insurance, often comprehensive-only, primarily focuses on protecting a stationary vehicle from non-collision risks. It removes or significantly reduces liability and collision components because the vehicle is not being driven. This reduction in coverage translates to a more affordable premium compared to a full coverage standard policy. However, driving a vehicle with only storage insurance is illegal in most states, as it lacks mandatory liability coverage for road use.

Steps to Obtain Coverage

To obtain car storage insurance, contact your current insurance provider or explore options with other carriers. Many insurers allow policy modifications for vehicles placed in storage.

You will need to provide essential vehicle information, including the make, model, year, and Vehicle Identification Number (VIN), along with details about the storage location. Request quotes specifically for storage-only coverage to compare options and understand the reduced premiums. Before finalizing, carefully confirm the policy terms, including what is covered, any exclusions, and the effective dates of the comprehensive-only coverage. Remember to reinstate full coverage before the vehicle returns to active road use.