Many of us have multiple vehicles, and sometimes it makes us use one vehicle more than another. If you have a car in your garage that you rarely use, then it’s probably time you start thinking about saving a little money. Obviously, every car needs insurance, whether it is used or not, but the fact that not all cars cover the same distance every year can have a huge difference in your insurance costs.
Some people might think, why do we need a car insured if it is rarely used. Well, the rule is prevalent in most of the United States, so you need to go by it. So, if you have decided not to use your car as often as you did, you should definitely do a little bit of research and know all about Parked Car Insurance and how you can save money on car insurance for a parked car.
Below we have discussed many queries regarding saving money on a parked car. What are the different coverages you can choose if you have a rarely driven car? Give it a good read and you will know everything about Parked Car Insurance.
Can You Save Money If You Have a Rarely Driven Car?
It sucks when you have to pay for something you don’t really use. But, you still have to pay for your insurance, even if it is for your rarely used car. Although, you can look for discounts with some other factors.
Before you get to the factors that are counted in giving you discounts, you need to know a few things. A used vehicle often has a higher risk than a vehicle that isn’t used as often. A vehicle exposed to higher risk also needs to pay for more insurance and vice versa.
So, if you will ask your insurance company for a discount, it would be because your vehicle has a lot less risk of collisions and incidental damage.
Here are some factors that can influence your insurance rates-
- If you are the only person driving your car and that too for short distances, then you can determine yourself as a Pleasure User. It will help you lower your insurance costs compared to cars driven by many people.
- Make an estimate of your annual mileage. It is the number of miles you estimate that you will drive your vehicle. Obviously, if you drive fewer miles, you will need to pay less insurance.
- If you are above 55 and only drive within the daytime, then that’s another factor in getting you a discount. You have to be a mature driver to hold this discount.
- If you have a rarely used car at home, then there are good chances that you use another car. This means you can apply for the multi-car discount on both cars. Not only it is helpful but it is also smart to avail the discount.
- Having more drivers at home than the number of licensed drivers also allows you to have an extra car rating, which in turn counts at the time of discounting.
Now, all of these factors are definitely legit, but they are not the only ones to lower your car insurance costs. There are many other factors that can help you in the same, so please talk to your car insurance company about it.
What is Parked Insurance or Storage Insurance?
Parked Insurance is only designed for those cars that are rarely used and are mostly kept in storage places like garages. While that means the cost of Parked Insurances is less than average insurance, it also means you do not get full coverage on your vehicle.
Since a rarely driven car has a low risk of collisions, storage or parked insurance does not cover collision coverages and liability coverages. It mostly covers comprehensive coverage.
If you have got your rarely driven car parked insurance, then you will get compensation for the following events-
- Bad Weather
- Hail Storms/Lightning
- Damage caused by Animals
Ideally, the only people who get storage insurance are the ones with their vehicles parked either in locked garages or in the streets. Moreover, there’s a significant decrease in the amount you were paying for insurance before and after you get storage insurance.
Never skip your car insurance, as you might need to pay a much higher price later due to the lapse. Instead of risking higher premium amounts later, choose a parked insurance policy. This will help you cover for theft and vandalism, but not for collisions.
You do not need to pay full premiums to car insurance companies. Instead, be smart and pay only according to your requirements and necessities. You will find many comprehensive-only policies in the market that are affordable. So, do some good research and choose the best insurance for your rarely driven vehicle. Keep visiting us for more info.