Winter is coming. In fact, depending on where you live, winter may already be here! Snow storms have been reported in various regions across the country, and the high mountains are already snowcapped. Winter means more than just an active fireplace and hot chocolate. For many, it also means that it’s time to put the summer vehicle in storage for the season.
Storing a summer vehicle over the winter months is a great way to keep your vehicle safe and avoid weather damage. However, there are certain insurance aspects to consider if you are going to do this. That’s why we’re writing this blog post addressing the two insurance moves you should consider if you are storing your vehicle for the summer.
Adjusting Coverage Amount
If you are planning on storing your car for the winter season, you may think that it would be worth dropping your car insurance coverage for those months. After all, why pay for something you aren’t using. As it turns out, canceling your car insurance for the season is a terrible idea, and will actually cost you more money in the long run.
That’s because insurers look at a gap in car insurance coverage as a risk. If you’re not driving, you’re probably out of practice. So, having a gap in coverage will lead to significantly higher premiums. So much higher, that it won’t take long for that extra monthly cost to overtake the amount you would have saved from not having coverage during the winter.
Now, just because you shouldn’t cancel your car insurance coverage does not mean that it’s not a good idea to adjust the coverage amount. After all, if you aren’t driving the car, why bother having collision coverage? If you really are planning on leaving your car in storage for the entire season, lowering your coverage amount is definitely a reasonable option to consider.
Some insurers actually offer a specific type of insurance coverage for this scenario called “storage coverage”. A storage coverage policy drops all of your coverage except for the comprehensive coverage. This makes your policy very affordable, without causing you to incur penalties for having a gap in your coverage. The big caveat to consider when it comes to a storage coverage policy is that it is illegal to drive your car with only this type of coverage. So this is only a reasonable solution if you are absolutely planning on leaving your vehicle in storage for the entire winter season .If that is your plan, a storage coverage policy is actually a very viable option.
Storing your vehicle over the colder months is a great way to protect your investment and keep your car in tip-top shape. However, it is important to consider what you are going to do with your car insurance during that time. Hopefully this article helped inform you of your options!
If you have more questions, or want to inquire about a policy, we encourage you to chat with the staff at TGS Insurance. Visit www.tgsinsurance.com to learn more.