So many things can happen to your car while it is parked. Insurance coverage for your vehicle while parked can come from a few different sources depending on what caused the damage. A quick guide to what coverage repairs damage to a parked car is as follows.
Comprehensive coverage repairs the following parked car damage:
Property Damage covers when you know who hit your vehicle. Property damage liability pays out from the at-fault driver's insurance policy. The best part about filing a property damage claim against another person's policy is you will not have to pay a deductible. Plus, you are eligible for a rental car while your vehicle is being repaired.
Collision coverage covers your car when you do not know who hit your vehicle. Your own policy will cover the repairs to your vehicle as long as you have collision coverage and you pay your deductible. If you do not know who damaged your vehicle while parked and you do not have collision coverage, you will have no help from insurance when it comes to repairing your vehicle.
Protecting your Vehicle While Parked
Lots of people store their vehicle for extended periods of time. Parking your vehicle in your garage, is a lot different than parking it in the grocery store parking lot or on the side of the road. A lot less can potentially happen to your vehicle while its stored in your garage. Parked car insurance is provided to a vehicle stored at your home or storage facility by comprehensive coverage. Hopefully your vehicle is not at risk of being hit by another vehicle while parked in your care. So comprehensive will cover all possible risk factors.
- Stolen Car
- Car Fire
- Storm Damage
- Flood
Comprehensive coverage is offered as a standalone coverage as long as a second vehicle is covered with liability coverage. Special arrangements can be made to put a single vehicle in storage with no other vehicle on the policy, however, it will depend on the insurance carrier. Your deductible will apply if you ever have a comprehensive claim.
Pros and Cons of Parked Car Insurance or Comprehensive Only Coverage
Having comprehensive only on your vehicle has a few pros.
- It protects your vehicle against physical damage while parked.
- It saves you money by reducing your overall cost of insurance.
- Coverage can easily be changed so you can make your car legal to drive again.
Comprehensive coverage comes with a few cons too.
- It does not protect your parked vehicle against damage from a hit and run accident.
- You could forget to switch your coverage before driving your vehicle again.
- If you have a loan on your vehicle, you might have to get approval from your bank to put comprehensive only coverage on the vehicle.
As you can see, parked car insurance can refer to several different types of coverage. If it is important to you to protect your vehicle while it is parked, make sure to purchase the right coverage for your situation. The only way to fully protect your vehicle is to purchase bothcomprehensive and collision. It is only then, you will know your vehicle is protected against every scenario of physical damage.
