Pro Tip – Insuring a car in Winter storage

Do you have a vehicle that you don’t drive during the Ohio winter months?

Perhaps a classic or collector car that you would never take in the snow, or maybe you’re putting your car in storage while you head south to spend the winter in a warmer climate.

There are a number of reasons why you might store a vehicle, and some folks consider dropping their insurance coverage while there car is not in use.

But does cancelling the insurance make sense?   

You many enjoy some short-term savings, but there are definitely drawbacks for cancelling your policy:

Canceled policies create gaps in coverage.

For one, canceling your coverage creates a gap in your insurance history that may put you in a high-risk category with your insurer. That may mean you have to pay a higher premium when you decide to reinstate your policy down the road.

Your car won’t be protected against accidents or theft.

Without insurance, you’d also be solely responsible for anything that happened to the vehicle during its time in storage. If a tree were to fall on the garage or some other mishap were to take place, you would have to pay out of pocket to repair the car.

Canceling coverage may violate loan requirements.

If your vehicle is financed, your lender may require you to carry insurance as a condition of your loan.

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 A better option, if your lender permits it, is to reduce your coverage to COMPREHENSIVE ONLY.  

Comprehensive coverage helps pay to repair vehicle damage from things like theft, fire or hail — risks that are still possible while your car is in storage.

You will save money on your premium, because you’d only be paying for a single coverage.  In addition, you prevent yourself from having a lapse in coverage that could result in higher costs in the future.

If you do decide to reduce your coverage, be sure to call your Agent and restore your former coverage levels BEFORE driving the vehicle again.