Insurance companies don’t offer policies specifically for parked vehicles. But they do offer comprehensive coverage, which protects you in case your car is hit or damaged while it’s parked or stored.
Keeping only comprehensive coverage on a parked car — and dropping other coverages like collision — can significantly reduce your insurance costs. Insurify data shows that the average comprehensive policy costs just $72 per year with a $2,000 deductible. Full coverage, on the other hand, is more than $3,000 annually.
Even if you don’t drive a car, you’ll need insurance on the vehicle. For one, if the vehicle is registered in your state and you regularly drive or park it on a public road, you’ll legally need at least the state’s minimum amount of liability auto insurance coverage. If you lease or finance your car, you may also need to maintain additional insurance on the vehicle per your agreement with the lessor or lender.
Even if you never drive a vehicle, protecting it with comprehensive insurance — which some insurers may call “car storage insurance” or ”parked car insurance” in this scenario — can be a good idea. Comprehensive insurance covers your car against damage caused by fire, animals, weather, natural disasters, falling objects, and vandalism, as well as theft of the car or parts of it.
If a tree were to fall on your parked vehicle, for instance, comprehensive insurance coverage would compensate you for the damage and repairs minus any deductible. Without this protection, the damages would be your financial responsibility, meaning potentially significant out-of-pocket expenses.
While you can pause or cancel your insurance coverage on a vehicle you no longer drive, it’s not a good idea. Not only will pausing coverage leave you footing the bill for any damage to the vehicle, but it could also put you in violation of your car’s lease or loan or your state’s minimum insurance laws if you park the vehicle on a public street.
Additionally, letting your coverage lapse may make it harder — or more expensive — to secure a car insurance policy later.
The type of insurance coverage you have will determine whether you’re covered if someone hits your parked vehicle.
Essentially, comprehensive covers any damage to your car that isn’t due to a collision with another vehicle.
The process for getting parked car insurance — specifically, comprehensive coverage — will depend on whether you already have a policy. If you do, you’ll need to call your insurance agent or company and ask your insurer to drop any additional coverages you have on the car.
If you don’t have a policy, you’ll need to:
Pay off your vehicle. If you lease or finance your car, you’re likely required to have a full suite of car insurance coverage, including liability coverage, collision, and comprehensive. To have comprehensive-only insurance, you’ll need to pay the car off and own it outright first.
Cancel your car registration. If your vehicle is registered in the state and you park it on a public street, you’ll need at least the minimum amount of liability insurance as required by state laws. You can contact your state’s department of motor vehicles to cancel your registration.
Compare at least a few car insurance companies. Do your research and shop around. Getting quotes from several insurance companies will ensure you get the lowest possible premiums.
Keep in mind that not all insurers will allow you to have a comprehensive-only policy on your vehicle. If you’re having trouble finding one, you might consider enlisting an independent insurance agent to find an auto insurer that does.
While there aren’t specific “parked car insurance” policies per se, you may be able to have only comprehensive insurance coverage on a vehicle you no longer drive or operate. Below are some commonly asked questions about these types of auto insurance policies if you’re considering one.
If you have comprehensive insurance on your parked car, you can file an insurance claim if it’s damaged due to bad weather, a natural disaster, theft, vandalism, fire, and other covered events. However, comprehensive insurance won’t cover a parked car in the event of a collision with another vehicle. This would require collision insurance coverage.
It depends on your insurer and who was at fault in the incident.
If the incident was largely your fault, it could lead to higher insurance costs upon renewal. If the incident was the fault of another person, you’d want to file a claim against their insurance policy instead of your own, if possible. But if you live in a no-fault state, you'll need to file a claim with your insurer, regardless of who caused the accident.
If your car is registered in the state and parked on a public road, you’ll need at least the state’s minimum amount of liability insurance coverage.
If not, you may want to secure comprehensive-only coverage on the car, as this will protect you if the vehicle sustains weather-related damage or is damaged due to a natural disaster, fire, theft, vandalism, or another covered event. It’ll also keep you from paying higher insurance rates later due to lapsed coverage.
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