Parked Car Insurance

Flooding Along The Delaware River Forces Evacuations
Insurance coverage for your vehicle while parked can come from a few different sources depending on what caused the damage. William Thomas Cain / Getty Images

When we evaluate different auto-insurance policies, we typically consider the coverage they’ll provide for different types of on-road scenarios, such as accidents. However, many types of expensive damage can happen to your car when it is parked. Insurance coverage for your vehicle, while it is parked, depends on what caused the damage and what type of insurance you have.

If you have comprehensive coverage, as the name implies, your parked car damage will be covered in most cases, including the event of:

 

If you know who damaged your parked vehicle, you can file a Property Damage claim against their insurer. 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 that you will not have to pay a deductible and your own insurance rates will not be impacted. Plus, you are eligible for a rental car while your vehicle is being repaired.

If you have collision coverage, the damage will be covered 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 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 overnight, during work, or for extended periods of time.

While leaving your car unsupervised is often unavoidable, there are more and less risky options of where to leave your car. Parking your vehicle in your own garage or a commercial lot with a security guard or valet is a lot different than parking your car in the grocery store parking lot or on the side of the road.

A lot less can potentially happen to your vehicle while it's 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

If you’re planning on putting your vehicle into long-term storage, comprehensive coverage is often offered as a standalone policy as long as a second vehicle is covered with liability coverage. Special arrangements can sometimes 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 coverage on your vehicle has a few pros:

1. It protects your vehicle against physical damage while parked.

2. It saves you money by reducing your overall cost of insurance.

3. Coverage can easily be changed so you can make your car legal to drive again.

 

However, comprehensive only coverage comes with a few cons, too:

1.It does not protect your parked vehicle against damage from a hit and run accident.

2.You could forget to switch your coverage before driving your vehicle again.

3.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 both comprehensive and collision. It is only then, you will know your vehicle is protected against every scenario of physical damage.