Storing a car in a secure facility can be a great way to protect it from the elements or simply keep it safe during periods of non-use.
However, even when your car is tucked away in storage, accidents and unforeseen circumstances can still occur. This is where car storage insurance comes into play. But what exactly is it, and why is it important for you as a car owner in the UK?
What is Car Storage Insurance?
Car storage insurance is a type of coverage designed to protect your vehicle while it is stored, typically in a facility or garage, for an extended period. This coverage is essential for safeguarding your car against potential risks, such as theft, fire, or damage caused by accidents or environmental factors.
Without adequate insurance, you could be left facing expensive repair bills or losses in the event that something happens to your car while it’s not in use.
Why Is Car Storage Insurance Important?
When you store a car, it may remain in the same location for weeks, months, or even years. Although the car may not be driven, it is still exposed to various risks. Without proper coverage, any damage to your car could result in significant financial loss. Here are some of the key reasons car storage insurance is vital:
- Protection against theft: Even in secure storage facilities, cars can be stolen, and without insurance, you could be left to pay for a new vehicle out of pocket.
- Cover for damage: Natural events, like severe weather, or accidents such as a fire or flooding, can damage your car while it’s stored. Car storage insurance can help cover these unexpected costs.
- Peace of mind: Knowing that your vehicle is covered while in storage offers peace of mind, allowing you to rest easy knowing your car is protected.
What Does Car Storage Insurance Cover?
Car storage insurance policies can vary depending on the provider, but they generally offer protection for a range of risks. Below are some of the key aspects that are typically covered:
1. Theft or Vandalism
Whether you’re storing a classic car, a modern vehicle, or a cherished family car, theft is a concern. Storage facilities have security measures, but they aren’t foolproof. Car storage insurance can cover the cost of replacing your car if it’s stolen or pay for repairs if it’s vandalised.
2. Fire and Flood Damage
Storage units or garages may not always be impervious to fire or water damage. If a fire starts in the facility or a flood causes damage to the storage area, your vehicle could be affected. Car storage insurance can cover the repair or replacement costs of your car if it is damaged by such events.
3. Accidental Damage
Even though the car is stationary, accidents can still happen. For instance, an object could fall on your car, or a vehicle may accidentally collide with the storage facility. In these cases, your car storage insurance may help pay for repairs.
4. Natural Disasters
In some areas, extreme weather conditions can impact the safety of your vehicle. For example, hailstorms, hurricanes, or severe snow can cause significant damage. Car storage insurance often provides coverage for damage from such natural disasters.
Is Car Storage Insurance Mandatory?
In the UK, car storage insurance is not mandatory. However, it’s highly recommended. If you have a car that’s being stored for any period, particularly if it’s a valuable or classic vehicle, the risks of not having insurance could be far greater than the cost of coverage.
Even if you have existing car insurance, it may not cover your vehicle while it is in storage. You may need to take out a separate policy to ensure you are adequately protected.
Did You Know? We insure each vehicle comprehensively on an individual basis while it’s on our premises. You can choose whether to continue with your existing insurance coverage.
How Much Does Car Storage Insurance Cost?
The cost of car storage insurance depends on various factors, including:
- The type of vehicle: A more expensive or classic car will typically cost more to insure.
- The length of storage: The longer the car is in storage, the higher the premium might be.
- The location of the storage facility: If the storage facility is located in an area prone to theft, natural disasters, or other risks, insurance premiums could be higher.
- The level of coverage: Comprehensive coverage will cost more than basic coverage, but it will provide more protection.
It’s best to get quotes from different insurance providers to find the best deal for your needs. Always check the policy details to ensure that it covers all relevant risks.
What to Look for in a Car Storage Insurance Policy
When selecting a car storage insurance policy, there are several factors to consider to make sure you’re getting the best coverage for your needs:
1. Storage Location
Ensure that the policy covers vehicles stored in the specific type of facility where your car will be. Some policies may only cover cars stored in indoor, secure facilities, while others may provide coverage for outdoor storage as well.
2. Comprehensive Coverage
Look for policies that offer comprehensive coverage, which typically includes theft, fire, vandalism, and natural disasters. This will ensure your vehicle is protected from a broad range of potential risks.
3. Excess and Deductibles
Check the excess or deductible amount, which is the portion you must pay before the insurance kicks in. A higher excess may lower your premiums, but it could leave you with higher out-of-pocket expenses if you need to make a claim.
4. Policy Limits
Some policies may have limits on the amount they will pay for a claim. Make sure the limit aligns with the value of your vehicle, especially if it’s a high-value or classic car.
5. Additional Benefits
Some insurance providers may offer additional benefits, such as breakdown cover or protection for your car’s contents. Make sure you know exactly what is included in your policy.
How to Get Car Storage Insurance
Getting car storage insurance is a straightforward process. Here are the steps you can follow:
- Research providers: Look for reputable insurance companies that offer car storage insurance.
- Request quotes: Get quotes from several providers to compare prices and coverage.
- Check policy details: Carefully review the terms and conditions of the policy to ensure it meets your needs.
- Purchase the policy: Once you’ve selected the right policy, purchase it and make sure you have proof of coverage.
Final Thoughts
Car storage insurance is an essential consideration for any car owner storing their vehicle for a long period. It offers protection against various risks, from theft to damage caused by fire, flooding, or accidents. Although not legally required, it’s an important step in ensuring that your vehicle remains protected during its time in storage.
Before storing your car, take the time to research insurance options and find a policy that provides the right level of coverage for your needs. Doing so will give you peace of mind knowing that your vehicle is well-protected.
Don’t forget: We insure each vehicle comprehensively on an individual basis while it’s on our premises. You can choose whether to continue with your existing insurance coverage.
