Is it time to put that sports car away for the winter? Perhaps you need to ensure your child’s vehicle is safely maintained while he or she is at college for the year. It’s not hard to find a storage solution but make the best decision here. You want to protect this asset from risks. Our team at Insurance Innovations, Inc is here to help you. There are a few key things you need to know before you store your vehicle.
Why and How to Store a Vehicle
Locally, and the surrounding areas you will find a number of options for storing a vehicle. When possible, choose an offsite rental location. This gives you the most protection. The vehicle can be in a climate-controlled space, free of pests, moisture, and risks. From your motorcycle to that collector’s vehicle, it pays to have your vehicle secured properly. Using your garage or that of a friend is only best for short-term storage in most cases.
Insurance Needs During Storage Periods
Every individual’s needs for storage are different. And, with that comes a number of different needs for auto insurance at this time. Most of the time, drivers need to maintain at least comprehensive insurance on the car. Let’s face it – vandalism, theft, and even storm damage can happen even in the best of locations. This type of insurance can help you to protect your investment in your vehicle even when these types of uncontrollable instances occur. You shouldn’t reduce the amount of comprehensive coverage you have, either. The value of your car should always match with the level of coverage you have.
You do have some flexibility with other forms of insurance. For example, you may be tempted to get rid of liability and collision insurance. Medical payments, underinsured and uninsured coverage, and other forms may not be necessary if you are not on the road. If there is any risk of your car doing damage to another car or being used even for a short period of time, keep these policies in place.
One key concern, though, comes in the form of loans. If you are leasing or paying on a loan for your car, most loan contractors require ongoing, non-stop coverage on the vehicle. This includes collision insurance. This type of insurance protects the lender’s investment in case you default on the loan for some reason.
We encourage you to work with our auto insurance agents in Grafton & Thiensville to find out the best scenario for your specific needs.
Protecting Your Assets
Putting your car into storage requires a bit of attention. Start by investing some time in ensuring the car is clean, and the fluids are topped up. You also want to protect the gas in your vehicle by adding a product like Sta-Bil. If you plan to store the vehicle at home, be sure to cover it tightly to protect the paint. Consider solutions for pests, such as using mothballs. Your RV needs to be properly drained. And, your motorcycle should also get some extra care to ensure it is properly cleaned before storing it.
Once you are ready to start using your vehicle again, it pays to invest a few minutes in calling your agent. It is never a good idea to move the car at all until you have proper auto insurance back on it. Our team at Insurance Innovations, Inc is happy to help you do that in no time. It does not have to take long to get your car back on the road again.