Vehicle storage insurance varies from state to state, but is usually required by the state if the vehicle is registered. If the vehicle is not registered and you are using a commercial storage company, the company may require insurance on your vehicle.
If the vehicle is registered and your state requires insurance, you can purchase “weekend driver” insurance. This insurance covers the vehicle for only a limited amount of miles per year and is usually very inexpensive insurance to purchase. If you plan on driving for part of the year, you can ask your insurance company to insure the vehicle for the minimum, then change it back once you take the vehicle out of storage.
If your vehicle is not registered, you do not need to keep insurance on it if you are storing it at your home or if the storage facility does not require it. If the commercial storage facility requires that you to keep the vehicle registered and insured, you can purchase the most inexpensive vehicle insurance while it is in storage, but be sure that you have comprehensive, in the event that something happens in the storage facility, your vehicle will be covered.
Comprehensive insurance covers your vehicle in the event of fire or other natural disaster or if something happens to it in the storage unit, such as getting hit by another vehicle while it is being moved or should something fall or get knocked into the vehicle.
If you have a loan on the vehicle or lease the vehicle, the finance company or the leasing agent may also require that you keep the vehicle insured, even if you are storing the vehicle. Before storing the vehicle, check the storage facility’s requirements, along with state requirements and, if the vehicle is financed, your financial company’s requirements.
During the time you are storing the vehicle, change the deductibles to the highest possible deductible, as this will lower your monthly premium. If you are storing the vehicle temporarily, you can always change the deductible back to a lower deductible just before you remove the vehicle from storage.
Even if insurance is not required on your vehicle while it is in storage, it is best to obtain the most inexpensive policy you can, in the event that something happens to the vehicle while in storage. If you are storing the vehicle on your own property, you should obtain the minimum comprehensive, as damage could occur, such as damage from animals, leaks in the building and natural disasters. Even with a high deductible, insurance could save you a lot of money if the vehicle becomes damaged while in storage.