A guide to insuring your stored vehicle

Although you can forgo road insurance for your stored vehicle, eliminating insurance coverage completely leaves you financially liable. Stay covered to stay out of trouble.

Whether you are travelling for an extended period of time or have simply purchased a seasonal vehicle, you'll need to store your car, truck or RV. Holding insurance when your vehicle will be safely stored away may seem silly, but there are some situations that you should think about before forgoing coverage.

A guide to insuring your stored vehicle

Removing unneeded insurance

According to the Ontario Ministry of Government Services, you have the option to remove much of the insurance coverage on your vehicle when it's being stored. For example, collision insurance will not do you much good when your vehicle is in storage. Liability and accident insurance are also unnecessary when your car won't be driven for an extended period of time.

Insuring your stored vehicle

There is value in having insurance when your vehicle is being stored because if your car is stolen or damaged in any way while it's in storage, you could end up with the full financial responsibility. Even if your vehicle is in a secure lot with limited access, the unthinkable could happen.

Contact your insurance company as soon as you know that you will be storing your vehicle. You'll need to provide details about the location in which the vehicle will be stored. These details will help your insurer determine whether you can remove liability and collision insurance from your policy.

Keep in mind that you will only be covered if your stored vehicle is stolen or damaged in a fire. If you're concerned about other types of damage or overall losses, you can opt to keep your full coverage.

When it's time to drive again

Now that you know how to insure your stored vehicle, what do you do when you want to start driving it again? Fortunately, getting your car ready to be road-legal is as easy as contacting your insurance company about a month before you plan to start driving and let them know you're ready to put the vehicle on the road again. You will also need to renew the sticker that is affixed to your licence plate to let authorities know that your vehicle is properly covered.

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