Understanding “Parked Car Insurance”Posted February 14, 2017
A lot can happen to your car while it is parked, from a tree falling on it to a flood washing it into a building or other parked vehicles. Because of this, it is important that you have the coverage necessary to repair or replace your car in the event that it is just sitting there when it sustains damage. The insurance lawyers at The Bennett Law Firm regularly help clients file their insurance claims, and can guide you on what coverage you will need to repair damages done to a parked vehicle.
Comprehensive coverage is the best kind of coverage to have for your vehicle, as it repairs the following parked car damage:
- Tree Falling on Car;
- Flood; and
- Stolen Car.
Property Damage Coverage
Property damage coverage covers you when you know who hit your parked vehicle. When you file a property damage claim, the other person’s insurance company will be responsible for paying you. Additionally, when you file a claim with someone else’s insurance company, you do not have to pay the deductible.
Collision coverage covers your car when you do not know who hit your parked vehicle. Your own policy will cover the repairs, but you have to pay the deductible. If you do not have collision coverage, and someone hits your vehicle but you do not know who it was, you will not receive help from your insurance company.
Parked Car Insurance
Parked car insurance covers your parked vehicle only in limited circumstances. In order to have parked car insurance, your vehicle must be in storage somewhere. This type of coverage does not protect your vehicle when you are out shopping and someone hits your car while you are in the store. Because a parked car should not be near other vehicles, and therefore, not susceptible to damage caused by another vehicle, it only covers the following risk factors:
- Stolen Car;
- Car Fire;
- Storm Damage; and
Parked car insurance is great if you have a vehicle in storage that you are not driving, but that you want to protect from the elements or possible disasters. It can also save you money by reducing your overall cost of car insurance (as a lot less is likely to happen to a vehicle that you do not drive than one that you do). If you decide that you want to drive your car again, all you have to do is call your insurance company and have the coverage switched to collision coverage.
On the downside, parked car insurance does not protect your vehicle in the event that another car does happen to hit it and you do not know who the driver of the other vehicle is. Additionally, many people will forget to switch over their policy, and drive with coverage that will do them no good on the open road.
Consult With an Oklahoma Auto Insurance Attorney
Because parked car insurance can refer to multiple different types of coverage, it is important that you fully understand what you are paying for before you sign up for a policy. If your vehicle does get hit while it is parked, and if you are positive that you do have the correct type of coverage, reach out to the insurance lawyers at The Bennett Law Firm. Call 405-272-0303, or contact them online, to schedule your free consultation today.