In almost every state, if a motor vehicle is registered it must also be insured, even if that vehicle has been placed in storage. Owning or operating an automobile that is uninsured could lead to numerous fines or other consequences. The minimum amount of coverage that a motorist needs to be adequately insured is typically dependent on the state where the vehicle is registered.
Although ever state is different, most vehicle owners are only required to maintain bodily injury and property damage liability, which is usually considered to be a low cost auto insurance option. This coverage pays for damages that the vehicle owner is at-fault for, and motorists are generally required to maintain a specific threshold. To help save money, drivers with existing policies may want to contact their insurer to reduce their coverage to the minimum amount required in their state.
The required liability thresholds – and additional coverage requirements – are determined by where the vehicle is registered. Drivers in California, for example, must maintain minimum limits of 15/30/5, while vehicle owners in Maryland must purchase minimum limits of at least 30/60/15 to maintain automobile registration. Average policy prices are also likely to fluctuate depending on a motorist’s location, but vehicle owners can usually impact their rates by shopping around for lower prices and making adjustments to the level of coverage that is purchased.
Although a motor vehicle in storage will probably not be regularly operated, motorists may want to consider maintaining additional coverage that goes beyond state minimum requirements anyway. Stationary vehicles may still be susceptible to damage from fire, flooding, hail, falling objects, vandalism, or theft. Adding comprehensive coverage to a policy can cover many of these damages and give vehicle owners peace of mind while their automobile is not in use.
Studies have shown that Most Who Shop Save on Auto Insurance because insurers often rate motorists differently. To cut coverage costs drivers should explore their options and search for the lowest possible rates. To find an adequately priced policy, motorists are encouraged to begin their search by completing an online quote comparison. As opposed to contacting several companies directly, drivers can use the Internet to amass dozens of estimates at once.
When an automobile is going to be placed in storage, it is also recommended that policyholders contact their insurers to inform them that the vehicle in question will not be regularly operated. Often coverage providers will work with vehicle owners to decrease coverage costs and save money while simultaneously maintaining an adequately amount of protection to avoid uninsured motorist penalties.