Your home is not just a place to live; it’s also where you store many valuable possessions, including your vehicle. If you have a garage, you might assume your vehicle is automatically covered by your home insurance while parked there. However, this isn’t always the case, especially in Saskatchewan. In this blog post, we’ll explore why your vehicle may not be covered by your home insurance when it’s in the garage, and we’ll discuss the importance of keeping your vehicle insured through your auto policy, even when it’s temporarily in storage.
Home Insurance and Vehicle Coverage
Home insurance is primarily designed to protect your home and its contents, not your vehicles. While it typically covers personal property, including items in your garage, it often has limitations regarding vehicles. In Saskatchewan, home insurance may not extend coverage to your vehicle at all, even if it’s parked in the garage.
The Importance of Auto Insurance
Auto insurance is specifically tailored to protect your vehicles, whether on the road or in storage. It provides coverage for various situations, including accidents, theft, vandalism, and damage that can occur in your garage or while your vehicle is parked. Even when your vehicle is not in use and temporarily stored, it’s crucial to maintain auto insurance coverage to safeguard your investment.
Auto Insurance While in Storage
In Saskatchewan, you can adjust your auto insurance coverage when your vehicle is unused. You can switch to a “storage” or “lay-up” policy, which is more cost-effective than standard coverage because it removes certain risks associated with active driving.
A storage policy typically covers:
- Comprehensive Coverage: This protects your vehicle from non-driving-related incidents such as theft, vandalism, fire, and natural disasters.
- Limited Usage: Some storage policies allow for minimal usage, such as moving your vehicle within your property or to a repair shop.
- Theft and Vandalism Protection: Comprehensive coverage under a storage policy ensures your vehicle is protected against theft and vandalism even when parked in your garage.
The Consequences of No Auto Insurance Coverage For Vehicles In Storage
Failing to maintain adequate auto insurance coverage while your vehicle is in storage can have significant consequences. You may be left without financial protection if an unexpected event occurs, such as a break-in or a fire that damages your vehicle. Repairing or replacing a vehicle can be a substantial expense; without insurance, you would have to cover these costs out of pocket.
While it may be tempting to assume that your home insurance covers your vehicle when it’s parked in the garage, this is not always the case. To protect your vehicle from various risks, including theft, vandalism, and damage, it’s essential to maintain auto insurance coverage even when your vehicle is temporarily in storage. Consider switching to a storage policy to reduce costs while protecting your valuable assets. Remember, being proactive with your insurance coverage is the best way to secure your peace of mind and financial well-being.
If you would like additional information, a quote on insurance, or information about any insurance products we provide, don’t hesitate to contact us at either of Dusyk & Barlow’s locations.