Do I Need Insurance for My Parked Boat, Motorcycle, or RV?

What happens when you stop using your boat, motorcycle, or RV? Do you still have to pay for auto insurance on your parked vehicle?

Even if you don’t use your motorcycle, RV, or boat, you should still consider maintaining coverage in certain scenarios. Make sure to review your state requirements on vehicle insurance. While all states require liability and bodily injury coverage, state laws vary in terms of overall requirements. In most states, it’s illegal to park an uninsured vehicle on a public road, leading to fines and other penalties.

Important Reasons Why You Should Get Coverage for Your Parked Vehicles

  • Weather-Related Damages

    Various types of weather-related damage can negatively impact the performance and appearance of your vehicle. If you live in a place where fluctuating weather conditions are common, your vehicle can be degraded by such environmental elements. A comprehensive auto insurance will cover such damages.

  • Physical Damages

    Since your home insurance won’t cover damage to parked vehicles, you must maintain separate vehicle insurance. Parked vehicles can get damaged during house parties, from freezing weather, or due to a leaky roof. If you park your vehicle on the street and it gets struck by a hit-and-run driver, depending on the type of auto insurance plan you have, such damage may or may not be covered.

  • Theft & Vandalism

    It’s wise to keep your vehicle coverage just in case thieves invade your neighborhood and steal or damage your vehicle.

  • Fire

    A fire can start in various ways, but usually, only certain causes of fire are covered by insurance. It’s important to remember that your home insurance won’t cover vehicles parked in your garage if your home burns down.

  • Financing

    You should carry insurance for your auto, motorcycle, boat, or RV if it’s being financed through a conventional lender. Most of these institutions require you to maintain a certain type of coverage, such as comprehensive insurance throughout the term of the loan. Once the loan is paid off, you can continue with your coverage or drop it.

  • Multi-policy Discounts

    When you own several cars or different types of vehicles, you can get a discount if you bundle all the coverages under one insurance plan. Many insurance providers offer a wide range of coverage that can be bundled together and bought at a lower cost than if you purchase each plan separately.

  • Owning a vehicle doesn’t mean you should maintain coverage only while using it. It’s still important to protect the value of your parked vehicle from inclement weather conditions and other perils.

    One of the best ways to protect your vehicles all year round at an affordable cost is to bundle multiple coverages together.  Contact the experts at Burton A. Harris Insurance Agency for more insights on getting the right auto insurance.