Most drivers spend a lot more time worrying about how they will be covered by their insurance when they are on the road than when they are not. After all, it’s unlikely your car will be involved in an accident when parked in your driveway or garage. But there are other threats to your investment in that car that can quickly result in a total loss, even when there is no one behind the wheel. Fire and theft insurance for your car can protect you from some of the most common insurance claims that don’t involve a collision.
You park your car, lock it, and head into the house for the night; you are home safe, so what could possibly go wrong? A parked car is unlikely to be struck by another car, especially in your driveway or in your garage. But there are other potential claims that are covered under an entirely different part of your insurance policy than an accident.
If your car is stolen from your driveway, taken for a joyride and left damaged on the side of the road – or stolen and stripped for parts before being abandoned as a shell – your collision coverage will have nothing to do with the damages. Comprehensive insurance coverage – otherwise known as fire and theft insurance, although it covers more than just those two – will be responsible for covering your loss.
If your car is parked in the garage and a fire starts in the house, do you know how the damage to your car will be covered? It surprises many people that even though the fire started in the house, homeowners insurance will not pay for damage to the car. The comprehensive coverage on your auto insurance policy will handle the claim on the car instead.
If you own a motorcycle, a convertible or some other vehicle you don’t drive much – if at all – during the winter months, you might think you don’t need to insure it during that time. Many motorcycle owners choose to cancel their coverage over the winter months because they won’t need liability or collision coverage. But what happens in the scenario of a theft or a fire? With your insurance cancelled, you will be left to pay out of pocket.
Most car insurance companies take into consideration the fact that a motorcycle will not be driven during the winter months and build this into the policy. They spread the cost of high risk in the summer and low risk in the winter over the year’s premiums. In other cases, they offer the option of dropping your policy down to a comprehensive-only coverage for the winter months. This is often also available on cars that are only driven in the warm weather. This option keeps your policy in force and protects you from theft or other damage during those months. By keeping fire and theft insurance in place, you continue to protect your investment, and also avoid paying fees on a new policy when you want to start it back up in the spring.
When choosing your insurance, keep in mind that an accident is not the only risk your car or motorcycle faces. Keeping a policy with fire and theft coverage in place at all times will ensure you don’t face the cost of replacing your vehicle yourself if it is destroyed in a fire, by vandals, or is stolen and damaged. Even over the winter months when you don’t remove your motorcycle or car from the garage at all, you take a risk if you choose to cancel your coverage. Fire and theft insurance is generally an affordable coverage when shopping for insurance quotes, making it well worth keeping in force all through the year.
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