Automotive

"Parking Insurance"

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  • Jul 28th, 2011 7:15 pm
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Mar 9, 2007
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"Parking Insurance"

I was thinking about getting a 2nd vehicle, i would be the primary, and only driver of both of them.
I would be the registered owner of both.

Basically, i have my 1998 4cyl car that has quite literally no resale value (~$2000-3000), but runs and looks great with no issues, so i want this as my summer / commute car.

However, i also would like a Jeep Wrangler/TJ or Nissan Xterra, or similar off road / trail ready 4wd vehicle that i could use to take camping, use in the winter, tow boats, atv's etc.

I read somewhere, mostly on UK sites, that there is something called "Parking Insurance" that can cover your car while it's parked and unused.
Apparently, it can be purchased for as little as $10 a month.

Does anyone have experience with this?

Thx
7 replies
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Aug 11, 2008
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Its called comprehensive coverage, you can reduce coverage down to comprehensive only which provides coverage for fire & theft, subject to a deductible.

no one can quote $10 a month as it depends on what your vehicle is...best to speak to your broker... easy way to get an idea is to look on your policy and see what the annual premium is for that coverage in particular...
ryanmission wrote: I was thinking about getting a 2nd vehicle, i would be the primary, and only driver of both of them.
I would be the registered owner of both.

Basically, i have my 1998 4cyl car that has quite literally no resale value (~$2000-3000), but runs and looks great with no issues, so i want this as my summer / commute car.

However, i also would like a Jeep Wrangler/TJ or Nissan Xterra, or similar off road / trail ready 4wd vehicle that i could use to take camping, use in the winter, tow boats, atv's etc.

I read somewhere, mostly on UK sites, that there is something called "Parking Insurance" that can cover your car while it's parked and unused.
Apparently, it can be purchased for as little as $10 a month.

Does anyone have experience with this?

Thx
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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Its called fire and theft, costs around 30-40 monthly in GTA
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do you know the premiums for sure?
durrsak wrote: Its called fire and theft, costs around 30-40 monthly in GTA
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COSMIC5 wrote: do you know the premiums for sure?
I chatted with one of reps, she said i will need to call in and get a quote...as they have no GUI for it online. They consider it a "special request" that can only be done via an agent.

She called it "Suspension coverage".

This is for belairdirect fyi.

I have yet to find an insurance company that will insure me any cheaper!

I cant even get it lower than 2200/yr for a 1998 Ford Escort ZX2 Coupe....and im almost 24 and driving since 18/19 yrs old and nothing at fault. I did claim a rear ending, 0% fault 3k in damages / labour.

BTW, at this premium i could buy another 98 ford escort every year...and i drive 2km to/from the go-train station every day...and pay them 190 a month....so silly.
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don't know why a "rep" cant just look up the premium for ya... strange...takes all but a minute..maybe she wasn't lic'd and had to ask a lic'd "rep"...donno


ryanmission wrote: I chatted with one of reps, she said i will need to call in and get a quote...as they have no GUI for it online. They consider it a "special request" that can only be done via an agent.

She called it "Suspension coverage".

This is for belairdirect fyi.

I have yet to find an insurance company that will insure me any cheaper!

I cant even get it lower than 2200/yr for a 1998 Ford Escort ZX2 Coupe....and im almost 24 and driving since 18/19 yrs old and nothing at fault. I did claim a rear ending, 0% fault 3k in damages / labour.

BTW, at this premium i could buy another 98 ford escort every year...and i drive 2km to/from the go-train station every day...and pay them 190 a month....so silly.
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ryanmission wrote: Basically, i have my 1998 4cyl car that has quite literally no resale value (~$2000-3000), but runs and looks great with no issues, so i want this as my summer / commute car.

However, i also would like a Jeep Wrangler/TJ or Nissan Xterra, or similar off road / trail ready 4wd vehicle that i could use to take camping, use in the winter, tow boats, atv's etc.
Are you looking to drive the Escort strictly in the summer and the Off-Road vehicle strictly in the winter? If so, I see no problems.

Or will you be driving the Escort in winter/Off-Road vehicle in the summer as well? If so, I see a potential problem.

If you are looking to have the ability to potentially drive both vehicles throughout the year you will need more than comprehensive coverage (parking insurance, whatever you want to call it). In my province both vehicle need a minimum of third party liability; you can't have one car with third party liability and have it swap around between two vehicles. Each vehicle receives their own coverage and you are billed for it.
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i think he wants to drive one at a time hense dropping one down to fire & theft only on the one not being driven..of course if you want to drive 2 at a time you must have liability insurance on each one.
TrevorK wrote: Are you looking to drive the Escort strictly in the summer and the Off-Road vehicle strictly in the winter? If so, I see no problems.

Or will you be driving the Escort in winter/Off-Road vehicle in the summer as well? If so, I see a potential problem.

If you are looking to have the ability to potentially drive both vehicles throughout the year you will need more than comprehensive coverage (parking insurance, whatever you want to call it). In my province both vehicle need a minimum of third party liability; you can't have one car with third party liability and have it swap around between two vehicles. Each vehicle receives their own coverage and you are billed for it.
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