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How to Get Parked Car Insurance in Texas?

Buying Parked Car Insurance in Texas

You can get parked car insurance in Texas through a licensed insurance provider. Getting car insurance involves calling your insurance company to see if they offer this coverage, or contacting an insurance agent to research the products available in the local auto insurance market. However, there are a few steps that you can follow to get the most out of this type of insurance.

  • Before you get this coverage, make sure that the vehicle is fully insured or at least with the auto liability insurance coverage, which is required by law.

  • The vehicle must be paid off and owned by you to be considered a parked vehicle. This means that if you lease or finance the vehicle, you are not allowed to drop the full coverage, even if the vehicle is parked. Since you don't own the vehicle, you are required to keep all the insurance on it.

(Note: Military members on deployment orders should speak to their lenders about a possible waiver. The lender may authorize parked car coverage, if the vehicle is indeed secured inside a protected structure while the military member is deployed away from home).

If your current insurer doesn't offer parked car insurance, it's also a good idea to shop around for new policies. Getting car insurance for a parked vehicle can be very cost-effective. However, it can also leave you vulnerable to unexpected expenses and higher insurance rates. You should speak to a state-licensed insurance agent who can offer you professional help regarding parked car insurance suitable for your insurance needs.

How to Pick Parked Car Insurance?

Shopping around can save you up to 47% of your premium cost. In addition, you can follow the steps below when picking out parked car insurance:

  • Consult with a licensed agent who will help you decide the amount of coverage you need by evaluating the overall needs (value of your car and the most affordable cost). Keep in mind that the insurer will only pay the actual cash value (ACV) minus deductible at the time of claim payout.

  • Get quotes from at least three insurance companies. Speak with agents who have access to multiple insurers.

  • Inquire about these companies by finding out their annual and monthly rates, claim payment policies, payment plans for premium, inclusions, and exclusions, and what happens when you default on a payment? You can use the Consumer Information Source provided by the National Association of Insurance Commissioners or the Texas Department of Insurance to verify.

How to Apply for Parked Car Insurance?

To apply for parked car insurance in Texas, contact a state-licensed insurance agent to assist you with picking the right insurance policy based on your needs. Make sure to ask the agent if they are captive or independent because it affects the process.

  • Captive insurance agent is an agent who can discuss and quote parked car insurance products sold only by their employer. If you speak with a captive agent, make sure to get other quotes for comparison from other sources too.

  • Independent insurance agents work with different insurers and can quote multiple competing policies as a one-stop-shop.

The most common ways to apply for parked car insurance in Texas are by:

  • Contacting the current auto insurer and speaking with their, usually captive - agent.

  • Submitting a quote online.

  • Visiting a local brick-and-mortar auto insurance agency

During the quoting and application process for parked car insurance you are usually asked to provide:

  • Personal information of the applicant, including:

    • Full name

    • Residence address

    • Phone number

    • Email address

    • Drivers license number

    • Social Security Number, and more

  • Details of the vehicle to be insured, including:

    • Vehicle Information Number (VIN)

    • Usual use of the vehicle

    • Duration of expected storage period

    • Location of where the vehicle will be parked

    • Details about the security of the vehicle at the parked location, and more.