There are literally hundreds of factors that go into deciding a driver’s car insurance quote. From the amount of coverage you buy to your age, sex, and location, insurance companies consider almost everything. This extends to the actual vehicle itself–where you drive it, how you maintain it, and where you park it. Many drivers are unaware that their parking location can have a major impact on the cost of their car insurance coverage, and understanding how and why this affects rates can help you find a more affordable quote.
Insurance companies are interested in where your car is parked because they want to decrease the possibility of a car insurance claim in any way they can. Parked cars are still susceptible to environmental damage and, more importantly, theft, so your insurer has a vested interest in making sure that your car is parked in a safe location. One of the first questions that most auto insurance companies will ask when generating a quote is whether your car is parked in a covered or locked garage. If it is, the chances of damage from hail (which is a minor but significant claim), falling tree limbs, vandalism, or auto theft (which is one of the largest claims that insurers deal with) will go down. Most insurance companies offer a fairly hefty discount for customers that own their own garages or rent a locked garage with a roof to store their vehicles.
If you live in a city and you can’t park in a locked garage, you can still benefit from safe parking discounts. Some insurance companies offer hefty discounts for parking in guarded lots, especially for drivers in high-crime cities. It’s even better if you can find a covered pay parking garage, as these will protect your vehicle from the elements much better than an open-air lot, and insurance companies will take this into account when deciding your car insurance quote. Your insurance agent should be able to give you tips on parking and explain what discounts, if any, are offered.
The important thing to remember is that if you can decrease your risks, your car insurance company will reward you with lower car insurance costs. Finding a safe parking location can make a huge difference, and over the life of your policy, you can potentially save hundreds of dollars and a lot of hassle just by parking responsibly. When researching car insurance quotes, take the time to consider the factors that affect your insurance costs, as well as looking at your parking and driving habits. You’ll save money and gain a better understanding of how car insurance costs are figured.
