Everything You Need to Know About GEICO Parked Car Insurance

GEICO is an excellent choice if you’re looking for cheap insurance for a parked or stored vehicle. Here are the details!
Written by Brittni Brinn
Reviewed by Hillary Kobayashi
Although parked car insurance isn’t a type of coverage, some auto insurance providers have adjustable plans available to better reflect the needs of a parked vehicle. GEICO has some of the best options available for drivers looking to reduce
car insurance
costs while their cars are in storage.
Whether you’re taking a long trip overseas or you’re putting your car away for the winter, there are plenty of reasons to store your vehicle. But should you insure it while it’s parked? Considering that your parked car can still be stolen or damaged in a fire, the answer is most likely yes!
comprehensive coverage
or talking to your insurance agent about options for car storage insurance are good places to start—and lucky for you, GEICO offers both services! Let’s take a tour through the
cheap car insurance
options GEICO has on tap and how you can best protect your parked vehicle!

What is GEICO parked car insurance?

Parked car insurance is an easy way to talk about insurance options for a car that is not being used for an extended period of time. For most providers, this will include an auto insurance policy only featuring
comprehensive insurance coverage
Comprehensive-only coverage protects your vehicle in the case of non-collision-related damages. Here are some examples of property damage covered by a comprehensive policy:
  • Theft
  • Vandalism
  • Glass breakage
  • Fire
  • Floods and hail
  • A fallen tree branch
  • Wildlife
In addition to comprehensive coverage, GEICO offers a dedicated service called a Vehicle Storage Protection Plan. Geared toward drivers who are members of the military, this plan reduces or suspends insurance costs for drivers who store their vehicles while on deployment for periods of over 30 days. To get a quote for this service, call GEICO’s Military Center at 1-800-MILITARY (645-4827).
For civilian drivers, there are plenty of stackable discounts that will apply if you store your car for a significant period of time. For example, low mileage and insurance claim-free discounts can take a nice chunk out of your insurance premiums while your car is parked. 
You can talk to your insurance agent or request a quote online to see which discounts you’re eligible for!
MORE: Tips for safe winter car storage
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Do you need parked car insurance coverage?

Keeping your car insured while it is parked or stored is important. Not only will it prevent a
lapse in coverage
from appearing on your insurance history, but it will also protect your car in the case of severe weather, theft, and other unfortunate events.
Your car’s location is also a factor in determining how much insurance you need—and how much it will cost. Here are the three main options for storing your vehicle:
  • Outdoors: This is the most common way of storing your vehicle. Your car will be exposed to more risks, such as weather damage.
  • Covered: Another outdoor option, this type of storage adds some protection from weather and falling objects, like tree branches.
  • Indoors: Definitely the safest option, indoor storage spaces have the benefit of being secure against most types of damage—and some are climate controlled!
If your car is parked in your home garage, you should still make sure your car has some insurance protection of its own. You cannot depend on your
homeowners insurance policy
to cover your vehicle if it is damaged while parked on your property.
As for parking your vehicle on the street, make sure you look up your state’s laws before suspending your insurance coverage—in some states, you must have
liability coverage
if you are parked on an active roadway. 
Plus, if your car is damaged in a hit-and-run accident (an instance where the at-fault driver fails to leave their contact information), you’ll need some insurance to protect your vehicle. Keeping
collision insurance
uninsured motorist coverage
might be worth it!
MORE: 8 ways to prepare your car for winter driving or storage

How much does parked car insurance cost with GEICO?

Assuming a $500 deductible with GEICO, a comprehensive policy will cost $187 on average—which is less expensive than other car insurance companies, like
Liberty Mutual
However, this is just an average estimate. Your driving history, age, the type of car you are insuring, and other factors will also come into play when a GEICO insurance agent calculates your auto insurance rates.
If you have access to GEICO’s Vehicle Storage Protection Plan, the reduced insurance rate will depend on how long your car will be in storage, the level of protection you choose, and where the car will be stored or parked
If you want a better idea of how much you’ll pay for GEICO insurance, you can use their
online insurance calculator
for a rough estimate of your car insurance rates.
MORE: How to remove your car from long term storage

How to add parked car insurance to your GEICO car insurance policy

Any time there’s a major change in your driving habits or lifestyle, you should let your insurance provider know. Deciding to put your car into storage will lead to lower mileage—and a lower insurance bill! If your car is going to be spending more than 30 days locked up in a storage unit or covered up in your garage, call your insurance agency to discuss your options and find the right coverage for you!
Here are some other requirements that your car will likely need to meet in order to qualify for stored car status:
  • You have an insured vehicle besides the one you are storing—this shows that you have alternate transportation and will not be tempted to drive your stored vehicle.
  • The stored vehicle must be owned—in most cases, if you are financing or leasing a car, you won’t have the option to drop your auto insurance limits. As the car’s owner, you can decide which auto insurance coverage options to apply.
  • Cancel your registration—most states will fine you if you store a car without properly dealing with your registration first.
To qualify for GEICO’s Vehicle Storage Protection Plan, you must be an active member of the military. 
But even if you’re not eligible for GEICO’s storage plan, you can still save a significant amount on your insurance bill by lowering your coverage for a stored or parked vehicle.
Compare car insurance quotes online
or call an insurance agent—they can also walk you through which discounts would apply!
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In most cases, a vehicle with a loan also has some insurance requirements attached. If you drop the required coverage—usually bodily injury liability coverage, property damage liability coverage, collision coverage, and comprehensive coverage—you could be violating the contract with your lender, and may face severe penalties. Review your loan terms before discussing your options with your insurance agent.
If you have dropped your insurance limits for a stored or parked vehicle, you should not drive it without informing your insurance company. If you have dropped liability insurance, it is illegal to drive without the minimum liability limits in most states—that’s because if you get into an accident and are determined to be at fault, you’ll still have to pay for the other driver(s) damages. The safest course of action is to restore your insurance coverage before taking your stored car for a spin.
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