What you need to know: storage insurance and changing driving habits
A lot has changed in the last month. The way we socialize, shop, and, for many of us, work is different right now. With all the changes, you might find that you don’t need to drive as much, or at all, which brings up two big questions about managing your car insurance.
- How can you manage your car insurance costs if you are not driving as much?
- Can you switch to storage insurance or pleasure (leisure) insurance and how much does that cost?
The simple answer to both questions is yes, however, you’re probably looking for a bit more information than that. Before we go over some of the details for changing your insurance or switching to storage insurance, these are some things to keep in mind.
- Anytime you make a change to your insurance during your term, there could be a fee depending on the change.
- Most car insurance terms are five years with payment every year.
- How much you can expect to save will depend on your vehicle type and model.
If you are driving less now than you used to, you might be able to switch your insurance from ‘all-purpose’ to ‘pleasure’. By changing you could save approximately $150.00 – $200 per year. Again, how much you’d save depends on your vehicle type and where you are in your insurance term.
- With ‘pleasure’ coverage, you can drive to work or school no more than four days a month.
- If you start driving to work or school more than four times a month, it’s up to you to change back to ‘all-purpose’ as soon as possible.
- There is no grace period for changing. If you are driving more and have the wrong sort of coverage, it could affect a claim.
If you’re not driving at all, you could put storage insurance (or lay-up coverage) on your vehicle. It costs about $15 to $20 a month for storage insurance on a vehicle.
When your car is on storage coverage, you must store it safely on private property in Manitoba. Storage coverage doesn’t include collision coverage so you must not drive the car at this time.
- Storage insurance covers your vehicle for theft, vandalism, fire, and more. Contact your Brio Insurance office for a full list of coverage.
- Off-road vehicles, including snowmobiles, are not eligible for lay-up coverage.
If you want to change your car insurance coverage, start by getting in touch. We’ll go over your options and find out how much you can save based on your vehicle type. And if we can, we’ll get those changes completed over the phone.
Keep in mind that due to the current circumstances, the average transaction can take much longer than usual and some changes can’t be done over the phone, so you may have to go to an MPI service centre.