Geico Vehicle Storage: Insured?

GEICO offers vehicle storage insurance coverage, but only to deployed military members. The Storage Protection Plan allows GEICO to suspend or reduce insurance coverage for military members who need to store their vehicles for 30 days or more. This helps them save money while they are away. For non-military members, GEICO does not offer storage insurance, but there are other ways to save on insurance costs for stored vehicles. These include the GEICO DriveEasy App, which can offer a discount of up to 25% if the vehicle is not being driven, and comprehensive coverage, which provides necessary protection at a lower cost.

GEICO's Storage Protection Plan for military members

GEICO's Storage Protection Plan is a benefit offered to military members who are deployed for 30 days or more. The plan allows GEICO to suspend or reduce insurance coverage for the service member's vehicle while they are away, helping them save money. This benefit is available to all military policyholders, regardless of their branch of service.

To take advantage of this plan, military members can contact GEICO's Military Center at 1-800-MILITARY (645-4827). The center is staffed by veterans from all branches of the military and is dedicated to sales and service for military policies. They can provide information on the Storage Protection Plan and help members understand their coverage options.

The Storage Protection Plan is designed to reduce the financial burden on military members who are deployed and may not be using their vehicles. By suspending or reducing insurance coverage, GEICO helps members save on insurance costs during their deployment. This benefit is especially valuable for those who are called to serve at a moment's notice and may not have the time to make alternative arrangements for their vehicles.

In addition to the Storage Protection Plan, GEICO offers other benefits and discounts for military members. These include the Overseas Insurance Program, which provides coverage for vehicles stationed abroad, and the DriveEasy App, which can offer discounts for safe driving habits. GEICO is committed to providing top-notch service and special benefits to its military policyholders, recognizing the unique challenges and rewards of military life.

Reducing coverage to comprehensive insurance

GEICO offers a Storage Protection Plan for military members who are deployed for 30 or more days. The company will suspend or reduce the insurance costs of the service member's vehicle while they are away. However, for non-military members, there is no dedicated storage insurance option. Nevertheless, there are alternative ways to save money on insurance for a stored vehicle. One option is to reduce your coverage to comprehensive insurance.

Comprehensive insurance is an optional coverage that protects your vehicle from damage caused by non-collision events outside your control. This includes theft, vandalism, glass and windshield damage, fire, accidents with animals, and weather-related incidents. While it is not required by law in any state, lenders will usually require it if you lease or finance your vehicle.

When deciding whether to reduce your coverage to comprehensive insurance, consider the value of your car, your personal preferences, and your financial circumstances. If your vehicle's cash value is relatively low and you have a higher deductible, comprehensive coverage may not be worth the cost. On the other hand, if your vehicle has a high cash value or you cannot afford the cost of repairs or replacement out of pocket, comprehensive coverage could provide valuable protection.

Comprehensive coverage is often confused with collision coverage. While both types of insurance protect your vehicle, they cover different scenarios. Collision coverage is for accidents or collisions with another vehicle or object, while comprehensive coverage is for non-collision events outside your control.

Comprehensive coverage can give you peace of mind, knowing that you are protected against unexpected events. It is a good option to maintain necessary protection while reducing your insurance costs when storing your vehicle.

Raising your deductible

GEICO offers vehicle storage insurance coverage, but only for deployed military members. The GEICO Storage Protection Plan is available to military members who are deployed for 30 or more days. The plan reduces insurance costs for the service member's vehicle while they are away.

For non-military policyholders, there are other ways to save on insurance costs for stored vehicles. One option is to raise your deductible. By choosing a higher deductible, you can lower your auto insurance rate. This is a good option if you don't anticipate needing to file a claim. However, it's important to choose a deductible that you would be able to pay in case of an emergency.

When selecting a deductible amount, there are a few factors to consider. Firstly, choose an amount that you are comfortable paying out of pocket. Secondly, keep in mind that the deductible amount will impact your car insurance premium. A lower deductible typically means a higher insurance premium, while a higher deductible results in a lower premium. You can use GEICO's coverage calculator to compare and calculate how different deductible amounts will affect your overall policy premium.

In addition to raising your deductible, non-military policyholders can also consider other strategies to save on insurance costs for stored vehicles. These include the GEICO DriveEasy App, which can offer a discount for safe driving habits, or comprehensive coverage, which provides necessary protection at a lower cost.

Cancelling your auto insurance policy

GEICO's vehicle storage insurance coverage is only available to military members who have been deployed for 30 or more days. This is known as the Storage Protection Plan, and GEICO will suspend or reduce the insurance costs of the service member's vehicle while they are away.

If you are not a member of the military, there are other options to reduce your insurance costs while your vehicle is in storage. These include:

• The GEICO DriveEasy App: This telematics program tracks your driving to ensure you are practising safe habits. If you're not driving and your car is in storage, GEICO could offer you a maximum 25% discount.
• Comprehensive coverage: Reducing your coverage to just comprehensive insurance will lower your costs while providing protection.
• Raise your deductible: Raising your deductible will lower your auto insurance rate.
• Cancel your auto insurance policy: If you are confident in the safety and security of your vehicle's storage location, you can choose to cancel all of your car insurance coverage.

If you want to cancel your GEICO auto insurance policy, the company does not charge a cancellation fee. However, if you cancel in the middle of a coverage term, you may be charged what is called a short rate. This is when the carrier increases your premiums by a percentage for the term and then calculates your pro-rated fees from that higher amount. To avoid this, you can cancel your policy at the end of the term.

• Know your GEICO policy details: Make note of your current coverage levels, effective dates, and billing status.
• Shop around: With your GEICO policy details on hand, start shopping around for cheaper rates.
• Ask GEICO to step up: Before you cancel your GEICO auto policy, see if the coverage can be adjusted to suit your needs.
• Initiate new coverage: If you are still decided on switching carriers, initiate your new coverage before you cancel the GEICO policy.
• Cancel your GEICO policy: You can cancel your GEICO coverage once you are certain you have other coverage in place.

To cancel your GEICO auto insurance policy, you will need to call (800) 841-1587 to speak with a licensed agent. If prompted to speak to the Interactive Voice Response (IVR), say "cancel insurance policy" and then "auto". You may be asked to provide your GEICO policy number, so have that ready.

State requirements for parked car insurance

In most states, you are required to carry a minimum amount of insurance under state law if your vehicle is registered and parked on a public road. However, if your car is in storage and not being driven, you are not legally required to have insurance coverage.

Some states, like Texas, mandate specific coverage limits. For example, Texas requires the following:

• $30,000 of individual bodily injury coverage
• $60,000 of overall bodily injury coverage per accident
• $25,000 of property damage coverage per accident

It's important to note that insurance requirements differ depending on the location of your parked car. If your car is parked in a private location, such as your driveway or garage, the insurance requirements may be different from those for a car parked on a public road.

Additionally, the type of coverage needed for a parked car depends on the car itself. For example, if you own an older car outright, you may be able to switch to comprehensive-only insurance. However, if your car is newer and not fully paid off, or is a lease, you may need to maintain full coverage.

To ensure compliance with state laws, it is recommended to contact your state's motor vehicle department and your insurance provider to understand the specific requirements and options available to you.

Frequently asked questions