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Your car could cost you a lot of money if it's involved in an accident or theft which leads to damage, injuries or death. You can save yourself from paying what could be thousands of dollars by making sure your car does not affect your homeowners or renters insurance. Here are the basics for four common types of insurance:
-Homeowners Insurance: If you have this kind of policy, the person responsible for maintaining your property is covered up to $100,000 for damages like fire, water and theft; that doesn’t include damage from a collision with another object. Your insurance could be voided if you don’t always keep properly-maintained cars, trucks or ATVs in your garage. If they are left outside and/or unattended, you could be in trouble, even if the vehicle isn't yours.
-Renters Insurance: Even if someone else was driving your car when it was involved in an accident with another object, your renters policy can cover any damages that “collateral sources” (like your car insurance) wouldn’t take care of. However, if the accident was your fault and you have the minimum level of insurance -- after the damages are paid to third parties -- your coverage will be voided.
-Auto Insurance: If a car in your garage is involved in an accident or theft, your auto insurance covers any damages to other objects or people under your policy. If you don’t feel comfortable leaving a car outside unattended, you can get coverage by keeping it at a secure location like a trailer park. The fees for this type of coverage vary by state.
-Medical Payments Coverage: If someone gets injured while on the premises with your permission, this type of coverage would pay for any medical bills they incur as well as lost wages from missed work.
-Homeowners Insurance: If you have this kind of policy, the person responsible for maintaining your property is covered up to $100,000 for damages like fire, water and theft; that doesn’t include damage from a collision with another object. Your insurance could be voided if you don’t always keep properly-maintained cars, trucks or ATVs in your garage. If they are left outside and/or unattended, you could be in trouble, even if the vehicle isn't yours.
-Renters Insurance: Even if someone else was driving your car when it was involved in an accident with another object, your renters policy can cover any damages that “collateral sources” (like your car insurance) wouldn’t take care of. However, if the accident was your fault and you have the minimum level of insurance -- after the damages are paid to third parties -- your coverage will be voided.
-Auto Insurance: If a car in your garage is involved in an accident or theft, your auto insurance covers any damages to other objects or people under your policy. If you don’t feel comfortable leaving a car outside unattended, you can get coverage by keeping it at a secure location like a trailer park. The fees for this type of coverage vary by state.
-Medical Payments Coverage: If someone gets injured while on the premises with your permission, this type of coverage would pay for any medical bills they incur as well as lost wages from missed work.
