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Storage credit for your seasonal vehicles: 5 questions

Published on October 5, 2017


Are you among the many people who store a vehicle during winter? To get a better understanding of how storage credit for seasonal vehicles works, the L’Unique General Insurance team has put together answers to the most frequently asked questions on this subject!

  1. Which types of vehicles are eligible for storage credit?
    Only unused cars and motorhomes that are stored for a period of at least 60 days are eligible for a storage credit.
  2. Do I need to notify my broker when I store my seasonal vehicle, or when I remove it from storage?
    You should advise your broker only if you are storing or removing from storage a vehicle that is eligible for insurance credit, i.e. a car or motorhome.
  3. While in storage, are all the coverages on my vehicle suspended?
    No. Only coverage related to the vehicle use is suspended. Your stored vehicle remains covered for fire, theft, vandalism or the wind if you took out these coverages.
  4. How is the insurance credit calculated?
    The storage credit is calculated by taking into account the suspended coverages and the duration of the suspension. According to your preferences, it could be paid at the time of storage or when the vehicle is removed from storage.
  5. Why are trailers, motorcycles, snowmobiles, ATVs and watercraft not eligible for a storage credit?
    The insurance credit is already calculated in the annual premium of these vehicles. Their premium already factors in the months the vehicles are in use and the cost is then spread out over the year. You don’t need to advise your broker when you store or put these vehicles back on the road.

Your insurance broker is there to help you prevent losses. Feel free to contact him or her!

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