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Storage credit for your seasonal vehicles in 5 questions

Published on October 5, 2022


Do you store a vehicle during the cold months? Our team answers the most frequently asked questions on the topic to better understand how an insurance credit for storing seasonal vehicles works!

1. What types of vehicles are eligible for a storage credit?

Only automobiles and recreational vehicles that are unused and stored for a period of at least 60 consecutive days are eligible for a storage credit.

2. Should I notify my broker when I store a seasonal vehicle or remove it from storage?

You only need to inform your broker if you remove a vehicle eligible for a storage credit from storage that is either an automobile or RV.

3. Is all my vehicle coverage suspended during storage?

No. Only coverage related to using the vehicle is suspended. So, your stored vehicle remains protected from things like fire, theft, vandalism or wind if you purchased that coverage.

4. How is an insurance credit calculated?

An insurance credit is paid immediately upon storage. And the return is proportional to the period remaining on the contract (maximum of 183 days). You are no longer eligible to receive a credit when the vehicle is put back on the road. However, when the vehicle is back on the road, a premium adjustment is made that is proportional to the period remaining on the contract.

5. Why are caravans, motorcycles, snowmobiles, all-terrain vehicles and boats not eligible for this credit?

Actually, an insurance credit is already factored into the annual premium for these vehicles. Their premium is based solely on months of use. The cost is then spread out over the year. You don’t have to notify your broker when storing these vehicles or removing them from storage.

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