How Much Does Parking Insurance Cost in Alberta?

Many car owners in Alberta have a passion for luxury and classic cars. However, most of them do not use their vehicles throughout the year. Most luxury car owners prefer to store their prized possession indoors. However, some people also keep them outside during the winter months.

Most car owners wanted to cancel their car insurance during the pandemic. It might seem like a good idea at first, and you might seem to be saving some money. However, you should not be cancelling it. Instead, you can opt for parked car insurance.

If you are looking for parking insurance, this article will help you determine the benefits and the risks involved. We will also discuss the average parking insurance Alberta cost that drivers pay.

Before getting started, feel free to click here to learn more about auto insurance and to compare auto insurance quotes in Alberta.

Comprehensive coverage


There is no separate policy available exclusively for a car that is parked for a long duration. If you need such kind of coverage, you will have to purchase a comprehensive insurance policy. Park car insurance, often known as comprehensive car insurance, protects your parked vehicle during fire or theft. The insurance ensures that your prized possession has coverage even if a tree falls on it, is stolen, or is damaged due to vandalism.

Comprehensive car insurance is not mandatory. However, most car owners in Alberta prefer keeping it as add-on insurance to their standard insurance policy.

Comprehensive coverage is among the most expensive types of auto insurance in Alberta. So, to answer the question, — “how much is parking insurance Alberta?” — it’s hard to pinpoint, but we can say that it’s more expensive than basic types of coverages.

Parking tips for Alberta car owners


You must follow a routine to ensure your car is not damaged.

● Wherever you are parking your car, remember to roll up the windows, lock the doors and take the car keys.
● Always try to store your vehicle in your garage if you have one. However, if you don’t have a garage, you can always park your car in the driveway or under a street light.
● You should not keep valuables like cell phones and wallets inside the car while parking. These valuable positions are protected by your home insurance policy instead of your auto insurance, so you need both types of coverage for the best protection.
● If you work in a city, you can park your vehicle in paid parking garages. These places have trained staff, security cameras, and other safety measures.
● Nowadays, most car owners install vehicle security systems that might also save you on your auto insurance premium. You can choose a mechanical anti-theft device or an alarm and electrical security system.

Why is parking insurance important?


Parked car insurance offers car owners protection against risks and perils. Some of the common examples of risks are:

● Vandalism
● Theft
● Public rights or civil disobedience
● Wind and storm damage
● Water damage
● Damage from falling aircraft or aircraft parts
● Fire and smoke damage

Now you may wonder how you will benefit from parked car insurance. Let us take an example:

For instance, you have parked your insured vehicle on the driveway. However, at night, a storm strikes your neighbourhood, and a big branch falls on your car, leaving large dents on the exterior part of your vehicle and causing windshield damage. Your third-party or collision policies would not cover this kind of damage. This is where parked car insurance can help you out. Your insurance company will cover all or most portions of the damage.

How to get parked car insurance in Alberta


Not all insurance providers offer parked car insurance. Thus, you would need to research to find insurers offering such policies. In most cases, insurance companies will ask you to store your vehicle for at least 30 days to qualify for parked car insurance.

To insure your parked car, you need to fulfill the following requirements:

You need to own a fully insured car

In most cases, the insurance companies will offer comprehensive car insurance if your vehicle has the minimum liability limits in your province.

You have to own the vehicle

Insurance companies will not offer parked car insurance for vehicles if you finance or lease them.

Shop around for better offers

If your insurance company does not offer this type of coverage, you can always find a new carrier.

When should you be applying for parked car insurance?


You should be applying for parked car insurance if :

● If you own a seasonal vehicle
● You have more than one vehicle
● To avoid any gap in a car insurance policy
● To get protection from fire
● If your vehicle is not operational
● You have lost your driving license due to medical reasons and cannot drive
● You are a senior citizen and can no longer drive
● You are going on a long vacation while your car is parked on your property.

What happens if your parked vehicle is involved in a hit-and-run case in Alberta?


Generally, the comprehensive policy covers hit and runs. However, it is best to discuss the issue with your insurance provider or advisor before availing of the policy.

You may often leave your vehicle in the parking lot of a theatre, shopping mall, or a public place. In most cases, you return to your car, and it is in the same condition as you had left. However, if you find that your vehicle is damaged and the person has left the scene, this is known as a hit and run.

So if you are a victim of a hit and run case, you must submit all the essential documents and details to your insurance company to get the coverage.

● The date and exact location where the hit and run occurred
● The weather conditions during the time
● Eyewitness’ names and contact information
● Approximate time of the accident
● Proof that you have called the police.

You should also submit photographs of your damaged vehicle to your insurance company. Some crucial photos that you may submit are:

● The damage caused to your vehicle
● Pictures of any damaged cars nearby or tire marks
● Any debris in the surrounding area that may help identify the person
● Location identifiers like billboards or any signs.

Parking insurance Alberta: Endnote

Parked car insurance can offer multiple types of coverage, which aren’t normally covered by other policies. Moreover, the best way to get full vehicle insurance is to purchase comprehensive collision coverage.

About Carolyn Lang