Here we share car insurance providers’ views on overnight parking locations and which is cheapest – it’s not as clear-cut as you’d hope…
In the ‘olden days’, when I first started in insurance, it was accepted that some overnight parking locations were universally better than others. Now, contrary to popular belief, having your car garaged or parked on a driveway overnight won’t produce the cheapest quote.
With the advancement of technology and the increased analysis of claims data, each insurer now has its own stance on the securest parking. This is referred to as claims experience. It doesn’t just relate to evaluating parking risk either. Even the make and model of your car has been analysed by the insurer and given a rating factor based on how many claims they receive. This results in vehicle insurance groups quickly becoming meaningless.
In relation to parking, some insurers will still say that cars parked on a public road represent a greater risk of ‘hit and run’ accidents, theft or vandalism claims. However, others can provide data to show that cars parked on a driveway are at a higher risk of theft. This is because thieves can easily pinpoint which house they need to approach to gain access to the keys – either by forcing entry or cloning the key. Parking on the road removes that certainty.
If you have the luxury of multiple parking options (and you must be truthful of course), test the system. Get car insurance quotes based on each parking scenario to see which is the cheapest for you.
If you get your quotes online that’s quite an easy comparison for you to make yourself. Even when you speak to a provider on the phone they can perform this check for you and ensure you get the best cover/price combination for your needs. In fact, it can often be more reassuring to speak to a broker person to person and ask all the questions you want.
At Ci4C we welcome your questions and are happy to offer advice where you need it – whether that’s about your overnight parking situation or anything else car insurance related.