With the cold season approaching, you may need to store your beautiful convertible car for a few months. Did you know that you can take advantage of the FAQ16 endorsement?
Assurance Multi-Risques informs you about the steps to take with your insurer when you need to store a vehicle for part of the year.
Storing your vehicle during winter: how does it affect your auto insurance?
Many Quebecers store their summer vehicles in the fall to avoid driving them in Quebec’s winter conditions. If this is the case for you, we strongly advise you to contact your auto insurer to notify them that you are storing your vehicle.
Did you know that you can save on your insurance premium when you store your vehicle with your insurer? There is an endorsement called FAQ16 – Suspension of coverage when storing your vehicle.
What does the FAQ16 amendment consist of?
This clause suspends certain guarantees in your auto insurance policy in exchange for storing your vehicle. Please note that your vehicle must be taken off the road. It must be parked in a secure location and cannot be left on public roads.
Certain types of coverage, such as civil liability and collision coverage related to driving your vehicle, will be suspended. We strongly recommend that you use this endorsement when you store your vehicle. Although certain types of coverage directly related to driving your vehicle and using the road network will be suspended, other types of coverage will remain active. This means that if an incident occurs while your vehicle is in storage, it will still be covered.
For example, if your car has a gas leak and the storage building catches fire as a result, you would be covered under FAQ16. If you simply cancel your insurance coverage during storage, you will have no liability coverage.
Save money on your insurance premium!
Good news! This coverage allows you to get a discount on your auto insurance for the storage period, while maintaining protection in case of unforeseen events.
However, remember one extremely important point: the coverage provided by your auto insurance policy is suspended with regard to driving your vehicle.
For example, you plan to store your vehicle on October 30 and contact your auto insurer to add a vehicle storage endorsement. Ultimately, you change your mind and continue driving your car, and you have an accident on November 15. Bad news! You will not be covered by your auto insurer for this claim. Be vigilant!
Notify your insurer when you cancel your policy.
Be careful when you put your vehicle back on the road in the spring. You will need to contact your insurer or auto insurance broker again to let them know that your vehicle will now be on the road. You will need to reactivate your coverage after storage.
Your independent insurance broker can advise you on the best auto insurance coverage available. They can also assist you with the process of storing your seasonal vehicle.