Here we share insurers’ views on overnight parking and why 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 isn’t always going to 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.
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 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. Being parked on the road removes that certainty.
It’s also worth noting that some insurers offer ‘locked compound car insurance’. This is available to people who keep their car in a place that can only be accessed with a key or entry code. Some commercial premises and apartment blocks often have this in place because it adds a layer of security and makes theft more difficult. If you park your car in a locked compound overnight, it’s worth mentioning this when arranging a car insurance quote, because it may reduce the cost of your cover.
If you have the luxury of multiple parking options (and you must be truthful of course), it’s worth getting quotes based on each scenario to see which is most cost-beneficial for you. If you’re getting your quotes online that’s quite an easy comparison for you to make yourself but even when you’re speaking 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.
