Storing Your Food Truck: Do You Still Need To Insure It?
There may come a time when you need to put your food truck into storage. Whether it’s because you are in a cold weather region or you are just taking a break from the rigors of the mobile food industry, you may wonder if you are required to keep the same levels and types of vehicle insurance coverage in place on your stored truck.
As with many situations in life, the answer to that question is, it depends. Here are some considerations you’ll need to address to be sure that a food truck you put in storage (for any period of time) has the proper types and levels of insurance coverage in place.
Insurance needs based on storage reasons
To determine if and how much insurance you’ll need, you’ll need to be clear on at least the following questions:
Why are you storing your food truck? – if you have a lifestyle change that requires you to put your food truck in storage you may want to let your current insurance coverage run its course and insure your stored vehicle as personal property only. If you plan to keep the registration active and valid, you may want to put a low-cost comprehensive coverage option in place with a higher deductible just in case something happens where you mobile food business is being stored.
How long will it be stored? – if the time you plan to have your food truck in storage matches or nearly matches the current term of your insurance coverage, you may not need to worry about any supplemental insurance for it. If the time you need to store you food truck exceeds the term of your current coverage, you may want to look into a short-term extension of your current policy or consider a completely separate short-term insurance policy with coverage options and limits in place more suitable for you.
Where will it be stored? – if you plan to store your food truck on your own property or at a friend or relative’s property, you may want to consider adding it to a homeowner’s or even a renter’s policy. If you plan to store your food truck at a separate storage facility, ask if they offer insurance on the items being stored there. Be sure to read all the fine print on any insurance or rental agreement if you store your truck at such a facility and be aware of any limitations on terms or value of property being stored and insured. Be aware that some facilities specifically designed to store vehicles require that you keep a minimum level of insurance coverage on your truck, even if you do not plan to have anybody driving it while it’s being stored.
What are the insurance laws of your state? – while nearly every state requires licensed drivers to carry a minimum amount of vehicle insurance, there are some states that also require you to have a minimum amount of insurance on any vehicle with a valid registration, even if you do not drive it. Before you store your food truck, make yourself aware of your state’s insurance requirements for registered vehicles.
If you need to store your food truck for any length of time, you don’t want to have to worry if something happens to it and you need to repair or replace it when you go to bring it out of storage. Take a few moments and answer these questions, or consult with your insurance agent to get these questions answered, and you can rest assured that you and your stored food truck will be protected.