How does car insurance on multiple vehicles work (USA)
How does car insurance on multiple vehicles work (USA)
there's so many people that own 5+ shitboxes, but there's no way they're paying over a grand a year to insure all of them. is there something where you pay less to add on a car? obviously you can't drive all 5 at once, so is there something where like only one at a time is covered for collisions, and the rest only if like a tree falls on them while parked? asking bc I'd like to be one of those people that own 5+ shitboxes. thanks :)
Yeah you get fairly large discounts on extra vehicles, the logic being that you're only driving one at a time and so collision and liability coverage costs only go up a little for each extra vehicle.
'shitboxes' often don't have comprehensive or collision coverage, just liability--the cost of which is mostly based on who is driving, not what.
Others mentioned multi car discounts, but you can also suspend coverage on a vehicle and restart, or have a low mileage policy that restricts the amount and type of driving. Different carriers will offer different options.
Edit: and old inexpensive vehicles driven infrequently are often relatively cheap to insure.
There’s also liability only, where you don’t actually insure the car- just the damage you cause. On my beaters, after i get enough saved again for the next down payment I go to liability only; and I keep making “car payments” to myself for when it inevitably breaks down.
Liability only is dramatically cheaper, and older vehicles cost less. My motorcycle is $90 a year, whereas my Model 3 and my wife's CX-5 is $3600 a year combined.
You can get a quote to add an additional vehicle before buying it. I suggest you do that.
Older cars have lower rates. You can drive a fifteen year old POS and get full coverage for $20.
Funny, I've asked this exact question multiple times, and the answer I always get is that you just get fucked. You pay full price for the first vehicle, and then 90% of full price for every extra one.
Maybe it's Georgia? I carry the minimum for the state (Liability + Collision), but then bump the Liability because I now live in a high cost of living area. So if I'm in a wreck, I get nothing, but the other guy gets a nice check for his car and his medical bills are covered.
My car insurance would be WAY cheaper for me to just drive one of my shitboxes 100% of the time than it is to split my mileage across four vehicles. But I make it up by being pretty handy. When one of them breaks, I have multiple other cars to drive while I wait for parts in the mail. So I'd still say I come out slightly ahead as far as costs go, but most of my 'savings' go straight to the insurance company.
Old cars are much less. A good driving record makes a big difference. I fear the day when my kids are old enough to drive.
It costs me $450/month for 3. That's with discounts for multi policy, adult drivers, anti-theft, anti-lock brakes, and airbags.
I have 3 with maxed out coverage and it's only $800-$900 every 6 months. I do get a nice discount for paying it all upfront but it's crazy how much the price can vary based on all the factors.
Also depends on our limits. $25,000 in liability will cost less than $250,000 in liability.
A MONTH?! Jfc I pay like $50/month for one vehicle
I had a v8 Camaro that cost $100/mo. Bought an suv with every possible safety item and it doubled. Less accidents, but more expensive when they occur.
It's about $80/month each for me. I'll usually keep two deactivated while they are parked in the barn. I'll have two active, and the other two are either waiting for me to repair them, or waiting till the other two break down. Sucked that one time I had three down at the same time...
Each car needs a separate policy, but if you get all your policies through one company they are likely to throw a discount at you for multiple cars. OTOH, it also means if you get in an accident or get a pile of tickets your rates will probably go up on all of them. And, of course, you probably don't need collision on a shitbox car that's paid off.
It may also make a difference what you use them for. They may give you a lower rate if they know it is not used daily. I know someone with an old 60's-era Mustang, he has it on a special policy that is much cheaper because it's for classic cars only. But there is a limit to how much he can drive it in a year before his rates go up. It's basically for old cars that you only drive to car shows or just to show off, and keep off the road entirely in the winter.
Some states may or may not require collision.
To be honest the most critical thing to have is coverage for other drivers and medical on yours.
Somebody gets hurt and 10 or 25k isn’t going to cover anything and you don’t want to have your wages garnished to cover the difference.
This especially applies when you don’t have a huge paycheck because you can afford to lose a percentage of your paycheck less than most people.
There's no way they're paying over a grand a year to unsure all of them.
.... Well.... I am.... About 4x that actually and this is the final reason why my credit card is maxed out.
It’s simple. They don’t insure them. Lmao
Multicar discounts are pretty significant, my coworker went to drop a car from his plan recently and found out that it would cost him more to insure just 1 car than to insure 2. Doesn't make any since logically.