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I've been thinking about getting a fun car or two in my future, and I was wondering what the difference in insurance cost would be for multiple vehicles vs a single vehicle of the same value).
Assuming I were to just go with comprehensive and liability (no collision insurance), possible options could be:
Option A: 2 40k cars (Used NSX and Used Lotus Elise) total value insured $80k
Option B: 1 80k car (Used '04 Lamborghini Gallardo) total value insured $80k.
I know there are a lot of variables involved, FWIW I'm a 30 y/o with a clean driving record, but also else equal...would Option A or Option B cost more to insure?
Why not see your local agent with the insurance company you insure with.He/she can give you the rates.No on ehere can give you a accurate answer really.Insurnace reallty has so many factors involved even they would need a computer program to tell.
My insurance company simply offered a "second car discount", which I think was about 15%, maybe 20%. Then if you designate one of them as "casual use", not used to drive to work and less than about 5K miles a year, it will be discounted even further.
Yeah, you designate one for daily driving and one for entertainment/5% driving...which may get you a discount, but if the car is a sports car/high performance vehicle, it can still cost a lot.
My insurance company simply offered a "second car discount", which I think was about 15%, maybe 20%. Then if you designate one of them as "casual use", not used to drive to work and less than about 5K miles a year, it will be discounted even further.
Thanks for the info, that's what I was getting at. I assumed that option two would probably be less expensive. Since only one car will be driven at a time and one can be listed as a "primary vehicle", each additional vehicle would cost marginally less to insure due to discounts like you stated.
Yeah, you designate one for daily driving and one for entertainment/5% driving...which may get you a discount, but if the car is a sports car/high performance vehicle, it can still cost a lot.
Good point. From what I've seen, certain companies give pretty good discounts for a second, third vehicle designated for "pleasure" use.
So, for a theoretical example,
option 1 could be:
Car A ($90K value) $3000 /yr insurance
overall cost: $3000/yr
option 2:
Car B: ($30k value) $1k/yr insurance
Car C: ($30K value) $750/yr 25 % discount, 2nd car
Car D: ($30k Value) $600/yr 40 % discount, 3rd car
Friend if you plan to owe money on any high dollar or sporty type of car you better nail down every penny of what the insurance will cost. Even if you pay cash for the car you better get some insurance quotes first.
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Are you the only driver in the household? If not, they will assign each vehicle to a driver, and that driver's record will affect the cost for that vehicle. Even if it's a roommate who is not authorized to use the car.
Other than that, the two cars will cost more to insure.
When it comes to liability, you could do more damage with two than one. For example, if you smashed the first into a storefront, totaling it and damaging the store, then get a ride home and take out the 2nd car and smack into another car with it.
You should be asking some insurance companies. The problem with the Gallardo is many "regular" companies won't insure it, or if they do, it's outrageously expensive. I have an LP560 and went through all the normal companies like Geico, Allstate, etc, before going w/ a specialty insurer
The Gallardo's a fun car, but stick with the 2006+ and newer
I'm a "stay at home mom" and we own over 8 cars..... YIKERS! But 2 different insurance policies. One is for our collector cars and covered thru a different agency that specializes in such. Those are a LOT lower than one would think since they are not driven daily nor to commute to school or work. Because these are also registered as "classics" the state restricts how many miles we can put on them as well as the insurance. No more than around 5000 a year. Which isn't a problem at all.
As for the main policy.....We now have 3 drivers in the house w/ one being 16. My daily car is insured as "pleasure" since it is not driven to and from work on a regular basis so that is less than my husbands "daily driver" that he does drive to/from work. The 3rd car on that policy is also designated as "pleasure" as it's not driven to/from work either. We have no restrictions on the miles we can put on any second car or pleasure vehicle and these cars are also less to insure even though they are basically "fully insured". The teens car, 4th on the policy, is classified as her "daily driver" and it's the only one that right now is calculated and the rate reflects a teen driver for her to drive even though she can legally drive any car in the household. That is all about to change. The insurance companies are going to soon be taking the value of ALL cars on the policy and combining them and dividing it so it will raise the rate we pay on the car hub's drives to work and my car and our "pleasure" car and the not work family car. That means our one policy w/ a Porsche Turbo, 02 Suburban, BMW and the teens $1500 "junker" will be combined Not a good scenario. So it won't matter if you have two cars that in value total $80K or one car that totals $80K.
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Not a good scenario. So it won't matter if you have two cars that in value total $80K or one car that totals $80K.
