Insuring Two Cars for One Driver

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Insuring Two Cars for One Driver

If you have several cars, you might wonder, is insuring two cars for one driver an option that makes sense? If you have several vehicles, you can usually insure them in your name on one policy. 

 In most cases, insurance companies will allow a single driver, who doesn’t own a fleet of cars, to ensure as many as four vehicles on a single policy. Each carrier sets its own policy, so this will vary from company to company.  

Keeping the Cost of Insuring Multiple Cars Down

If you have two cars to insure, you should consider how often you drive them and how many miles you put on each one every month. For example, you may drive one car back and forth to work Monday through Friday. However, you may prefer to drive a different car on the weekends. In this case, you probably drive your work car considerably more (and longer distances) than your weekend car. In this scenario, you should be paying less to insure the vehicle you drive, mostly on the weekends.   

Will Each Vehicle You Own be Covered at the Same Rate? 

The purpose of insuring multiple vehicles onto one policy should be to save money by 10% or more in most cases. In some situations, like a garaged or rarely used car, it might make more sense to get a separate policy. Also, if you own an old collectors vehicle that is valuable and rarely driven, it might be smart to cover it with a different policy.  

If you don’t drive much, then you can save a lot of money with “pay by the mile’ insurance.” This is a type of coverage that is really gaining in popularity. Pay as you go insurance is especially popular with millennials that don’t drive that much and do not want to pay over $1,000 for car insurance coverage. 

This type of coverage allows you to pay based on the distance you drive. The fewer miles you drive each month, the less you will pay to insure your car.  

On the other hand, if you start to drive your vehicle a lot, more than 1,000 miles each month, this policy type may not make sense from a financial perspective. This is when insuring two cars for one driver starts to be the best option.

Insuring Two Cars for One Driver

Weekend Car Insurance

If you have two cars to insure, you should consider how often you drive them and how far you drive them. For example, you may drive one car back and forth to work during the week. 

However, you may prefer to drive a different car on the weekends, let’s say a sporty vehicle. In this case, you should consider weekend car insurance coverage. You might be insuring two cars for one driver on the same policy, but many major auto insurers do not offer weekend auto insurance. 

Your cheapest and best option is probably to use a company like Metromile or Root car insurance. These insurers will charge you pay by the mile rates, which can save you 50% or more if you only drive on the weekends. 

Before you combine two cars onto one policy, with one vehicle only driven on the weekends, check with an agent to discuss your options. You might be given a bundled auto insurance rate that compares equal to a “pay as you drive” insurance policy. To compare rates and plans, enter your zip code and fill out a quote application online.   

Buying a New Car and Coverage Options

Perhaps you’ve decided to purchase a new car but want to keep your current one for a little while longer and need one driver two cars insurance. In this case, your new automobile will probably need to have more coverage than your old one. For the new car, a policy that includes collision, comprehensive, and liability coverage is necessary, although more expensive.  

Note that liability coverage may be all your older car needs because it will cover property damage and bodily injury. This way, your insurance will not pay to repair your older car if an accident occurs. It will also not cover damage caused by falling objects, natural disasters, or animals. 

Adding a Classic Automobile onto One Policy  

If you own a classic car and an everyday vehicle, most companies will cover you by insuring two cars for one driver on a single policy. However, you do have the option of insuring them on separate policies.  

This option may be useful if you rarely drive the classic car but want to ensure it is protected from flood, theft, or fire. You can get a policy for a classic vehicle specifically for storage, which will help cut your premiums down quite a bit.

This policy doesn’t cover you driving the classic car on the road. If you do drive it and are involved in an accident, you will be responsible for the repair costs, as well as possible legal fees, fines, and more.

If you’re driving a classic car that only has storage coverage and you cause an accident that kills or critically injures someone, you could face significant legal charges. (Of course, this is the case if you are driving any vehicle and cause an accident.)

Insuring Seasonal Vehicles

If you own one car, such as a convertible, that you only drive during certain seasons of the year, you can have them covered on the same policy. This can save you a lot of money. You also have the option of not insuring your seasonal vehicle during the off-season and storing it instead. In this case, you would need to report your lapse in coverage to the state and return your license plate. Talk with an agent to see what option makes more sense and will save you the most money.  

Can Two Drivers Insure one Vehicle?

Perhaps you own a single vehicle with another person. For example, maybe you are newly married and plan to share a car with your new spouse. You may be thinking about having your own insurance policy on the vehicle and adding a driver to it. 

This isn’t really necessary and is usually a waste of money. Instead, it would help if you are looking for a joint policy that allows both of you to keep the coverage you need to be protected. It’s also important to understand that having two policies on a single car can be viewed as insurance fraud, specifically “unjust enrichment.” It occurs if one of the two insured drivers has a covered loss and attempts to file claims with both policies.

You could be subject to fines and possibly jail time. Another instance in which two people may try to cover the same car could involve a family with a teen driver. They may be getting their first insurance policy, but the parents feel that they should also get a policy to make sure there is sufficient coverage in the event of an accident. If any family member could end up driving the car, you should consider a multi-driver policy.

Coverage For Multi-Driver Households

If there are multiple drivers in your home, it’s essential to understand how these additional drivers can affect your car insurance policy. An auto insurance policy for various drivers is similar to a policy for a single driver.

You should include any potential drivers in the policy. As long as someone pays the bill, there should be no issue with your coverage.  

The only thing that makes a multi-driver policy unique is how each driver’s individual driving history will affect the policy. If someone added to the policy has reckless driving convictions or a DUI on their record, it would cause the cost of the premium to go up significantly.   

Insurance companies cannot distinguish risk distribution among each driver on the policy. This means that if one person has a poor driving record, the premium will be higher. If you later decide to split up the policy, their driving record will not follow you. 

Adding a Teen onto Your Policy

If you are a parent, you have the option of excluding your teen driver from your policy. It could be essential if they get a ticket or are involved in an accident, which could drastically raise your premium. 

It is strongly suggested that you discuss this with your insurance agent before making a final decision. In some situations, such as when you have a child who goes away to college, you may want to continue covering them on your multi-driver policy. You can do it by adding them to the policy as a “non-resident driver.” 

A non-resident driver is defined as someone who doesn’t live in your home but frequently drives your vehicle. The definition of “frequently” when used to describe a driver who uses a car usually refers to more than 12 times in a single year. However, this definition may vary from one insurance company to another.

Regardless of how many cars you own or how many drivers you want to cover, compare rates and plans online and find the best coverage for them.

How to Find the Best Rates for Insuring Two Cars for One Driver 

Now that you understand the benefits of insuring two cars for one driver, you need to search for the best rates. Take the time to comparison shop 10 or more quotes to ensure you get the best deal. Get quotes from both national auto carriers and local providers.  

Many direct providers like Good to Go Auto Insurance have some of the cheapest rates for insuring two or more drivers onto one policy. Start your quote by entering your zip code. Lower your car insurance premiums today and save more.