Car Insurance for a Second Vehicle
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UPDATED: Mar 19, 2020
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- If you are planning on buying a second vehicle, it is easy to have it added to your existing car insurance policy
- When you add another car to an existing car insurance policy, the rate will increase slightly, but you may be eligible for a multi-car discount
- Adding a second car to your car insurance is a good time to evaluate whether your current coverage is still appropriate for your vehicle
- If you are adding a car for another driver, you may also want to check to see if it is cheaper to simply insure that driver separately
- If the extra car is for a teenage driver, it is almost always cheaper to have the teen driver added to the parents’ existing policy rather than getting one on his own
If you know that you will be purchasing another vehicle, you can easily have it added to your current car insurance policy. You can even call your car insurance agent ahead of time to find out how much it would cost to have the additional car on your policy.
One of the ways to keep your coverage down for the new car on your policy is to make sure that it is a reliable vehicle so that you are not paying more to insure an exotic car.
Most car insurance companies offer a discount for insuring more than one car on the same policy. Your premium will likely go up, but it will probably not increase as much as it would for having two separate car insurance policies.
Adding Another Vehicle to Your Car Insurance Policy
A very popular reason that you would have another car to add to your existing car insurance is that there is a new teen driver in your household. It is almost always smarter to have the teen driver insured under a parent’s existing policy because the teen driver is considered very high risk by the insurance company.
Your premium will increase slightly for this, but you are able to have the teen driver removed and insured through an individual policy when the driver has more experience.
Keep in mind that the type of vehicle matters in terms of the effect it will have on your premium when added to your policy. This means that an exotic car will cost way more to add to your policy than your average sedan.
If you are able to speak with your car insurance agent before purchasing a car, you can ask about the effect the particular type of car you are interested in will have on your policy.
If you are already at the dealership ready to purchase the additional vehicle, having current insurance for your existing car may carry through for your new vehicle.
The reason that this matters is that many dealers require you to have some valid insurance before you can drive off the lot with your car.
While there is usually a grace period to get the second vehicle added to your policy, you will want to act quickly to make sure that it is officially added. If you delay too long, any accident involving the additional vehicle may not be covered for your existing car insurance policy.
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Coverage Options for Multiple Cars
The occasion of adding another car to your car insurance is a good time to think about whether the type of coverage you have is still appropriate for you.
For instance, if your existing vehicle is fairly old and has a high number of miles on it, your comprehensive coverage may not be as important on that particular car.
Comprehensive car insurance comes into play when there is some damage to your vehicle that does not result from an accident. For an older car, the value is probably much lower, so cutting out your comprehensive coverage on that vehicle is a good way to reduce your premium without risking a high out-of-pocket expense.
Also, you may have comprehensive or collision coverage on an older car that you originally financed. If the car loan is paid off for this older car, those insurance coverages are no longer required under the loan agreement.
Take a look at the coverage amounts and see if you really still need the amount of coverage you are paying for.
While it does not take much time at all to have another car added to your insurance, you may want to pause and shop around for a variety of estimates before committing to any one insurance company. You may be surprised at the opportunity to pay less for your car insurance premium while getting the same amount of coverage.
Be sure to ask about what discounts are available for combining other insurance policies you may have, such as for a boat, a trailer for your life insurance, through that same company.
The general rule of thumb is that the more policies you have through the same company, the better rate you will get for all of them.
Car Insurance Options for Low Mileage Drivers
If the additional car you are adding to your policy is another vehicle that you plan to drive yourself, you may not plan to put many miles each day on that vehicle.
This is definitely information you should share with your car insurance agent because it could mean that you pay much lower rates for car insurance on that car.
Some car insurance companies even have an option for GPS tracking to be installed in your additional car, which would show the insurance company that you hardly plan to drive it, and your insurance rates for that car would be adjusted accordingly.
Wrap Up on Car Insurance for a Second Vehicle
The process of having another car added to your current auto insurance policy can be accomplished with a simple phone call to your auto insurance agent. If you are interested in ways that you could
If you are interested in ways that you could save money by adding this additional car to your policy, it could be in your best interest to call around to other insurance companies as well. Remember that the type of car you are adding to your existing policy will have an impact on the rate you pay for insurance on that vehicle.
If you do not plan to drive the additional car very often, do not forget to ask about what options are available for paying a lower premium on a lower mileage vehicle. Do not wait too long after getting a second vehicle to have it added to your insurance policy.