Car Insurance Question (Multiple cars)

[theben]

Help me with some insurance cost analysis (concepts/basic guidlines are fine!)

Note:
-Multiple cars (Pretend 1 civic, 1 new BMW)
-Single driver

Info: I currently drive a regular crappy car (such as a cheap civic, corolla, etc). I plan on getting a second car and will drive the junk-o car during the winter and the "nice" car (BMW, mercedes, etc) during other seasons.

-I will have liability coverage on the civic
-I will have liability and collision coverage on the BMW


How much extra will this setup cost me than just covering a BMW for liability/collision?

Since there will be only 1 driver for the two cars, in theory the "risk" costs the insurance company must bear should be lower in a case with dual cars (1 crap-o car, 1 nice car) when compared to a situation where the driver uses a nice car year round. I fear this isnt the case. Help!

[DcifrThs]

how old are you? what is your driving history?

i'm 27, have 2outstanding tickets for 80 in a 65 on my liscense but nothing else and drive a 1998 740IL & pay abour 1350/year on insurance that protects agaist almost anypossible thing that can happen to it (aka, im a sucker)

Barron

[theben]

Barron,

23, clean driving history (0 points, 0 accidents, all tickets erased by traffic school)

The main point I'm stabbing at is effect of:

-multiple cars (1 cheap, 1 expensive) w/ a single driver

compared against

-single expensive car w/ single driver

[DcifrThs]

[ QUOTE ]
Barron,

23, clean driving history (0 points, 0 accidents, all tickets erased by traffic school)

The main point I'm stabbing at is effect of:

-multiple cars (1 cheap, 1 expensive) w/ a single driver

compared against

-single expensive car w/ single driver

[/ QUOTE ]

seems like it should be less... why not get two quotes?

im sure insurance companies like geico would be happy to help you over the phone...just call up.

Barron

[Shadowrun]

you cant forget about the price differentials of insurance between different states

i do agree calling up will be the easiest answer

[bav]

The cost of adding the 2nd car to the insurance will be MUCH less than the cost of insuring it separately. I don't have my old insurance statement handy and I no longer have two cars in one state, but it was something like half price for the 2nd vehicle. My policy basically had the 2nd car costs all spelled out in full, and then like a "$200 2nd car deduction" that lopped it about in half. Which is why I actually kept collision+comprehensive coverage on a 15yo car--it wouldn't have saved much to stop covering it.

But I imagine this all varies from company to company and maybe state to state, so you really will need to ask your insurance company about it.

[Nomad84]

I had my insurance broker (I was too lazy to deal with it myself) compare the cost of insuring my 2002 GMC Envoy for collision and comprehensive, 50/100/50 liability, and uninsured/underinsured motorist vs. the cost of adding the same coverage on my Bronco II minus the collision and comprehensive. I think it was ~$60 more for six months. I'm 22 with an accident on my record within the last three years. (It was the other guy's fault, but the officer said he could not determine who was at fault. He ran a red light. Cop couldn't tell who ran it.) Just get a quote both ways. If you are the only driver, it should be pretty cheap to add a second vehicle with liability only.

[squiffy]

Yes. I am single and drive two car -- an 02 Toyota Sienna van and an 06 Corolla. The cost of insuring the two cars was definitely NOT double the cost of insuring one.

So your insurance company should definitely give you a huge discount on the second car, if you can only drive one at a time.

But there are other factors to consider. The cost of insurince a car differs from car to car, depending on the style, safety, age, and profile of a typical driver. Often sporty cars are more costly to insure than old lady cars.

I don't have the exact price savings. But it's surprisingly cheap to insure the second car.

[ultimatesooner]

you should get a multi car discount that is usually pretty substantial. Sometimes it is cheaper to insure 1 crappy car +1 nice car. Just shop around and see who has the best rates