If you have more than one car, you can insure both with two different policies. And in some cases, that might make sense. For example, suppose you only plan to drive your second vehicle from time to time. In that case, it might be more cost-effective to buy a policy that allows you to pay by the mile than to add your second car to your current policy.
Learn about car insurance for daily trips to work. Yes, two people in the same household can have two different car insurance policies. In some cases, such as someone living with a roommate, both people should have absolutely separate policies. People who live in the same space but who maintain separate finances probably don't have a compelling reason to share car insurance.
Almost all insurance companies offer discounts for multiple cars, which means you can save money by including all of your family's cars in a single policy. And if you have a classic car, a classic car insurance policy can offer specialized coverages that aren't available with standard car insurance. You can only file a claim with one insurance company, which means that filing a claim with the second insurance company for the same incident could be considered insurance fraud. In addition, insurance companies generally require that all licensed household members be included in one policy, so even with separate policies, each insurance provider is likely to require that other members of the household be included in the policies of the others.
An additional car insurance policy may not only help you get the insurance you need, but it may also help you save money every month. For example, if you drive a Toyota and a Mercedes, you'll pay a fixed rate to insure both vehicles under the same car insurance plan. That said, if you have an exotic vehicle, a classic car, or one that you only drive on the weekends, explore the possibility of taking out a secondary car insurance policy. Two people in the same household can have two different car insurance policies, but it's often cheaper to have one car insurance policy per household.
The price you'll pay to buy insurance for a second car depends on several factors, such as where you live, the type of car you have, your driving history, the types of car insurance coverage you buy, and more. Filing a claim for the theft of a car with both insurance companies would be considered insurance fraud and could end up with jail terms and heavy fines. But if you also have a weekend car or a car that you use for sports, such as a day at the track or an SUV, you may want to insure your second vehicle with a second insurance policy. Insurance companies will do their due diligence before approving any claims, but if you have two car insurance policies, this can delay the processing time of your claims.
However, if you only need to insure an average car that will be used to travel to work, having two car insurance policies is most likely not something you need to entertain. If you're interested in having two car insurance policies or wondering why someone would choose to have two car insurance policies in the first place, keep reading. Buying insurance for a second car generally doesn't cost as much as buying a policy for the first, thanks to multi-vehicle discounts, special auto insurance policies, and usage-based auto insurance options.