A single person with two cars and two insurance policies
I live in Virginia and currently have one older car insured under a policy with a rate lock that will last for another two years. I’m planning to buy a second car this year while keeping my older vehicle as a backup. I received a quote for adding the second car to my existing policy, but that would cause my locked rate to be lost and increase the insurance on the older car by 50%, in addition to the premium for the new vehicle.
Is it possible to obtain a separate insurance policy for the new car while keeping my current policy unchanged? I’m concerned about potential issues with either insurance company. Interestingly, based on initial quotes, insuring both cars separately appears to be more affordable than putting them on one combined policy.
Yes, it is generally possible to have two separate car insurance policies for two different cars, especially if it results in a lower overall cost. Here are a few things to keep in mind:
Separate Policies: You can definitely purchase a separate insurance policy for your new car while keeping the existing policy for your older car. This is a common practice, and many insurers allow it.
Notify Your Insurer: It’s a good idea to inform your current insurer about your situation, even if you don’t plan to add the new car to your existing policy. They might have specific guidelines or promotions that could still be beneficial for you.
Shop Around: Since you mentioned that the two separate policies are cheaper than combining them into one policy, be sure to continue shopping around for quotes. Different insurers may offer better rates based on your circumstances.
Consider Coverage Needs: Make sure to compare coverage levels on both policies. Sometimes a lower premium can come with less coverage, so ensure you’re adequately protected for both vehicles.
Long-Term Considerations: If you plan on keeping both cars for a significant amount of time, it may be worth reevaluating your insurance situation down the line. In a few years, the rates could change based on different factors.
Discounts: Finally, check if insurance companies offer any multi-car discounts or other discounts that might apply to you, even with separate policies.
Ultimately, having separate policies for each car is a viable option, and it sounds like you’ve already identified it as the more cost-effective choice for your situation.