That equals a new car payment. 
Insurance question on multiple car ownership
Thread Starter
Lexus Fanatic
Joined: May 2003
Posts: 7,864
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From: Massachusetts
Insurance question on multiple car ownership
Those of you who own 2 or more cars (under your name only), what is the extra rate on your 2nd car?
I've never owned more than one car at a time but am thinking of keeping my old SC when I get a new car.
Just curious at how insurance rates are figured. If you guys could give a percentage figure of what you pay extra for your 2nd car it would help, thanks.
I've never owned more than one car at a time but am thinking of keeping my old SC when I get a new car.
Just curious at how insurance rates are figured. If you guys could give a percentage figure of what you pay extra for your 2nd car it would help, thanks.
Thread Starter
Lexus Fanatic
Joined: May 2003
Posts: 7,864
Likes: 0
From: Massachusetts
Holy crap! Your paying $4200 a year on insurance! Many people only pay $500 a year (on one car). That's outrageous. How old are you?
Lexus Test Driver
Joined: May 2007
Posts: 803
Likes: 3
From: NC
I have 5 cars on my policy. All have full coverage and $250 deductable. I pay less than $1,000 for each for a year. I don't know if you can use this as everyone's situation is different and in different locations.
Thread Starter
Lexus Fanatic
Joined: May 2003
Posts: 7,864
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From: Massachusetts
Lexus Champion
Joined: Apr 2008
Posts: 2,368
Likes: 1
From: Socal
I have only one minor fender bender accident...no tickets or anything
Last edited by darkdream; May 31, 2008 at 08:36 PM.
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Lead Lap
Joined: Aug 2007
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From: falling back and fading...
I think it definitely depends on your situation and driving record. I am going to estimate that I get about 25-30% off the second vehicle (compared to what I was quoted for the vehicle's standalone policy).
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Thread Starter
Lexus Fanatic
Joined: May 2003
Posts: 7,864
Likes: 0
From: Massachusetts
I thought it was a lot less than just 25% off though. So many people have more than one car on the road, that's a lot of money.
I don't think I'll be able to keep the SC then.
Lead Lap
Joined: Aug 2007
Posts: 720
Likes: 1
From: falling back and fading...
To be honest, I don't fully remember what I was paying for the first car before adding on the Lexus last year. I do remember being pleasantly surprised when I saw my premiums were lower than expected when I did add it on though.
I do have some rather healthy coverage on both vehicles, if that helps any.
Thread Starter
Lexus Fanatic
Joined: May 2003
Posts: 7,864
Likes: 0
From: Massachusetts
I'm 29 as well and like I said, I pay $1200 a year for my SC in Mass. I can see though that NYC is considered a high risk area for theft and damage.
Lead Lap
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From: falling back and fading...