Insuring two cars

[seadog]

I'm looking at purchasing a second car, just for myself, and out of curiosity put it into the Meloche Monex site, and it came up twice as expensive as I pay right now for 1 car.

On the surface this may seem logical, but thinking about it, shouldn't it basically be the same price as one car, or at least what the more expensive of the two would be? You can only drive one car at once, so you have the exact same total amount of driving, but divided between two cars instead of one. Total risk of an accident has not changed to them, yet they get twice the money?

Like if I'm driving something high performance, why wouldn't the insurance company jump at the chance for the same price to have me spending some of my time in my corolla instead? They're getting the higher premium, yet their actual risk of a big payout has gone way down.

[ShermanEF9]

it depends on what kind of vehicles they are too. and i would try other sites as well. i have been quoted half of one, and double the same.

[black13]

what two cars are you comparing? is this one newer than your old one?
and yea Meloch is over priced. It should definitely be lower, unless you listed someone living in your house.

[ExtraSlow]

It's also possible that the website is quoting you incorrectly. Give then a phone call. I know my second vehicle is much cheaper than my first, so instead of being 2x as much, it's more like 1.3x as much.
Could also have something to do with how many drivers are in the household vs how many cars.

[ShermanEF9]

id call peace hills. they have been amazing, and gave me a quote almost half of anyone else.

[Redlyne_mr2]

Depends on the car as well. My 91 mr2 that I drive once a month and is worth basically nothing to an insurance company costs more than my $40K FJ cruiser which I drive almost daily... go figure.

[Tik-Tok]

Unfortunately, you aren't insurance yourself (which I think is the way it shoudl be), you're insuring your vehicles.

Melcohe offers a discount for 3 cars or more, but for only two, your looking at full price for each. After all, just because YOU aren't driving both cars at once, it doesn't mean someone else isn't driving the other one at the same time.

[03ozwhip]

im with allstate and they give yo a discount for more than 1 car. i pay 2200 a year for 2 cars(one with full coverage) my bike and my house but im paying for my bike through another insurance company because they wouldnt insure it.

[Redlyne_mr2]

Originally posted by Tik-Tok
Unfortunately, you aren't insurance yourself (which I think is the way it shoudl be), you're insuring your vehicles.

Melcohe offers a discount for 3 cars or more, but for only two, your looking at full price for each. After all, just because YOU aren't driving both cars at once, it doesn't mean someone else isn't driving the other one at the same time.
Which makes no sense, if I live alone who would be driving my other car? Damn insurance companies. :guns:

[Tik-Tok]

Originally posted by Redlyne_mr2

Which makes no sense, if I live alone who would be driving my other car? Damn insurance companies. :guns:

I know, it sucks, but it's the way it is.

Personally, I'd like to see the system, where a person insures THEMSELVES. As in I put liability for vehicles on myself, as well as collision, and I can drive anything non commercial. If I happen to crash a vehicle that is worth more than my collision, well that'd be my own fault.

[2EFNFAST]

Sometimes their classifications make no sense - my daily driver (g35) is 25% more to insure than either my cobra, z06, or viper.

Also, don't be lazy, shop around for rates - TD really likes to rape you.

[4DoorGTZ]

Other option would be to split them up into seasons.... I only insure my Cadillac in the warm months when I'm most likely to drive it, otherwise its on fire&theft coverage and parked for the winter. Sucks for the warm spells and chinooks we get when you're itchy to take the nice car out during a brown Christmas, but saves me a $125/mo.

[Ferio_vti]

If you have a group rate, like university alumni or Apegga, etc, that group rate won't show up on the website. Better to call MM for a quote.

[2EFNFAST]

Originally posted by Redlyne_mr2

Which makes no sense, if I live alone who would be driving my other car? Damn insurance companies. :guns:

Family, etc....

It's not unreasonable to assume maybe one day your parents wander by and drive it *shrug*

[seadog]

Yah I did shop around when I first got it, and being in APEGGA gives me a pretty good rate something like 33/mth for PL/PD on my 97 corolla - and that was the best I found for the one car, so logically they'd be good for two cars.

I played around with it, and apparently adding a second driver more or less identical to me doesn't change anything, which is beyond reason since two drivers means more driving and more risk to them of a crash/payout.

If the vehicle's insured and not the driver, which is what it appears, whats the purpose of 'add a driver' feature, and why was I paying so much as a secondary driver when I was 17 on the parents car? Why was a call to them even necessary?

Adding a second identical car is exactly double.

[ExtraSlow]

Originally posted by Tik-Tok
Personally, I'd like to see the system, where a person insures THEMSELVES. As in I put liability for vehicles on myself, as well as collision, and I can drive anything non commercial. If I happen to crash a vehicle that is worth more than my collision, well that'd be my own fault.

The kicker with self-insurance isn't the cost of the vehcile, it's the liability. Let's say you accidentally run over someone, and kill them. You'd be liable to their family if you were sued.

By far the largest portion of insurance is the cost of liability insurance, the PLPD part. The actual "car" insurance is pretty cheap. I don't have my statement in front of me, but I'd say for my insurance, with two drivers and two vehciles, the PLPD is abuot 70% of the total cost. Collision and Comprehensive, plus some add-ons are no more than 30%.

[prae]

Originally posted by ExtraSlow


The kicker with self-insurance isn't the cost of the vehcile, it's the liability. Let's say you accidentally run over someone, and kill them. You'd be liable to their family if you were sued.

By far the largest portion of insurance is the cost of liability insurance, the PLPD part. The actual "car" insurance is pretty cheap. I don't have my statement in front of me, but I'd say for my insurance, with two drivers and two vehciles, the PLPD is abuot 70% of the total cost. Collision and Comprehensive, plus some add-ons are no more than 30%.

agreed. Obviously the ratio will depend on the value of the vehicle, and the age of the driver, but generally, PLPD comprises the majority of the cost.

[seadog]

How does that change anything? I'm talking about just PL/PD anyways for simplicity sake. If I drive 20k km/year in my 97 corolla the odds are lets say 1/20,000 I'll run over someone and they'll have to pay a million bux to their family. To offset that risk I pay $400 a year.

If I drive 10k km/yr in my current 97 corolla, but also bought a red 97 corolla and drove 10k km/yr in it, I'm still driving 20k km/yr in a 97 corolla, and the odds remain 1/20,000 I'll run over someone and they'll have to pay a million bux to the family.

They treat the situation like there's two of me, and we're both driving 20k km/yr each, which is quite a different situation.

[rage2]

Originally posted by 2EFNFAST
Family, etc....

It's not unreasonable to assume maybe one day your parents wander by and drive it *shrug*
Or your brother...

http://forums.beyond.ca/st/192927/thanks-to-my-brother-rip-e55/

[Redlyne_mr2]

Originally posted by 2EFNFAST


Family, etc....

It's not unreasonable to assume maybe one day your parents wander by and drive it *shrug*
Hahah yes it is... My dad has no business driving up from Red Deer breaking into my house and firing up the mr2. The insurance companies ask you how many people live in your household.