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Auto Insurance question
Posted on 12/13/22 at 1:07 pm
Posted on 12/13/22 at 1:07 pm
I was talking to a coworker this morning who is a single guy with 2 vehicles in his name. He told me that he has 1 oh his vehicles insured with Geico and the other with State Farm. He says that if he keeps both vehicles with the same company and policy, it cost him more.
He says by splitting the vehicles with different companies, it's saves him $60 month. I didn't know that was even possible. Is that legal and has anyone else ever done this?
He says by splitting the vehicles with different companies, it's saves him $60 month. I didn't know that was even possible. Is that legal and has anyone else ever done this?
6
Posted on 12/13/22 at 3:12 pm to GeauxTigers1983
Everything is state specific.
But if the insurance companies know about the other car, I'm sure everything is fine.
Usually, "bundling" a multicar discount saves money. The only thing I can imagine is that the insurance companies are thinking that he is "hiding" a second driver on a 2 car policy and surcharging for that.
But if the insurance companies know about the other car, I'm sure everything is fine.
Usually, "bundling" a multicar discount saves money. The only thing I can imagine is that the insurance companies are thinking that he is "hiding" a second driver on a 2 car policy and surcharging for that.
Posted on 12/13/22 at 5:02 pm to GeauxTigers1983
Your co-worker is very, very wrong.
Posted on 12/13/22 at 6:17 pm to GeauxTigers1983
Most insurance companies would never write a policy knowing there is another vehicle in the household owned by their Named Insured not listed on the policy.
My initial thought is that your coworker is full of shite or not very smart.
My initial thought is that your coworker is full of shite or not very smart.
Posted on 12/13/22 at 7:49 pm to GeauxTigers1983
Never heard of such. Have always bundled autos with home
Posted on 12/13/22 at 7:54 pm to GeauxTigers1983
Sounds illogical. Wouldn’t both insurance companies automatically assume the car they’re insuring is the primary auto and insure as such based on the risk. Where as by bundling it, it’s known one is a secondary auto and not in the road as much; there by, minimizing some of the risk
Posted on 12/14/22 at 8:21 am to Weekend Warrior79
His co-worker hasn’t gotten a correct quote. That’s your answer.
Posted on 12/14/22 at 8:25 am to Weekend Warrior79
quote:
Sounds illogical. Wouldn’t both insurance companies automatically assume the car they’re insuring is the primary auto and insure as such based on the risk. Where as by bundling it, it’s known one is a secondary auto and not in the road as much; there by, minimizing some of the risk
This. Being that he is single and has no other drivers in the house he obviously can only drive one vehicle at a time and thus reduces risk.
If he has two cars with two companies, they will both be primary, thus costing more (all else being equal of course)
Posted on 12/14/22 at 10:17 am to GeauxTigers1983
quote:
Is that legal
I am certainly no legal expert when it comes to auto insurance, but I feel pretty confident is stating there isn't a state in the union that has a law prohibiting a person from insuring multiple vehicles through different insurance companies. As to whether it is truly a cost saving measure, I would have the same doubts expressed by others here.
Posted on 12/14/22 at 11:36 am to HarveyBanger
quote:
Most insurance companies would never write a policy knowing there is another vehicle in the household owned by their Named Insured not listed on the policy.
Why would a 2nd car be any different from a motorcycle? Can that be on a separate policy?
How about commercial vehicle?
Or Turo vehicle?
Or classic car insured through Hagerty?
What if it is joint titled?
What if it is a branded title?
Something is weird about the scenario.
But having 2 insurance companies wouldn't be the weird part in my guestimation.
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