Do auto insurance companies charge by the number of drivers?

If you own multiple vehicles and they are registered, then the state you live in will require you to carry insurance on each of those vehicles.

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Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance...

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UPDATED: Apr 24, 2020

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Here's what you need to know...

  • Often, car insurance for collector cars are less expensive than it is for a modern car
  • If you have multiple vehicles, you will also qualify for a discount if you have all of your policies for those vehicles in a single location
  • Some insurance companies will also provide you with a discount if you purchase collectibles insurance for your home

The answer to this question really depends on what type of driver you are. If you don’t own a vehicle, then you can purchase what is known as non-owners insurance.

This insurance provides you with liability coverage while you drive vehicles owned by other people.

However, you own one or multiple vehicles, then auto insurance companies will require that any driver on those vehicles be added to the policy.

If you own multiple vehicles and they are registered, then the state you live in will require you to carry insurance on each of those vehicles.

Enter your zip code below and compare auto insurance quotes right now!

What if I’m a car collector and I store my cars most of the time?

Unfortunately, it doesn’t matter if you only take your car out of the garage once a year and have it in secure storage the rest. If you are driving a registered vehicle, then you have to purchase insurance for that vehicle.

Now, this doesn’t mean that you can just skip registering your collector car so that you can avoid paying insurance. If you are driving on any public road, then you are required to have your vehicle registered.

If you drive your car without a registration, which also means you won’t have a tag, then your car may end up being impounded until you get it registered.

Often, car insurance for collector cars is less expensive than it is for a modern car. The reason for this is that a collectible, while insured at a specific value rather than a blue book value, is driven less in order to maintain its condition.

Once the value is established, the insurance company cannot reduce that number.

You will get a slight reduction in your rates for your reduced driving time. If you only take your car out on the weekends or once a year, for example, then you will get a discount because of that.

If you have multiple vehicles, you will also qualify for a discount if you have all of your policies for those vehicles in a single location.

Some insurance companies will also provide you with a discount on your home insurance if you purchase a collectibles insurance rider or policy.

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What if I never drive my cars, do I need to get insurance then?

If you don’t plan on driving your vehicles and they are going to remain in storage in your home or at another facility, then you aren’t going to need any auto insurance for those vehicles.

Homeowners insurance typically doesn’t cover the cost of collectibles. You have to purchase separate insurance for that.

Most insurance companies have some versions of collectible insurance, although some companies call it something different, such as a personal articles policy.

In any case, much like auto insurance, you will want to compare rates on these products to ensure you get the lowest rate possible.

How hard is it to get insurance for multiple classic or high-end cars?

Getting insurance for multiple classic cars or high-end cars isn’t difficult, it just takes a little more time than it would for someone who only owns one vehicle.

A major reason for this is that you are going to want to negotiate with the insurance company on the value of each of your vehicles, which does take time.

Your best bet is to find an independent agent who can work on your behalf.

This ensures that you aren’t repeating the same information over and over again and that all of the important facts are being documented by someone who knows how.

If you are one of the millions of people who don’t own their own personal fleet of cars, however, then you will want to consider using a quote tool to check the rates for your auto insurance.

Enter your zip code below and compare auto insurance quotes from multiple companies right now!

References:

  1. https://www.allstate.com/auto-insurance/liability-coverage.aspx
  2. https://www.hemmings.com/magazine/hcc/2013/01/Top-100-American-Collector-Cars-of-All-Time/3720671.html
  3. http://www.rms.nsw.gov.au/geared/your_car/registration_and_insurance/driving_unregistered.html
  4. https://www.kbb.com/
  5. https://www.allstate.com/home-insurance/homeowners-insurance-basics.aspx
  6. https://www.geico.com/information/aboutinsurance/umbrella/
  7. https://www.statefarm.com/
  8. https://www.progressive.com/

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