Insurance quandry - too many cars

[timsch]

Like many of you, I have more cars than some people may deem necessary, and like you, I say to them that I don't have enough yet. I'd love to have a whole barn full of cars to dabble in. So many great cars from yesterday that are a bit long in the tooth, but still have a great appeal to me.

Problem is insurance. No way that I've found to insure just myself regardless of what I'm driving. Compounding the problem is one of my teenage boys driving now and the other will start next month.. Living in the big city is not helping anything, but that can't be significantly changed at this time.

The only solution I can come up with is to continually rotate in and out of my policy a couple of the cars at a time. I have no idea whether the insurance companies would allow that for long. Parking some of them indefinitely would be no good for them. Driving without the insurance is a bit risky....

How are some of y'all dealing with this situation?

 

[JonA]

Not sure how Texas rolls, but most states up here, if you take insurance off a car, the insurance company notifies the DMV/RMV/what have you, and then they tell you "you've gotta insure that car or pay a fine." I just put the minimum limits on cars I'm not driving at the moment. Not ideal but better than nothing.

 

[GlowBugTDI]

Not sure how Texas rolls, but most states up here, if you take insurance off a car, the insurance company notifies the DMV/RMV/what have you, and then they tell you "you've gotta insure that car or pay a fine." I just put the minimum limits on cars I'm not driving at the moment. Not ideal but better than nothing.

That's insane! I feel bad for you now.

 

[timsch]

Not sure how Texas rolls, but most states up here, if you take insurance off a car, the insurance company notifies the DMV/RMV/what have you, and then they tell you "you've gotta insure that car or pay a fine." I just put the minimum limits on cars I'm not driving at the moment. Not ideal but better than nothing.

If Texas tried to roll like that, I'd like to think heads would roll too.

I also keep minimums on my vehicles, but minimums are still alot of money and it adds up.

 

[GlowBugTDI]

If Texas tried to roll like that, I'd like to think heads would roll too.

I also keep minimums on my vehicles, but minimums are still alot of money and it adds up.

I would hope so!! How dare they tell someone what they can and can't do with their car. A car they paid for with their own money and also paid insane taxes on. I don't think you have to worry about that happening yet Timsch. I think it would happen in MN long before Texas.

I apologize for commenting without actually aiding in the answer to your question...

 

[T-Roy]

My insurance in Texas through Allstate offered some sort of "sitting in a barn" policy where it was still covered if a tree or something fell on it.
Can't remember the exact name of it, but it was only $74 for 6 months. I used that so I didn't have a gap in insurance while I fixed the car up or wanted to switch to a diff car.

 

[Lightflyer1]

Mine are all listed as part time recreational vehicles, except my Beetle (main car). All are liability only. Generally about $150 a year each. Geico. You need to have more cars than drivers for that. Kids nowadays ruin insurance right off the bat.

 

[IndigoBlueWagon]

First, you can assign your new driver(s) to one car only, and have that vehicle insured for them. In MA if they occasionally drive one of your cars where they are not listed as a driver, you would still be covered. It also matters whether or not they live at your address.

Second, in MA you can register and insure all your cars, and then ask your insurance company to suspend coverage on car(s) that you aren't driving. I used to do that, and it left comprehensive insurance in place, so if a tree fell on the car or my garage burned down it was covered. I just couldn't drive it. But I didn't have to turn in plates and I could re-start coverage with a phone call.

That aside, insuring old TDIs should be pretty cheap. I currently have 5 cars insured, live in a metro area (Boston) but my premium is pretty low. And two of the cars (the BMW and GSW) have full coverage. It might be worth it to shop around for the best rate.

Finally, some insurers do have coverage where they insure the driver, not the car. I've heard of this in the UK, and I wonder if a company like Hagerty does that here.

 

[Powder Hound]

I only insure the car I am actually driving as the DD. The others sit with the battery disconnected. Or don't move much. Luckily Florida does not give grief if you switch the plate from one car to another. There is a minimal charge for the change, and they give you credit for the rest of the year on the car you are removing the plate from so the one you are putting the plate on does not cost an arm and a leg.

Insurance - sigh. The cars not being driven are not covered except by the house insurance. My carrier is horridly expensive (aren't they all?), which is why I switched to this scheme in the first place. They also have a "storage" insurance for a car not driven. It is very little different than full coverage. I think the only thing they do is drop collision. It is a waste.

Cheers,

PH

 

[IndigoBlueWagon]

What's "horribly expensive"?

I don't think mine is (Travelers). $265 per car for 5 cars, two of them with full coverage, seems pretty reasonable. I have an umbrella policy on my homeowners, so it's not part of the auto premium.

Now homeowners in insurance costs are another story. Don't get me started.

 

[x1800MODMY360x]

AZ we have a "Storage Mode" where you pay a small amount to have the vehicle Not Drive and would be covered for damages or theft.

 

[timsch]

What's "horribly expensive"?

I don't think mine is (Travelers). $265 per car for 5 cars, two of them with full coverage, seems pretty reasonable. I have an umbrella policy on my homeowners, so it's not part of the auto premium.

Now homeowners in insurance costs are another story. Don't get me started.

With 2 adult drivers and one teenage driver, I'm paying well over $3K/year for 3 TDIs, 1 Toyota T100 and 1 Sienna (2008). All are liability only with uninsured motorist coverage. This is with my wife shopping for the best rates every year. I need to add a 3/4 ton truck (occasional use for towing), and would like to add another car for my upcoming new driver. I can only imagine I'd be up to $5K/yr if I added those.

Edit: I should add that selling vehicles is hardly an option for me. The Sienna is the only vehicle that I'd consider disposable because they are so plentiful. The T100 is getting rare and is in my mind one of the highest quality build vehicles ever made. No luxury items, but no cheap crap. It's over 25 years old and almost all parts are original. It's never broken down or failed to start immediately. I say I'll be buried in it. (Too bad it's light duty). The Mk4s, while still somewhat common to us, are dear to me as a reminder of what VW achieved, so can't think of selling them. The Mk6 is very good in its own right IMO, although burdened by some cheap practices and the plague of emissions equipment. I take alot of time (usually) selecting cars, and when I get them, don't want to let them go.

 

[dieseldonato]

You should talk with an insurance broker, often times they deal with many different insurance companies and can get rates you wouldn't normally find looking for yourself.
I've fairly consistently had at least 4 vehicles under insurance all year and usually I'll add my old pickups during the summer months. Hasn't been an issue, just a phone call to change it and slight premium adjustment.
Any damage that may occur at my residence is covered under my homeowners policy and is far cheaper then the "storage" free through the auto insurance company. (Some don't even offer storage insurance.)
I just keep liability and uninsured/ under insured motorist on my vehicles. Don't own anything newer then my wife's 2008 escape and the chances of insurance totaling the rest of my vehicles is pretty high, with the exception of my old trucks. (They have some sort of classic insurance when they are on the policy.)

 

[Nuje]

Just two adult drivers (wife and I) with clean driving records here, and we *used* to be well over $1000/car - first year we had my wife's 2016 A3 e-tron (2018), it was $1400.
Now it's around $850, my Mk7 GSW is about the same; and the 2002 Golf is ~$750.

Which yes - adds nothing to the original question of how to insure multiple cars on the cheap, but just as a point of comparison as to what insurance costs elsewhere, I guess.

 

[oilhammer]

You need to find a broker, I think you're getting screwed.

I have three Golfs, one Passat, two pickups, a Mini, and the camper, with two adult drivers, and it isn't that much. The teenage driver thing certainly is hurting, which is why I wouldn't pay it... let them pay it. My parents never paid for mine, and I'm a better driver because of it.

If a teenager cannot earn enough money to pay for their own liability insurance, then maybe they have no need to drive.

 

[Lightflyer1]

You need to find a broker, I think you're getting screwed.

I have three Golfs, one Passat, two pickups, a Mini, and the camper, with two adult drivers, and it isn't that much. The teenage driver thing certainly is hurting, which is why I wouldn't pay it... let them pay it. My parents never paid for mine, and I'm a better driver because of it.

If a teenager cannot earn enough money to pay for their own liability insurance, then maybe they have no need to drive.

When I was getting divorced long, long ago, I went through family counseling. My two daughters told the counselor they were unhappy with me because I wouldn't let them drive. The counselor sided with them and was unhappy with me. So we called the girls in and I told them they had my permission to get a car. But I wasn't paying for the car or insurance or gas or repairs and if it broke down they paid the tow away fee. That ended that issue. Didn't stop the insurance company from raising my rates though just because they were here in my home and of driving age.

 

[bigsexyTDI]

Not sure how Texas rolls, but most states up here, if you take insurance off a car, the insurance company notifies the DMV/RMV/what have you, and then they tell you "you've gotta insure that car or pay a fine." I just put the minimum limits on cars I'm not driving at the moment. Not ideal but better than nothing.

That is straight up robbery... I am glad Kentucky isn't like that.

 

[dieseldonato]

When I was getting divorced long, long ago, I went through family counseling. My two daughters told the counselor they were unhappy with me because I wouldn't let them drive. The counselor sided with them and was unhappy with me. So we called the girls in and I told them they had my permission to get a car. But I wasn't paying for the car or insurance or gas or repairs and if it broke down they paid the tow away fee. That ended that issue. Didn't stop the insurance company from raising my rates though just because they were here in my home and of driving age.

I had to do the same thing when I was ready to get my license, sans my uncle gave me an old beater car (which I (we really) had to fix) worked for my cousins on their milk farm, then moved onto another better paying job. I personally don't think it's too much to ask of a young adult to bear some responsibilities and be accountable for their own things. I plan on doing the same thing with my kids. I'll get the first car and it's on them from there on out. (Don't get me wrong, I'll help keep it maintained and fixed, but they can pay for it.)

 

[ZippyNH]

Move to NH...
No insurance required...
Net effect is more people are insured cause it's suddenly more affordable than other states....I live 2 miles from the Massachusetts state line, but pay 1/3 the amount for the same coverage.
But seriously I understand that you cannot move, and coming to purple NH from red Texas, a deal breaker for many, plus I might consider moving there soon!!
Check with different insurance companies....you might be able to register a few of the older ones as classic, get insurance that's lots cheaper with some restrictions or ultra low miles...let's face it if you only average 4000 miles a year each on 4 cars thats 16k miles, "average" for one car. My gut says you can find something...hell with USAA (love them or hate them) I can adjust miles, use, coverage etc and add coverage or suspend it online...
Another popular option is the dealer plate option....most states let you or even REQUIRES you get a dealer license if you sell more than x(typical 3+)cars per year.... Insurance is technically on the plate though the insurance policy effectively...not the cheapest but ...

 

[timsch]

We'll definitely be getting in touch with an insurance broker. I don't recall hearing about that profession.

I've got mixed feelings thinking about not having an insurance requirement. I'd love for it to not be required for me. For everyone else though....hmm.
Insurance makes sense, but not in the form of the racket it's become. Must be nice to live in NH where most people are sensible - about driving at least

 

[AndyBees]

That is straight up robbery... I am glad Kentucky isn't like that.

Drop the insurance on one of your cars. Within a month, you will get a letter to turn in your tags at the county clerk's office. No fee though. Yep, I live in Kentucky too!

 

[bigsexyTDI]

Drop the insurance on one of your cars. Within a month, you will get a letter to turn in your tags at the county clerk's office. No fee though. Yep, I live in Kentucky too!

I haven't had insurance on 5 different vehicles for years. I switch back and forth sometimes for 6 months or so... Things must be wayyy different over there in Appalachia than they are here in far Western KY.

 

[jmodge]

Same here in Michigan as far as storage insurance option. It covers damage at home and with a phone call I can switch it for use. The only vehicle I would consider it for is my K5, but it's used impulsively as much as planned, so not worth the hassle for me. I use a Broker called HUB International. I've had them for years using Home Owners Insurance. I don't know how they do it, but nobody ever comes close to matching their prices.

 

[AndyBees]

A phone call no longer works for Kentucky Farm Bureau even though it is a vehicle I still own and had cancelled the insurance only a couple of months ago. They now want the customer to bring in the Title to the vehicle, including me, even though I've been continually insured with them since June, 1970.

 

[pro51492]

Man I am so glad to live in a state that does not check insurance against registration, that seems like complete B.S to me. I am in the same boat with insurance and my 8 vehicles between me and my wife lol. Just keep state minimum on the ones we drive.

 

[reince]

Not sure how Texas rolls, but most states up here, if you take insurance off a car, the insurance company notifies the DMV/RMV/what have you, and then they tell you "you've gotta insure that car or pay a fine." I just put the minimum limits on cars I'm not driving at the moment. Not ideal but better than nothing.

Being an insurance agent must be a good job up there.