Automotive

Can you own 2 cars and insure them with different insurance companies

  • Last Updated:
  • Aug 17th, 2013 6:58 pm
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[OP]
Member
User avatar
Apr 1, 2011
219 posts
13 upvotes
Niagara Falls

Can you own 2 cars and insure them with different insurance companies

Hi, I have a family suv and recently bought a beater for commuting. I called my current insurance company to add the car but the quote given was too high. Something to do with having to pay a prorated amount monthly since my renewal is this September. Doing a quick online quote I can save $500 minimum by going with another company and I also don't have to pay nearly double payments until September.

So is it possible to be the owner of two cars and have them insured by two different companies?
9 replies
Jr. Member
Mar 7, 2011
151 posts
91 upvotes
Moronto
Guess who's in a good position to find out?

(Shouldn't be a problem apart from no multi vehicle discount).
Deal Addict
Sep 30, 2008
1589 posts
199 upvotes
You should also get quotes for your current vehicle and you'll get a multi car discount. Then jump ship, the new company will take care of All the paper work and cancel your current insurance.

At least that's how smoothly it went when I switched.
Member
User avatar
Jan 30, 2013
254 posts
18 upvotes
Yes it's possible
mr_raider wrote: I think the inner douchiness will come out and override cultural superstitions when comes time to sign the lease.
Deal Fanatic
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Aug 11, 2008
8567 posts
1281 upvotes
Ontario
incorrect advice, the new company will not take care of the cancellation...he would have to sign a cancellation form and may be obligated to pay for any fees for time on risk.
tdott wrote: You should also get quotes for your current vehicle and you'll get a multi car discount. Then jump ship, the new company will take care of All the paper work and cancel your current insurance.

At least that's how smoothly it went when I switched.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Fanatic
User avatar
Aug 11, 2008
8567 posts
1281 upvotes
Ontario
yes you can, but having both with different insurers you won't get the multi vehicle discount.

this is how it works... ask your broker for the annual premium for adding this vehicle and go by that amount, not the additional monthly premium ...this is why:

when you add a vehicle mid term you will be charged for the time remaining on your policy..example..your policy renews september, you add the car now, or march 1st. Technically you have 7 months left on your TERM, but you actually only have 5 or 6 remaining installments left on the payment plan for your EXISTING term, that ADDITIONAL premium for the 7 months will be divided up over the remaining installments of 5 or 6 left on the existing term. Most companies start billing 1 month prior to the renewal this is why you have to pay up the previous term before that new payment starts for the renewal .... and this is why the NEW monthly amount is higher than what you thought it would be.

Did that make sense?

Is this how your broker explained it to you??

srgrant wrote: Hi, I have a family suv and recently bought a beater for commuting. I called my current insurance company to add the car but the quote given was too high. Something to do with having to pay a prorated amount monthly since my renewal is this September. Doing a quick online quote I can save $500 minimum by going with another company and I also don't have to pay nearly double payments until September.

So is it possible to be the owner of two cars and have them insured by two different companies?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Newbie
Oct 23, 2008
46 posts
im a little perplexed upon reading this thread....

my dad booted me off his policy for his premiums sake because i got rear-ended a couple months ago bringing my accidents up to 3 no faults. so my new car he was going to take out a policy for with a different company but the broker is telling him its not possible to do that in ontario due to having house insurance and auto insurance with one company already, is he just chatting non-sense then?

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