Automotive

Cost of insuring 3'rd car in a 2-person household (a lot or a little?)

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  • Oct 26th, 2020 10:58 am
[OP]
Newbie
Apr 27, 2016
20 posts
7 upvotes

Cost of insuring 3'rd car in a 2-person household (a lot or a little?)

Two person household, London Ontario (if that makes a difference). I've acquired a 3'rd vehicle and for maybe the next 2 months I want to be able to drive all of them until I park one of them for the winter. I've been with State Farm (now desjardins) for over 25 years. I called my agent to get an idea of what it would cost to add the third vehicle (liability only). Was told about $65/month. The other 2 vehicles cost about $70/month each. Am I out of line thinking that this third car is really no extra liability to the policy (2 people can't drive 3 cars simultaneously) so this 3'rd car should cost way less to insure? Anyone else in the same boat, but paying a lot less to insure a third vehicle?
12 replies
Deal Addict
User avatar
Jul 2, 2001
4249 posts
1574 upvotes
GTA
S0meGuy wrote: Am I out of line thinking that this third car is really no extra liability to the policy (2 people can't drive 3 cars simultaneously) so this 3'rd car should cost way less to insure?
You can't apply logic when dealing with an insurance company Face With Tears Of Joy
Member
Feb 17, 2004
478 posts
148 upvotes
1 driver with 3 cars insured here. Good luck on saving any big discounts. I just get the regular car insurance rates but do receive the multi vehicle discount. Also my cars each get less mileage driven individually.
Deal Fanatic
Sep 1, 2004
5925 posts
4589 upvotes
S0meGuy wrote: Two person household, London Ontario (if that makes a difference). I've acquired a 3'rd vehicle and for maybe the next 2 months I want to be able to drive all of them until I park one of them for the winter. I've been with State Farm (now desjardins) for over 25 years. I called my agent to get an idea of what it would cost to add the third vehicle (liability only). Was told about $65/month. The other 2 vehicles cost about $70/month each. Am I out of line thinking that this third car is really no extra liability to the policy (2 people can't drive 3 cars simultaneously) so this 3'rd car should cost way less to insure? Anyone else in the same boat, but paying a lot less to insure a third vehicle?
Unfortunately, that's the game. They gave you multi car discount already.

There are some let you do collectible car rate for your summer ride, but that limits travel to repair facilities and to car shows.
Deal Expert
Mar 23, 2004
28020 posts
8456 upvotes
Your insurance is dirt cheap as it is lol. $70/month per vehicle??? I dunno man doesn't really matter if you have to pay a full $70 more for the third, that's nothing IMO! I'm guessing it's a combination of cheap London insurance rates along with you are probably like 50+?

I have the same issue as you but I'm just one dude with two cars. I'm essentially paying double what it costs for one car, and my one car rate is already way more than your two cars so yeah, I can't imagine how unfair you'd think things were if you lived in the GTA :lol:

Also good luck with that "two more months" until winter bit...I'm pulling my insurance on my summer vehicle at the end of this month. Doubtful November is gonna be "summer driving" weather, lol. Esp. with all the rain we've been having which will undoubtedly turn to snow in the near future :mad:
Deal Expert
Aug 22, 2011
35085 posts
21051 upvotes
Center of Universe
2 driver, 4 vehicle household here...it's all smoke and mirrors!

Below are the discounts I get, yet my rates isn't anything spectacular compared to others in my region.

Snow Tire Discount 10 %
Preferred Client Discount 10 %
Combined Coverage Discount 15 %
Multi-Vehicle Discount 15 %
Newbie
Aug 8, 2016
23 posts
6 upvotes
S0meGuy wrote: Anyone else in the same boat, but paying a lot less to insure a third vehicle?
I am with Co-Operators. I received both "Multi-Vehicle Discount" and "More Vehicles Than Operators Discount". Discount seems to apply to all cars. That is, I believe I pay less on each car, rather than a bigger discount on one car.
Deal Addict
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May 18, 2002
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Brampton
I know what you mean. To get a reasonable price you actually have to take one off the road and only insure it for fire/theft.
My insurance allows me to call up and switch on short notice if I need to.
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Deal Fanatic
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Jul 26, 2007
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Toronto
Usually insurance companies allow to park/standby/fire theft only on secondary vehicles every 45 days for the new rate to apply.

Why not pay $100 a year on parked cars and switch out the 3rd car every 45 days?
Deal Expert
Jan 15, 2006
15580 posts
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Richmond Hill
ES_Revenge wrote: Your insurance is dirt cheap as it is lol. $70/month per vehicle??? I dunno man doesn't really matter if you have to pay a full $70 more for the third, that's nothing IMO! I'm guessing it's a combination of cheap London insurance rates along with you are probably like 50+?

I have the same issue as you but I'm just one dude with two cars. I'm essentially paying double what it costs for one car, and my one car rate is already way more than your two cars so yeah, I can't imagine how unfair you'd think things were if you lived in the GTA :lol:

Also good luck with that "two more months" until winter bit...I'm pulling my insurance on my summer vehicle at the end of this month. Doubtful November is gonna be "summer driving" weather, lol. Esp. with all the rain we've been having which will undoubtedly turn to snow in the near future :mad:
Same here. I park my car Nov 1st to May 1st.
[OP]
Newbie
Apr 27, 2016
20 posts
7 upvotes
peteryorkuca wrote: Usually insurance companies allow to park/standby/fire theft only on secondary vehicles every 45 days for the new rate to apply.

Why not pay $100 a year on parked cars and switch out the 3rd car every 45 days?
I have a 21 year old 300m and almost 20 year old ram. The milage on them works out to about 12k km/year on the 300 and 3.6k km / year on the truck. The third car is an '04 300m (about 100k less milage and in great shape). If I had a 3 or 4 car garage then I might have a nice / classic summer-only car but this is not Kalifornia and I have better things to do with my time than drive around joy-riding in a pampered car. The insurance is about $850 - $900 a year each. Lowest liability (I think $500k) no collision.

So for the time being I will get this 3'rd car insured so I can do a few things with it. I'm hauling leaves and crap with the truck now, soon the fall home maintainence will be done and I can park the truck in the garage for the winter and then have both 300's for winter driving. I'll be taking all insurance off on the truck - don't know why I'd need fire/theft, I don't care if it's only $100 a year. My house was insured with State Farm since I bought in 1999 (fully paid off in 2004) but the premium was creeping up about $30 a year about 5 years ago. I looked at the policy and wanted to just insure the house against damage of any kind, no content insurance, no liability insurance, but apparently nobody sells house insurance like that so I said screw it, cancel the house insurance. Insurance is a crock. I refuse to pay into a north-american insurance pool to pay for all the stuff that happens to other people's homes (hurricane, flood, tornado, earth quake, social anarchy, etc). Here in London ontario, nothing ever happens (ok sometimes someone drives into the gas meter and blows up a neighborhood but that ain't gonna happen at my place).
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May 18, 2002
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Brampton
Stop making sense, that hasn't been available for 40yrs, or unless you live in the states.
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Deal Addict
Jan 5, 2004
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Toronto
S0meGuy wrote: I have a 21 year old 300m and almost 20 year old ram. The milage on them works out to about 12k km/year on the 300 and 3.6k km / year on the truck. The third car is an '04 300m (about 100k less milage and in great shape). If I had a 3 or 4 car garage then I might have a nice / classic summer-only car but this is not Kalifornia and I have better things to do with my time than drive around joy-riding in a pampered car. The insurance is about $850 - $900 a year each. Lowest liability (I think $500k) no collision.

So for the time being I will get this 3'rd car insured so I can do a few things with it. I'm hauling leaves and crap with the truck now, soon the fall home maintainence will be done and I can park the truck in the garage for the winter and then have both 300's for winter driving. I'll be taking all insurance off on the truck - don't know why I'd need fire/theft, I don't care if it's only $100 a year. My house was insured with State Farm since I bought in 1999 (fully paid off in 2004) but the premium was creeping up about $30 a year about 5 years ago. I looked at the policy and wanted to just insure the house against damage of any kind, no content insurance, no liability insurance, but apparently nobody sells house insurance like that so I said screw it, cancel the house insurance. Insurance is a crock. I refuse to pay into a north-american insurance pool to pay for all the stuff that happens to other people's homes (hurricane, flood, tornado, earth quake, social anarchy, etc). Here in London ontario, nothing ever happens (ok sometimes someone drives into the gas meter and blows up a neighborhood but that ain't gonna happen at my place).
I guess fire, flood/overland water, windstorm, ice storm, and sewer backup never happens in London? Do you not invite friends or family and they have zero chance of injuring themselves? Do you ever order any package delivery, how do you ensure the mailman doesn't slip on your driveway?

I'm not saying you need to buy house insurance, but if shit hits the fan, I hope you are well off enough to repair/rebuild your house. Or if the fire/smoke spread, I hope you have enough to pay for your neighbours' repair/rebuild as well. Or have deep enough pockets if someone sues you after slipping and fallingon your driveway.

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