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Features How do you insure multiple clunkers?

Discussion in 'The Hokey Ass Message Board' started by sgtlethargic, Sep 24, 2020.

  1. Is it cost prohibitive to have (liability) insurance on four or six cars? Maybe I'd only drive the old ones once a month.
  2. Mr48chev
    Joined: Dec 28, 2007
    Posts: 27,526


    I insure the 3 daily drivers I have and the 1 ton dualie for about 80 bucks a month with just liability. All of the dailies were bought cheap even though two of them don't look cheap.
    I know several people who only insure particular vehicles at certain times of the year. One in particular has a gas hog truck with a big camper on it that he goes on line and activates the insurance when he wants to go camping with it and then takes the insurance off when it is going to be parked for a length of time again. The truck never leaves the shed it sits in 9 months out of 12.
    sgtlethargic likes this.
  3. You might check to see if you can get a 'named operator' policy. Generally available as liability only, and you are insured, not the vehicles. So as long as you're driving, you have insurance but no one else can drive them. May not be available from all companies and in all states, but can be a cheaper option if you have a lot of cars.
    VANDENPLAS and sgtlethargic like this.
  4. It looks like those are for people that drive but don't own a car. Maybe there's another name for it?

  5. I had one of those years ago when I owned a bunch of cars, none of which was really worth insuring for comp/collision. It wasn't particularly cheap, but it was considerably less than insuring each car individually. As far as I know, these policies are still available in Washington state from some insurers, but that may not be true where you live. You might try calling a insurance broker, rather than an agent for just one company.
    sgtlethargic likes this.
  6. rivguy
    Joined: Feb 16, 2009
    Posts: 136


    I insure my four older cars with liability only policies, my other two newer cars are full coverage, though they are getting old enough to go to liability only in a couple of years. When I realize that the cars would be considered a total loss due to minimum damage I won't carry full coverage anymore. It is kind of expensive, but if I cancel insurance the registration becomes suspended and it's kind of a hassle dealing with that. Although there are two other named drivers in the house I'm actually the only one driving most of the time. So the other cars sit most of the time, I can only drive one at a time! It's my little luxury to be able to drive any of my cars. Though none of them are anything great. I don't have any car payments so I can still afford to do this for a while longer.
  7. That sounds expensive.
  8. deathrowdave
    Joined: May 27, 2014
    Posts: 2,245

    from NKy

    Shop around about every 3-5 years , rates change . Once a company gets your $$$ , it’s not often they will lower your paying rate , it’s just $$$ in the bank to them . I was with the same company for 27 years , looked around and got way better coverages on my house and autos and property for less than 1/2 price . When I called to cancel , they ask why I explained the rate difference , the lady asks “ why didn’t you call us we could have lowered you considerably .” Im like WTH , lady why didn’t you lower it anyway , thanks for rapping me for years , then telling me about how you did it . It’s my own fault , I had health issues happening that occupied my time and with direct withdraw payments , I didn’t really notice the changes in rates throughout the years . So if you can avoid it don’t do direct withdraw payments and shop every few years . Loyal customers really mean nothing but $$ in the big companies bank account .
    46international likes this.
  9. mgtstumpy
    Joined: Jul 20, 2006
    Posts: 8,215


    My DD is on full comprehensive whilst my HAMB era cars are on limited registration with manageable reduced monthly premiums. My other work in progress HAMB car is currently on laid up insurance as it's not registered. It does pay to shop around for the best deal as stated, loyalty these days isn't a factor considered when determining premiums.
  10. billfunk29
    Joined: Jun 28, 2005
    Posts: 29

    from Minnesota

    ten years ago I had a P
    rogressive policy that I could put 5 cars on. And I could change them online. Not sure they still have that.
  11. oldolds
    Joined: Oct 18, 2010
    Posts: 3,029


    My fathers antiques are with JC Taylor. If I remember right after the 4th one liability is free. I think they also do modified vehicles now.
  12. corncobcoupe
    Joined: May 26, 2001
    Posts: 5,067

    Staff Member

    Haggerty Insurance.
    Stated value - includes collision, comp and liability.
    My 5 classic vehicles for 750.00 year total.

    Drive them when I have time - not often - a weekend day every now and then.
    If a tree falls on my shop I'm covered with my property insurance for my shop.
    My car(s) inside get damaged - Hagerty covers.
    That's why they call it insurance.
    sgtlethargic and guthriesmith like this.
  13. oldtom69
    Joined: Dec 6, 2009
    Posts: 513

    from grandin nd

    I have the same issue-4 cars,liability only,costs more every car I add-but I can only drive one at a time!!!pay only $70 a month,but still makes me mad
  14. squirrel
    Joined: Sep 23, 2004
    Posts: 46,866


    we have liability only insurance on (wait while I count them)....8 cars right now. The older ones are around $100 a year, the newer ones are several hundred each.

    If paying for insurance is a problem, then get rid of the cars, you obviously need the money more than the cars.
  15. 3quarter32
    Joined: Dec 10, 2010
    Posts: 321


    I keep full insurance on my two daily drivers. My other four "toys" just have liability.
  16. There is no free lunch. If you want to play, you gotta pay. I have 6 insured.....
    TrailerTrashToo likes this.
  17. I'm dreaming up project plans. I'm wondering if there are affordable options for multiple clunkers because it wouldn't be worth it to insure several at the rate I'm paying for my daily driver. Adding the backup driver was nearly as much.

    Don't most HAMBers know Tman's financial guru recommendation?
    Last edited: Sep 24, 2020
  18. All my daily driver vehicles have liability only except my wife’s that has a loan so requires full coverage. All the old cars (even the ones sitting in the shop that don’t run) have stated-amount Hagerty policies. Seems with Hagerty one or 10 are about the same overall cost. Adding old cars to the policy changes it less than $10/year per car typically.
    sgtlethargic likes this.
  19. RJP
    Joined: Oct 5, 2005
    Posts: 1,654

    from PNW

    Depends on how you work it. In my younger days I had a buddy who handled my insurance. We were talking at my shop one day, and I was doing my usual bitch about how insurance companies were just legalized muggers. I asked him why I had to pay insurance on 5 cars, when it was obvious I couldn't drive more than one at a time. He agreed, and we hatched a plan. He kept all the info on my ever changing 5-6 car fleet, and I liability insured just the one I drove most. If I was gonna drive another, I'd call him, tell him for how long, and he'd move that over to the covered/insured slot. It was up to me to hold up my end, drive what and when I said I would, and pay the bill when it was do. Found paying yearly helped keep the costs down too. Worked like a dream for 20 yrs. Then I moved, and my new insurance lady was mortified when I hinted at the arrangement. But she did come up with a cool idea. I cut back to two cars, and she did one on some kind of RV type policy. Just had to call and let her know when and for how long I was going to drive it. Don't know if this worked for collision, because I never insured any car, DD or hotrod, with collision. I figure what I've saved over the years bought me my OT AMG Merc, and that's covered by liability only too.
  20. blowby
    Joined: Dec 27, 2012
    Posts: 6,869

    from Nicasio Ca

    Lightweight.. I'm well into double digits but that's about what I pay. I used to be bothered but figure it's just the cost of having the hobby. My California registrations are $125-$150 yearly now for old stuff, mostly state and local add on taxes, but that's another subject..
    seb fontana likes this.
  21. Wow.
    jimmy six likes this.
  22. Rex_A_Lott
    Joined: Feb 5, 2007
    Posts: 1,018


    Another deal where it depends on your state and your insurance company. Here in SC it even depends on what county you live in.
  23. goldmountain
    Joined: Jun 12, 2016
    Posts: 2,211


    Nice to know that I'm not the only one. Don't know what to do with my pickup truck. Only need it when hauling the occasional stuff. If I cancel the insurance, I need to put it through a safety check if I reinstate it. Now I have it insured on comprehensive insurance which doesn't allow me to drive it, but I Don't have to do the safety check to put it back on the road. For the few times I actually need a truck, I end up borrowing my brother's. Should just sell it. On the other hand, I am happy with collector car insurance. That is affordable.

    Sent from my SM-T350 using The H.A.M.B. mobile app
  24. 283john
    Joined: Nov 17, 2008
    Posts: 791


    State Farm gives me a multi-car discount.
  25. proartguy
    Joined: Apr 13, 2009
    Posts: 452

    from Sparks, NV

    I have had an Operators Policy for many years with Dairyland Insurance. This provides liability and uninsured motorist coverage for whatever I drive and meets the mandatory state requirements. Doesn’t matter how many cars I have.

    Comprehensive for a collector car is another matter. I found that most collector insurance policies required I have a fairly new car, under ten years old as a driver, as well as limited use of the collector car. Not to mention specific storage requirements.
  26. squirrel
    Joined: Sep 23, 2004
    Posts: 46,866


    I can't do this, because I treat my old cars like daily drivers, and Hagerty doesn't want to have anything to do with me.
  27. Yea, I might be pushing that deal too but probably shouldn’t mention it. :oops:
  28. One daily driver with an inexpensive secondary policy on one oldie, which could be changed to another oldie (online) would be good. IOW, an insured daily plus a rotating oldie as a backup or occasional driver. Not insured and registered => not driven nor parked on the street.
  29. lucas doolin
    Joined: Feb 7, 2013
    Posts: 415

    lucas doolin

    I have State Farm too and very happy. However, as the fleet grows, I may consider going to a company that specializes in antique cars. There are some antique car insurance companies that charge liability coverage 1 time (based on the premise you can drive only one car at a time) and then add comprehensive coverage per car, based on agreed replacement value for each vehicle insured. Once you reach 5 or 6, that would represent a considerable amount in liability coverage saved. Anybody have experience with this approach and which are the companies offering such policies?
  30. When I had my Shop in Tuscon, AZ my Ins. Co had.a Blanket Ins.
    on all my Cars (8) including the Daily Driver's which were 3 of them
    that was 30 year's ago and the CO. was Farmer's

    Just my 3.5 cents

    Live Learn & Die a Fool

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