Can you have more than two car insurance policies in New Jersey?
Sunday, June 7th, 2009 at
4:38 pm
Miguel asked:
I am under my dad insurance and so is one of my cars. Is it possible for me to be under another insurance with my other car or thats not possible.
I am under my dad insurance and so is one of my cars. Is it possible for me to be under another insurance with my other car or thats not possible.
Tagged with: Car Insurance Policies • Cars • Insurance
Filed under: Car Insurance
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if you have 2 cars, you can insure each w/ a different company. it is not in your best interest to do so, though. most companies will give you a multi-car discount for insuring more than one car w/ them.
your question also brings up the question of how the vehicles are titled (owned). is the car on your dad’s policy titled to him and you are the driver? if that’s the case then it is insured properly in his name and has you listed and classed as the driver.
if the other car is in fact titled to you then it should be on a separate policy with you as the named insured and driver.
rule of thumb for insurance: you can only insure property that you have an insurable interest in. in other words you can only insure property you own.
It is possible, but it royally complicates how your coverages would apply should a claim arise. It’s usually much less cost-effective (aka ‘more expensive) if you are covered by more than one insurance policy. Nowadays, most auto insurance policies are written the same way, many times by the same company.
Furthermore, either insurance company may have an issue with being one of two insurance companies covering you.
I would either cut-out on my own and have both cars under my own policy (most expensive), sell one of the cars and leave the remaining on my dad’s policy (cheapest), or sell one of the cars and leave the remaining on my own policy.
Yes, but why in the world would you want to?
For your dad’s policy, you know his insurance doesn’t have to pay out on any car that isn’t titled to him, right? And if it IS titled to him, it’s HIS car. And if they DO pay out, they pay HIM, not YOU.
BUT, if you want one car on his policy, you can certainly buy your own policy. If you have THREE policies, all in your name, then when you have a claim, all the insurance companies can take a year to fight among themselves, who has to pay what, while you sit there crying that you don’t have a check yet.
You can’t get double covered. You CAN create a big mess that way. And usually, if you don’t do it the right way first, it will come back and bite you in the rear.