Can adding another vehicle increase your insurance rates?
Will adding a second vehicle to our policy increase our rates? My wife and I just got another vehicle.
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Answered on Jul 07, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“When adding an additional vehicle to a policy, you are likely to see a rate increase. How much your rate will increase will depend on the coverage you select.
If your new vehicle only needs liability car insurance, your rate will be lower than adding full coverage.
The type of vehicle can also determine your rate. A newer vehicle often will cost more to insure.
However, many car insurance companies do offer multi-vehicle discounts. By adding another vehicle to your policy, you may be eligible for an additional discount.
To find out what your new rate will be, you should reach out to your current carrier. They’ll be able to provide you with a quote that includes your new vehicle.”
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