I’m hoping for some advice about auto insurance in the US (Pennsylvania). We have 6 cars and 4 drivers in my house – myself, my wife, and my 2 teenage kids. My kids each have their own cars. I’ve got a 718 Boxster and a Macan S, my wife has an ML350 and an AMG C43. I’ve got a single policy with all drivers and cars on it, but it’s REALLY expensive. It seems there must be a better way? Is it possible, and maybe more affordable, to open a second policy with just the Macan S, 718 & C43 on it, and exclude my kids from driving those vehicles? Any other ideas? Thanks! - Matt
Best way to insure my Porsches
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The way your policy is right now is the way it has to be. If your children live with you then they have "access" to all of your vehicles. Which means they have to be insured on all of them. I've tried... I even tried to start a new policy with a different company, but they know I have child of driving age living in the house. I guess the insurance companies share info with each other.
Trust me, I feel your pain. We have 3 drivers in the house and 5 vehicles. Of the 5 my son knows he can only drive two them. The '01 Land Rover or the '18 Mercedes GLA. The BMW M6, Range Rover Evoque, and the GTS are off limits. If I'm with him, and we are running errands, I will let him drive one of the other vehicles. He knows that the Land Rover is option 1, and the GLA is backup.
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What happens if your adult offspring owns his own car and later moved in back to his old room?
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If you haven't already, shop around. I just switched from a company I'd had for 23 years. When they got too expensive I tried to negotiate and they wouldn't come down. A couple of phone calls and I banked a $1K annual savings for the same coverage with another major insurance company. Also, get your kids their own policy when they reach the age in your State when that can be done. Might not save you money in policy premiums but will reduce exposure of your assets if they are in an injury accident.
If they have their own insurance policy then you are fine. It's when they are still considered to be dependents, and live at home is when they stick it to ya. My son is 19, living at home, and going to college. I asked if we could put him on his own policy, and was told no because we still claim him as a dependent.
Now, I was told if he moves out, and insures his own car then we could drop him from our current policy.
That is correct..... Does the $500 extra you get in a tax break worth it or not.
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The 'kid' is 27 years old and a practicing Civil Engineer. Through a twist of (good) fortune, he decided to move to Houston and get a new job last November. Since he would be taking the Professional Engineer's exams this April (gone with the Covid-19), we offered to have him stay in our guest room (he never lived in the house) until he got through the exams, so he wouldn't have to shop, cook, clean etc. He didn't mind the $1300-1600 rent savings either.
Then the pandemic happened... His company allowed them to work from home, so his car is parked outside, his driver's licence has our address, but no, we can't claim him as a dependent!... Not with the kind of money he is making!...
Thankfully he is picking up the cost for Specs deliveries (our local wine and noble spirits merchant!...)
Then the pandemic happened... His company allowed them to work from home, so his car is parked outside, his driver's licence has our address, but no, we can't claim him as a dependent!... Not with the kind of money he is making!...
Thankfully he is picking up the cost for Specs deliveries (our local wine and noble spirits merchant!...)
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Look into Leland West and Hagerty. They insure classics and exotics and your Boxster for sure will qualify (although not sure for the Macan and other cars). They both do agreed value and I know with Leland West you can exclude other drivers in the household. With the low annual mileage on my 2017 CS (set at 6k/yr), Leland West saved me a lot of money over my USAA policy which covers our other cars. Actually just switched over to Porsche's insurance, but that is only available in a few states right now. With Porsche you only pay for the miles you drive.
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OP.... you have the same situation as mine. (same cars too... kind of creepy!)
Were with StateFarm and have been happy with it.
Previously I carried my Vette & 718 with NCM (National Corvette Museum). Yes they offer insurance for all exotic or classic cars. There are others, Grundy, Hagerty, ect. but most of them are using the same underwriters so its a toss up on which one you pick. The key thing to note is that with these companies there are restrictions for use of your vehicle, milage, chores, grocery shopping, ect. Essentially it can be used for cruising, car shows or automotive events. You can work around most of that as most do, but I didn't want to mess with it and the difference in rate was negligible in the grand scheme. But, and this is important... with these companies you CAN EXCLUDE your children from the policy to make it cheaper. You'll need to have them file an exclusion that you and the children sign stating they will never drive the car, but it can be done. This may be state specific though.
Were with StateFarm and have been happy with it.
Previously I carried my Vette & 718 with NCM (National Corvette Museum). Yes they offer insurance for all exotic or classic cars. There are others, Grundy, Hagerty, ect. but most of them are using the same underwriters so its a toss up on which one you pick. The key thing to note is that with these companies there are restrictions for use of your vehicle, milage, chores, grocery shopping, ect. Essentially it can be used for cruising, car shows or automotive events. You can work around most of that as most do, but I didn't want to mess with it and the difference in rate was negligible in the grand scheme. But, and this is important... with these companies you CAN EXCLUDE your children from the policy to make it cheaper. You'll need to have them file an exclusion that you and the children sign stating they will never drive the car, but it can be done. This may be state specific though.
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You should make sure you have a large I’m umbrella policy to co we your assets in the event one of the kids has a accident. IMHO. Also I don’t think you will be able to reduce you overhead, unless maybe limit the kids to driving only certain vehicles. Talk to your agent. Good luck
I am similarly positioned since I have 5 cars (and 3 drivers). I use PURE insurance company (which is a company really owned by its shareholders and you have to become a shareholder to get insurance through them). They give me a private fleet policy which covers all of my cars. Adding a car doesn't cost much more. Adding (or subtracting) a driver does. It is a premium company (along the lines of Chubb - which was my previous insurer). I have all of my cars through them as well as my homeowners and a $2mm umbrella. It costs me significantly less than Chubb or even State Farm and the coverage is similar to Chubb, not State Farm.
Just a thought,
<TED>
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Holy thread resurrection, Batman. Just wanted to pop in and say mega thanks to RotorOver for the note on Porsche offering their own insurance -- just got a policy that is incredibly lower than the nonsense I was offered by my longtime agency. Per mile use, no limits on types of driving, genuine parts -- this can't be beat IMO!
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