Can Someone in Florida Have Two Cars Insured with Different Insurance Companies?

Yes, in Florida, a person can own two cars and insure them with two different insurance companies. There are no state laws prohibiting this practice. However, it's important to keep in mind that each vehicle will need to have its own insurance policy that meets Florida’s minimum coverage requirements. Additionally, if the vehicles are driven by the same person, it may be more cost-effective to bundle them under a single insurance provider as many companies offer multi-car discounts.

Reasons for Choosing Different Insurers

While it's possible to have two insurance policies from different companies, there are some considerations to take into account. Having two separate insurance bills can be inconvenient. You would need to manage two separate policies and potentially deal with two different customer service providers. Moreover, you would lose the benefits of a multi-car discount, which can save you money.

However, there are scenarios where choosing different insurance companies makes sense. For example, if you have an antique or specialty vehicle, it is common to have a separate carrier. These types of vehicles often require specialized coverage and policies tailored to their unique needs.

Specific Scenarios

Some specific scenarios where you might choose to have your two cars insured with different companies include:

The cars are garaged in different states. One car is a regular vehicle, while the other is an antique or collection car worth substantially more than its original value. A married couple has separate cars. For example, if one spouse has a really bad driving record, they may only drive their own car. In this case, it might be more practical to secure separate insurance policies.

It is also worth noting that different insurance companies may have different risk appetites. For instance, a 1978 Ferrari 308 GTB, which is considered an exotic car, may not be accepted by a standard insurance carrier. In such cases, a specialty carrier would be required.

Managing Multiple Insurance Policies

Managing two separate insurance policies can be challenging. In the event of a claim, both insurance companies may deny coverage if the vehicle is simultaneously covered under both policies. This is why it is often advisable to have an umbrella policy to cover any excess claims that may arise. An umbrella policy can provide added protection and coverage for both vehicles.

However, it is crucial to understand that not all scenarios will necessitate having two separate insurance policies. It depends on your specific circumstances and the unique needs of your vehicles.

Conclusion

In summary, while it is perfectly legal to have two cars in Florida insured with different insurance companies, there are various factors to consider. You should weigh the benefits of having two separate policies against the potential drawbacks, such as convenience and cost savings from multi-car discounts. If you do decide to go this route, ensure that you have comprehensive coverage and any necessary umbrella policies in place to protect both vehicles.