Owning multiple cars insurance and tax
Discussion
I have come into the possession of a few cars which I would like to keep if possible. In an ideal world, I would like to be able to drive any of them at any time so that they don't rot away.
It seems excessive to pay for full insurance on each car when only one would be in full-time use and the others just need a quick spin around the block to keep them running. Then there is the issue of road tax on each one which again seems excessive just to take them for a quick spin ever few weeks.
The alternative would be insuring and taxing each car for a month, and then cancelling and switching the tax and insurance to another car and so forth which sounds like an administrative mess.
How do you all with classic cars and new ones manage it?
It seems excessive to pay for full insurance on each car when only one would be in full-time use and the others just need a quick spin around the block to keep them running. Then there is the issue of road tax on each one which again seems excessive just to take them for a quick spin ever few weeks.
The alternative would be insuring and taxing each car for a month, and then cancelling and switching the tax and insurance to another car and so forth which sounds like an administrative mess.
How do you all with classic cars and new ones manage it?
I guess depends on what a few means ?
I have 4 cars currently ( did have 6 until recently ) but just insure and tax them all continuously.
One of them probably only does less than 500 miles pa and gets used probably less than 10 times.
It’s the cost of having cars and tbh couldn’t be doing with all the faffing.
That said a good mate has a serious collection totalling around 20 and whilst his insurance and tax is continuous I think his insurance policy takes the limited and in some cases no use into account.
Maybe best to try through an Insurance broker.
I have 4 cars currently ( did have 6 until recently ) but just insure and tax them all continuously.
One of them probably only does less than 500 miles pa and gets used probably less than 10 times.
It’s the cost of having cars and tbh couldn’t be doing with all the faffing.
That said a good mate has a serious collection totalling around 20 and whilst his insurance and tax is continuous I think his insurance policy takes the limited and in some cases no use into account.
Maybe best to try through an Insurance broker.
Low mileage classic policies tend to be fairly affordable, so I don't find too much to complain about there.
It's the VED that's the real kick in the balls. In my case, £325 for the privilege of using my classic maybe 10 times per year, when there are people racking up thousands and thousands of miles on the M6 every day for £30 a year. I've always thought that the fair solution would be to just put VED onto fuel instead.
However, over time, I've come to realise a few things:
- VED has more in common with a wealth tax than a tax on car usage. The fact that I can afford several cars means I can afford a bit more tax.
- The fact that I don't use my classic enough to really justify the VED makes me stupid. I need to use it more.
- At least the current system prevents most people from storing multiple rotting broken old heaps outside their houses or lying around on public roads that they will never get around to fixing.
It's the VED that's the real kick in the balls. In my case, £325 for the privilege of using my classic maybe 10 times per year, when there are people racking up thousands and thousands of miles on the M6 every day for £30 a year. I've always thought that the fair solution would be to just put VED onto fuel instead.
However, over time, I've come to realise a few things:
- VED has more in common with a wealth tax than a tax on car usage. The fact that I can afford several cars means I can afford a bit more tax.
- The fact that I don't use my classic enough to really justify the VED makes me stupid. I need to use it more.
- At least the current system prevents most people from storing multiple rotting broken old heaps outside their houses or lying around on public roads that they will never get around to fixing.
Edited by Bennet on Wednesday 24th January 15:23
Bennet said:
Low mileage classic policies tend to be fairly affordable, so I don't find too much to complain about there.
It's the VED that's the real kick in the balls. In my case, £325 for the privilege of using my classic maybe 10 times per year, when there are people racking up thousands and thousands of miles on the M6 every day for £30 a year. I've always thought that the fair solution would be to just put VED onto fuel instead.
However, over time, I've come to realise a few things:
- VED has more in common with a wealth tax than a tax on car usage. The fact that I can afford several cars means I can afford a bit more tax.
- The fact that I don't use my classic enough to really justify the VED makes me stupid. I need to use it more.
- At least the current system prevents most people from storing multiple rotting broken old heaps outside their houses or lying around on public roads that they will never get around to fixing.
It shouldn't be a wealth tax because my cars are costing £2000-£3000 each. Having three or four of those is still far less money than a new car. Seems very unfair to pay so much (£395 per year will go up again in April) for so little. What would make sense is that the driver pays road tax, not the car.It's the VED that's the real kick in the balls. In my case, £325 for the privilege of using my classic maybe 10 times per year, when there are people racking up thousands and thousands of miles on the M6 every day for £30 a year. I've always thought that the fair solution would be to just put VED onto fuel instead.
However, over time, I've come to realise a few things:
- VED has more in common with a wealth tax than a tax on car usage. The fact that I can afford several cars means I can afford a bit more tax.
- The fact that I don't use my classic enough to really justify the VED makes me stupid. I need to use it more.
- At least the current system prevents most people from storing multiple rotting broken old heaps outside their houses or lying around on public roads that they will never get around to fixing.
Edited by Bennet on Wednesday 24th January 15:23
Shabaza said:
I have a Hastings direct policy, It allows me to add temporary car for 1-30 days via the app.
This could work as a solution, insure one permanently and then insure the others on an ad hoc basis
Yes that sounds pretty good, thank you. How much are they charging to add another car on temporarily?This could work as a solution, insure one permanently and then insure the others on an ad hoc basis
Edited by Gericho on Wednesday 24th January 18:14
I would decide which ones I like, and keep those.
Or alternatively, weigh up the costs of each for VED, then make a schedule of which you want taxed in which months, use Outlook or whatever diary app to remind you to make the changes on the correct days.
Some, like say a classic convertible that you dont want to get salt on or use when its wet, dont tax it over the winter months, and you can only drive one at once.
Depends how much you value the simplicity and flexibility of taxing them all and the attendant cost versus the admin overhead and money saving of being selective. Will depends on the tax for each as well, that would be part of the plan.
And as for a quick spin, as long as its insured and you dont venture far, I personally wouldnt fret too much about that, insurance yes, MOT yes, but tax, not going to lose much sleep, Police dont seem to care, if you can ride dirt bikes with no anything and nobody turning out to your car being stolen, someone warming a classic through that they "forgot to tax" isnt going to be high on the Polices hit list.
Insurance wise, would speak to a few brokers that specialise in fleets of classics etc.
Or alternatively, weigh up the costs of each for VED, then make a schedule of which you want taxed in which months, use Outlook or whatever diary app to remind you to make the changes on the correct days.
Some, like say a classic convertible that you dont want to get salt on or use when its wet, dont tax it over the winter months, and you can only drive one at once.
Depends how much you value the simplicity and flexibility of taxing them all and the attendant cost versus the admin overhead and money saving of being selective. Will depends on the tax for each as well, that would be part of the plan.
And as for a quick spin, as long as its insured and you dont venture far, I personally wouldnt fret too much about that, insurance yes, MOT yes, but tax, not going to lose much sleep, Police dont seem to care, if you can ride dirt bikes with no anything and nobody turning out to your car being stolen, someone warming a classic through that they "forgot to tax" isnt going to be high on the Polices hit list.
Insurance wise, would speak to a few brokers that specialise in fleets of classics etc.
Gericho said:
Shabaza said:
I have a Hastings direct policy, It allows me to add temporary car for 1-30 days via the app.
This could work as a solution, insure one permanently and then insure the others on an ad hoc basis
Yes that sounds pretty good, thank you. How much are they charging to add another car on temporarily?This could work as a solution, insure one permanently and then insure the others on an ad hoc basis
Edited by Gericho on Wednesday 24th January 18:14
Buy VED online and cancel it by declaring SORN when you take it off the road. There's no need to keep them all taxed, unless you think you may use any of them at the drop of a hat? Or have to park them on the road? In which case, it really can be seen as a wealth tax. 
Yes it's a faff, and they refund you by cheque
but I can't bear to pay the 'man' £27 for a month when I know I won't use it. Buying 6 months is a 10% premium and monthly by d/d is 5% extra. I couldn't bear that either although with 5% interest on savings, maybe I should re-consider. 
I've never got what I'd consider a good price for multi-car insurance. I insure classics cheaply with limited mileage policies and often transfer cover pro rata between 'daily' cars. Companies like Direct Line and Saga make no admin charges, but switching more than 2/3 times a year may raise eyebrows, and maybe not even be permitted.
Yes it's a faff, and they refund you by cheque
but I can't bear to pay the 'man' £27 for a month when I know I won't use it. Buying 6 months is a 10% premium and monthly by d/d is 5% extra. I couldn't bear that either although with 5% interest on savings, maybe I should re-consider. I've never got what I'd consider a good price for multi-car insurance. I insure classics cheaply with limited mileage policies and often transfer cover pro rata between 'daily' cars. Companies like Direct Line and Saga make no admin charges, but switching more than 2/3 times a year may raise eyebrows, and maybe not even be permitted.
Gericho said:
Yes that sounds pretty good, thank you. How much are they charging to add another car on temporarily?
As someone else has said below, the downside being they wouldnt be insured outside these periods.Edited by Gericho on Wednesday 24th January 18:14
However, it typically costs me about £40-50 for 2 weeks
J4CKO said:
And as for a quick spin, as long as its insured and you dont venture far, I personally wouldnt fret too much about that, insurance yes, MOT yes, but tax, not going to lose much sleep, Police dont seem to care, if you can ride dirt bikes with no anything and nobody turning out to your car being stolen, someone warming a classic through that they "forgot to tax" isnt going to be high on the Polices hit list.
Insurance wise, would speak to a few brokers that specialise in fleets of classics etc.
Neither tax or MOT is a worry for a local "quick spin round the block" - certainly not where I live. I forgot to MOT one car for 10 months, and that's my regular summer car. I live in Somerset, not a city. We dont have randoms stops and roadside checks. In fact seeing a police car is now quiet rare, other than when they are setting up speed traps (then its a bike or van) which they absolutely love doing round here.Insurance wise, would speak to a few brokers that specialise in fleets of classics etc.
sixor8 said:
Yes it's a faff, and they refund you by cheque but I can't bear to pay the 'man' £27 for a month when I know I won't use it. Buying 6 months is a 10% premium and monthly by d/d is 5% extra. I couldn't bear that either although with 5% interest on savings, maybe I should re-consider.
If you pay by direct debit, they'll refund any overpayments by crediting your bank account e.g. when you cancel on the 31st and it's too late to stop the direct debit on the next day. but I can't bear to pay the 'man' £27 for a month when I know I won't use it. Buying 6 months is a 10% premium and monthly by d/d is 5% extra. I couldn't bear that either although with 5% interest on savings, maybe I should re-consider. Insurance is the killer for me, and I own cars in the £695/year VED bracket (from April). That's because I'm an unfavourable insurance postcode, and because it's easy to tax only the months I need whereas insurance comes as an annual policy.
I'm aware of short-term insurance however I haven't found a short-term policy that's cost-effective if you drive at least 2-3 months out of the year, not to mention you'd have no fire or theft coverage when uninsured.
I'm aware of short-term insurance however I haven't found a short-term policy that's cost-effective if you drive at least 2-3 months out of the year, not to mention you'd have no fire or theft coverage when uninsured.
I insured and taxed all of mine when I had 4. That way they were all always ready to go.
The price per car got lower with each addition as I assumed the insurance company figured out I wouldn’t be driving them all at once.
Still need insurance for things like fire and theft, even if not driving them.
I used admiral multi car and I found it was all pretty easy with them.
The price per car got lower with each addition as I assumed the insurance company figured out I wouldn’t be driving them all at once.
Still need insurance for things like fire and theft, even if not driving them.
I used admiral multi car and I found it was all pretty easy with them.
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