How Many Cars Can You Have in Your Name?

Federal law doesn’t cap how many cars you can have in your name. But depending on your insurer, you may need multiple policies to cover all your vehicles.

Kevin Payne
Written byKevin Payne
Kevin Payne
Kevin Payne
  • 5+ years writing insurance, travel, and personal finance content

  • Founder of FamilyMoney Adventure blog

Kevin is a seasoned writer who leverages his love of budgeting and all things personal finance to create informative, thoroughly researched insurance and money content.

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Ashley Cox
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Ashley CoxSenior Managing Editor
  • 7+ years in content creation and management

  • 5+ years in insurance and personal finance content

Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.

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Updated May 9, 2024

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No set laws specify the number of vehicles you can own at one time. But other factors can affect your decision to own more than one vehicle, including financial implications, car insurance, storage, and need.

It’s not uncommon for someone to own more than one vehicle. You may need access to multiple vehicles if you have other drivers in your household, like teens or a spouse. If you’re a car collector, you may be working to restore multiple vehicles at any given time.

Here’s what you should know about registering and insuring multiple vehicles.

How many cars can you register in your name? 

Federal law doesn’t limit the number of vehicles you can register in your name. Depending on state and local laws, you could register as many cars under your name as you’d like, provided you have the financial means to purchase them and ample parking space to store them.

Read More: Can Car Insurance and Vehicle Registration Be Under Different Names?

Read More: Can Car Insurance and Vehicle Registration Be Under Different Names?

Factors to consider before owning or leasing multiple vehicles

Before you decide to own multiple vehicles, you’ll want to consider several personal and financial factors. Ask yourself these questions when determining whether you should own more than one car:

  • Why do you need multiple vehicles? You may need more than one vehicle, depending on your situation. Perhaps you and your partner both work and need transportation. If you have teenagers, they may need access to a vehicle for school or work.

  • Does it make financial sense? Consider your financial situation before deciding to own or finance multiple vehicles. Taking on too many auto loans could strain your budget and leave you financially vulnerable.

  • Do you have enough parking space? You’ll need room for any vehicle you own, whether it’s on your driveway, in a garage, or in storage.

  • Will your neighborhood’s homeowners association care? If you belong to a homeowners association (HOA), it may have specific rules and regulations you must abide by as a member. Those rules may include parking policies, including where, when, and how you can park vehicles you own. Your HOA may prohibit certain types of vehicles or having a broken-down car in front of your home.

Read More: ​​Car Insurance Quotes by Vehicle Type: Quotes, Discounts for 2022

Read More: ​​Car Insurance Quotes by Vehicle Type: Quotes, Discounts for 2022

Leasing more than one vehicle

Many drivers prefer to lease vehicles rather than buy them outright. Depending on the dealer, you may be able to lease more than one vehicle at the same time. Leasing two vehicles at once comes with considerable costs, but it’s not much different from having more than one car payment on new or used vehicles you’re financing.

Getting approved for two leases can be challenging, though, depending on your credit and financial history, employment status, and income. Some automakers or third-party lenders may not want to fund more than one auto lease at a time due to the financial strain multiple car payments may put on your monthly expenses.

Important Information

Leasing multiple vehicles can also affect your credit by increasing your debt-to-income ratio. That’s your total monthly debt payments compared to your gross monthly income.[1] Adding multiple debt payments to your monthly budget may cause your credit score to drop or make it harder to get approved for future financing.

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Buying car insurance for multiple vehicles

Every state except New Hampshire requires drivers to have a minimum amount of liability coverage on their vehicles. Liability insurance pays for injuries or vehicle damage you cause to another driver in an accident. If you own and drive multiple vehicles, you’ll need to have insurance coverage for each one.

Most insurance companies allow you to insure multiple vehicles on the same policy, and you can often receive a discount for insuring more than one car. Policies vary between insurance companies, but most insurers allow you to have four or five cars under one policy.

If you have more than five cars to insure, you might need to take out an additional insurance policy, either with your current insurer or a different insurer.

State-minimum car insurance

Almost every state requires drivers to have some level of car insurance coverage. Liability insurance isn’t mandatory in New Hampshire, but drivers must pay for any injury or property damage they cause.

Florida only requires liability coverage for property damage but also requires drivers to carry personal injury protection (PIP) coverage.

All U.S. states require vehicles to be registered and titled with the state’s transportation agency or department of motor vehicles.[1] Motor vehicle registration and title fees vary by state. 

Check Out: Vehicle Registration Rates by State

Check Out: Vehicle Registration Rates by State

Parked car insurance 

What if you have a vehicle sitting in storage or don’t plan to drive for an extended period? Do you still need car insurance for stored vehicles? Not necessarily, although if you’re leasing or financing the vehicle, some lenders may require you to keep collision and comprehensive coverage as a condition of the auto loan. 

One option to consider is parked car insurance, also known as comprehensive-only coverage. Parked car insurance helps pay for vehicle damages due to certain events, like vandalism, theft, fire, hail, or a fallen tree. Getting comprehensive-only coverage for your vehicle can help you save money on a vehicle you aren’t using while still protecting it against damages.

Collector car insurance

Collector car insurance, or classic car insurance, is a special type of insurance coverage only for antique and classic cars. These policies offer similar coverages as a standard car insurance policy, but they also account for a vintage car’s unique needs (like paying for rare replacement parts if the car is in an accident).

To qualify for collector car insurance, you may not use the vehicle for everyday driving and must have adequate storage for the car. Several insurance companies offer this specialty coverage, including GEICO, Progressive, Liberty Mutual, and Hagerty.

Benefits of owning more than one car

Owning multiple cars can be a godsend, especially if you have a considerable need. Beyond necessity, owning multiple vehicles has several other benefits:

  • Good for credit history: Your payment history is one of the most significant factors affecting your credit score and positive credit history. Financing multiple cars can help your credit if you make your payments on time. But late or missed payments have the opposite effect on your credit.

  • Convenience: Relying on a single car can be difficult if you have multiple drivers in your home. Availability for the car may depend on other peoples’ schedules, not yours. Owning more than one car means it’s more likely a car is available to use when you need it.

  • Satisfaction as a car collector: If you’re a car collector, you may have several vintage or collector cars you want to own or restore.

  • Preparing to sell: You can make good money reselling vehicles. Some people may buy multiple vehicles to fix up and resell for a profit. Just keep in mind that you may need to get a dealer’s license if you’re selling multiple vehicles each year.

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Guidelines for selling vehicles without a dealer’s license 

You may be required to obtain a dealer’s license if you sell multiple vehicles annually. The Federal Trade Commission (FTC) set specific guidelines on what constitutes a used vehicle dealer:

“Dealer means any person or business which sells or offers for sale a used vehicle after selling or offering for sale five (5) or more used vehicles in the previous twelve months, but does not include a bank or financial institution, a business selling a used vehicle to an employee of that business, or a lessor selling a leased vehicle by or to that vehicle’s lessee or to an employee of the lessee.”

Specific limits on selling vehicles may depend on where you live. Check state guidelines to ensure you’re not breaking laws by selling automobiles.

Registering cars in your name FAQs

Here’s some additional information that may help if you’re wondering how many cars you can register in your name.

  • How many vehicles can you have insured with one auto insurer?

    Insurance companies generally allow you to have four or five cars on the same auto insurance policy. Specific guidelines vary between insurers. Depending on the number of vehicles you want to insure, you may need to take out an additional policy. Be sure to check with your insurance company about how many vehicles you can have on the same policy.

  • What is the average number of vehicles per household in the United States?

    The average U.S. household owns 1.9 vehicles, according to U.S. Department of Transportation data.[2] And approximately 90% of households in the U.S. own at least one vehicle. 

  • Do you need to insure your vehicle even if you don’t actively drive it?

    Many lenders require you to carry comprehensive and collision insurance on financed cars until you pay them off. You may not need auto insurance on cars you own outright if you don’t plan to drive them for extended periods. But carrying at least comprehensive coverage can protect your vehicle from damages from covered events and help you avoid a lapse in coverage.

  • Why might a lender deny you a second car loan?

    A lender may deny you a second car loan even if you have the financial means to pay for it or an acceptable credit score. Lenders take a deep dive into your credit and financial history when you apply for a loan. Other factors could set off red flags for a lender, including a high debt-to-income ratio or high loan-to-value ratio.

  • Do companies limit how many cars you can insure?

    Sometimes. Many companies will let you insure up to five vehicles on the same policy, though some may allow more. If you need insurance for multiple vehicles, it’s important to check with each insurer you’re considering to see if they limit the number of cars you can have on a single policy.

  • How many cars can you legally own?

    There’s no set limit to the number of cars you can legally own, but some counties or states might have regulations in place limiting this number. So it’s important to look into your local laws.

  • Do you face extra charges or tax implications for registering multiple cars in your name?

    Most likely. Laws vary by state, but you’ll generally have to pay a fee for each vehicle you register in your name. Some states also levy personal property tax on vehicles. And the more cars you own, the more the state will charge you in annual registration renewal fees.

Sources

  1. National Conference of State Legislators. "Vehicle Registration Fees by State."
  2. Bureau of Transportation Statistics. "Household, Individual, and Vehicle Characteristics."
Kevin Payne
Kevin Payne

Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, The Ascent, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.

Ashley Cox
Edited byAshley CoxSenior Managing Editor
Headshot of Managing Editor Ashley Cox
Ashley CoxSenior Managing Editor
  • 7+ years in content creation and management

  • 5+ years in insurance and personal finance content

Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.

Featured in

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