Whether you need a car insurance policy to cover all of your family's cars, you can get a multi-car insurance policy that will provide coverage for all of your vehicles. There are many benefits to placing all of your vehicles on the same policy including saving money. However, not all states allow the same type of coverage on car insurance policies, so you will want to verify the insurance information you read here with your insurance agent.
Multi-Car Insurance Benefits
One of the main reasons a family puts all of their vehicles on the same insurance policy is to save money. Most insurance companies offer multi-car discounts when you add another car or truck to your current insurance policy. However, some insurance companies require that you have at least four cars on the policy before a discount applies.
In addition to saving money due to how many cars are on the policy, you will also pay fewer insurance fees on a policy. When you have individual policies, there are fees that you will pay on each policy. However, since you will only have one policy, you will not have to pay those fees multiple times, which will help save money.
Multi-Car Discount Savings
Most insurance companies cover two to five cars on their multi-car insurance policies. This can usually save people anywhere from twenty to thirty percent on their car insurance premiums. Some people may be able to save even more money on these policies, especially those with only two cars and two drivers in the household.
If you are considering a multi-car insurance policy, you should price out the cost of individual policies versus one with all of your vehicles on it. Sometimes having individual policies will cost less than having one policy for all of your cars. The type of cars that you own will determine the price of your premiums, with luxury or sports cars being more expensive to cover.
Easy to Add Vehicles
If your multi-car insurance policy allows more than two cars on it and you need to add another one to it, it is simple to do. You just need to call up your insurance agent and advise them of the change. If you are adding a younger driver, such as a child who just passed his or her driving test, then the current policy premium could rise. However, you should get a discount on the insurance for the new vehicle.
When you have a multi-car insurance policy, you do not need to have the same coverage on each car on the plan. If you need full coverage on one of the cars and liability on another, you can arrange that for your policy. Along with the type of coverage on each car, you can also customize the policy to have different add-ons for each vehicle.
If you wanted to have roadside assistance for your wife's car, but not for your own, you could ask your insurance agent to write the policy in that manner. You can also have rental reimbursement on one of your cars, but not the others or you can arrange for an additional driver on a car, but not on your own vehicle. Your agent will write up your multi-car insurance policy to best suit your needs.
In some states, you can increase your insurance coverage level by stacking your coverage. This means you can increase your coverage based on how many cars are insured on your multi-car insurance policy. If you have coverage of $50,000/$100,000 for uninsured motorist protection on one of your cars, you may be able to double your coverage by adding a second car to your policy. So, your coverage would be $100,000/$200,000 instead. Since this option varies by state, ask your insurance agent if it is available to you.
A multi-car insurance policy can help you and your family save money on insurance premiums and fees. Since you can customize the coverage for each car, you don't have to worry about paying for too much coverage on an older car or having to give up coverage on your new cars. Ask about getting a multi-car plan if you have at least two cars in the family.