For people with more than one vehicle, a multi-car insurance policy is an excellent option.
It allows you to combine all of your vehicles into a single insurance carrier package. In the process, you may save money on auto insurance rates while still obtaining good coverage levels. Multi-car policies are known for their discounts as well.
Who are Multi-Car Insurance Policies For?
Multi-car insurance is for people who keep more than one car at their home address -usually up to five. The drivers can be different, but you must be the primary owner and primary driver.
Having a multi-car policy is cheaper than taking out a separate policy on each of the vehicles and offers exclusive multi-car discounts and additional savings.
What Are The Discounts a Multi-Car Policy Can Give You?
Depending on the car insurance company providing it, you can get up to a 25% multi-policy discount on coverage with a multi-car policy.
Even the bigger, national auto insurance providers offer multi-car discounts. So, when you’re shopping for multi-car insurance quotes, you have several options depending on your budget and the different benefits each car insurance company is willing to offer for your insurance stacking.
Get online and offline multi-car insurance quotes from multiple auto insurance companies and compare benefits and multi car insurance rate premium prices before making the decision on how to insure your cars with.
What Are The Requirements For Multi-Car Insurance?
The most fundamental rule is that all of the cars in the bundle should be at the same address.
Then, car insurance company regulations diverge. Some insurers merely require that the insured vehicles be parked at the same location. However, some insurers go above and beyond by offering a multiple-car discount to homeowners at the same address who do not have separate vehicle insurance coverage. There might be a limit to the number of vehicles you can cover with one policy. Normally, there are four or five vehicles allowed for each multi-car insurance policy.
You need information such as your car’s make, model, and year along with the Vehicle identification number or VIN. You should also include the odometer reading. The other drivers of the car can also be added to the auto insurance policy by providing their driver profile, which comprises their license numbers and other personal information.
Discounts are given based on how many cars you are insuring in the same bundle. Vehicles such as motorcycles can’t be added to a multi-car insurance policy.
Does Each Car on The Multi-Car Policy Get The Same Auto Insurance Coverage?
When it comes to basic coverage, the car insurance company will have you carry the same amount of auto insurance coverage for each vehicle on the multi-car policy.
You can get more specific about some insurance products such as your individual collision and comprehensive coverage. Those coverage limits can be set based on the car’s value, as one on the policy may be worth more than the others.
If you have another vehicle, your liability insurance, uninsured motorist, and other required coverage amounts must all be the same on both cars. That implies if you have liability limitations of 100/300/50 on the first car, you’ll need those liability limits on the other one. Because liability limits on all cars covered by your policy must be the same, there is no confusion as to what your personal injury protection property damage liability limits are if you’re in an accident, as it would be in the case of separate car insurance policies.
When it comes to supplementary car insurance, you have a wide range of alternatives. Collision coverage and whole coverage are occasionally combined into a single policy for each automobile, but this is not always the case. The same may be said for add-on insurance, such as rental reimbursement, which is provided as a supplement to other coverage. If you have particular car insurance policies on your vehicles, such as collision insurance, the coverage for each vehicle will be used after an accident.
Let’s assume you have two vehicles on your car insurance policy, one with comprehensive coverage and one with only liability. If the first automobile on the policy is involved in an accident as a result of the second being driven by it, they will have only liability coverage. This also implies that if the first car (full coverage) was in a collision, its driver would have collision and comprehensive insurance as well as liability protection.
It’s a good time to compare rates when adding a new vehicle, driver, such as a teen driver, or both to your auto insurance policy. When you include the second automobile and driver into your calculations, your present auto insurance company may no longer have the lowest multi-vehicle insurance premiums.
How Much Multi-Car Insurance Should You Carry?
You must carry at least the minimum liability amounts required by your state in order to fully protect your assets and avoid having to pay out-of-pocket for damages or injuries you cause.
However, state-required minimums might be minimal and leave you underinsured in the case of a serious accident. Car insurance experts recommend carrying $100/300/100. That’s $100,000 in bodily injury per person, $300,000 in bodily injury per accident, and $100,000 in property damage. This refers to your general liability coverage on each of the cars in the current policy.
What’s so Great About Having a Multi-Car Policy?
Well, firstly, it’s easy to do. You can add another car to your policy online without paying your licensed insurance agent a visit. We’ve already mentioned the multi-car insurance discounts you get when you bundle your cars on one policy together. Not only will they share car insurance, but they also share a deductible. What’s more, you can also stack additional vehicle insurance add-ons, like uninsured motorist coverage.
Multi-car insurance is great for adding family members, such as your teen driver, with cars to your car insurance policy as long as you or they own the vehicle and share the same address as you. Some insurers allow their parent policyholders to put their children on a multi-car policy rather than give them a policy of their own. Children in college can remain on the policy even if they bring their car to school as long as their home address is still listed as the one on the policy. You can even bundle your other insurance like your homeowners’ coverage or motorcycle insurance if you are insured through the same insurance company for additional insurance discounts.
In conclusion, there’s no penalty for having separate auto insurance policies on different vehicles you own. That is, if you are comfortable with the additional premiums and deductibles. It’s never a bad idea to give multi-car insurance quote for your household a look and ask for an auto insurance bundle discount from your insurance agent.
Looking for an auto insurance company that can help you get the best multi-car insurance policy and save money on your bundle? Insurance Navy can help you out!
Don’t let one collision drain you financially; get affordable SR-22 coverage today. Insurance Navy offers free quotes online via our website and mobile app. You can also give us a call at 888-949-6289. More assistance may be offered in person at one of our many conveniently-located storefronts.