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 package. In the process, you may save money on coverage while still obtaining good premiums. Multi-car policies are known for their discounts as well.
Who is a Multi-Car Policy 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. Having a multi-car policy is cheaper than taking out an individual policy on each of the vehicles and offers exclusive discounts.
What Are The Discounts a Multi-Car Policy Can Give You?
Depending on the insurance company providing it, you can get up to a 25% discount on coverage with a multi-car policy. Even the bigger, national insurance providers offer discounts. So, when you’re shopping for multi-car insurance, you have several options.
What Are The Requirements For Multi-Car Insurance?
The most fundamental rule is that all of the cars should be at the same address. Then, 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 policy. You need information such as your car’s make, model, and year along with the VIN number. You should also include the odometer reading. The other drivers of the car can also be added to the policy by providing their license numbers and other personal information. Discounts are given based on how many cars you are insuring. Vehicles such as motorcycles can’t be added to a multi-car policy.
Does Each Car on The Policy Get The Same Coverage?
When it comes to basic coverage, the insurance provider will have you carry the same amount of coverage for each vehicle on the multi-car policy. You can get more specific about 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, 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 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 limits are if you’re in an accident.
When it comes to supplementary insurance, you have a wide range of alternatives. Collision 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, the coverage for each vehicle will be used after an accident. Let’s assume you have two vehicles on your 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, or both to your auto insurance policy. When you include the second automobile and driver into your calculations, your present auto insurance provider 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. 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 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 insurer a visit. We’ve already mentioned the discounts it offers when you bundle your cars on one policy together. Not only will they share insurance, but they also share a deductible. What’s more, you can also stack additional insurance add-ons, like uninsured motorists coverage.
Multi-car insurance is great for adding family members with cars to your 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 if you are insured through the same provider for additional 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 for your household a look.
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.