When a household owns several automobiles, option of insuring all under a multi vehicle insurance policy is something to consider. It can work well and bring down total premiums considerably. Like any other decision, there will be positive and negative points to take into account. Then, personal preferences will come into play as well.
Considering that multi-vehicle policies will reduce administration and companies will gain several businesses at once, you would think that these policies would be attractively priced. There are several cheap multi-car insurance policy packages and one or two insurers like to claim that they are specialist on this area. However, many carriers will offer savings when you bring all your policies to them. Usually these discounts are applied under family auto insurance plans.
The logic is not hard to understand. You give them more business in return for higher discounts. It may be tempting from own handling point of view as well since you will be tracking one policy and remembering one renewal date. But this may cause a problem when it comes to paying the total premium in one go. You can arrange an installment plan but they usually come with finance charges which defeat the purpose of saving money.
Therefore, it may not be a good idea to go through all the troubles for the sake of easy management. You should get good multi-car insurance discounts to make such moves. Probably, you should at least save twenty percent. The savings will depend on how many cars and drivers involved. Of course, if it is only one driver he can only drive one vehicle at a time. So the costs should be lowered substantially.
Regardless of who owns or drives a vehicle, it can still be possible to insure all the cars in a household within a more economical multi-car policy. When there are only two partners, this will be easy enough in several aspects. However, if parents and children of driving age involved it may be complicated. A young person may be set to go away or want to start his own insurance history.
Besides, when one of the drivers has an accident it will affect the premium for all. From this point of view, it may be beneficial to put them in separate baskets after all. There is no one solution that fits all circumstances and applicants. It needs a little thinking ahead and considering what might happen.
Probably, the best starting point is to find out the costs separately and together first. So, you can just get several quotes and look into the possibilities and advantages. The products in the market change continuously. Why not check for more affordable multi-vehicle insurance policies on the market today and see if they answer all your needs?
Furthermore, you can still get rate reductions when you switch all your policies to one insurer even though each vehicle would have its own coverage independently. If you spare a little time you will come across other attractive arrangements. Keep asking questions, this is a very good way of learning all you can. If they do not know what you are looking for they cannot help you.
If you are going to move all your insurance needs to one company you want to be able to trust it. Usually, it is highly likely that you will get the best offers from top insurers. That is why they are topping the lists.