Motorists have all sorts of relationship status and policy needs these days. Multi-vehicle insurance is one of those provisions that vary depending on living arrangements and companies providing it. This post will look at qualification requirements, whose autos can be included and how much you can save.
You need to own at least two vehicles before you can buy multi-auto policy and you can have 4 or 5 of them in it. Usually, each automobile gets a percentage discount for each component, including Liability, Collision and Comprehensive. So, it can be a very valuable solution, especially for new policyholders to get lower rates they cannot usually qualify on their own.
Some insurers insist that all the autos must be owned by one person while a few of them are very flexible to a point that they would offer the discount to each policyholder even if cars have separate coverage and people aren’t even related, as long as they live in the same address.
It goes to show that it is very important to shop around while you are looking to purchase automobile insurance since provisions, prices and conditions can be substantially different among carriers. Let’s have a look at an example that can explain it better. You may be living with a partner and have a young driver as well in the household where everyone owns one car separately. And you may have contacted one source and learn that you need to be married to have multi-automobile coverage. If you were to stop at that point and don’t check others you would have given up on large savings. We know that you can find carriers that would offer the similar level of savings if you all agree to go with the same one, even if you all have own policy.
This is probably specially the case in states where the names on registration documents and schedules have to match. That is why all members of a household cannot just arrange one cover and it wouldn’t make sense to transfer all the vehicles to one name just to get multi-car insurance.
If you were to put all of them in under one package you would need to have the same liability limits for all the vehicles but you can have different material damage provisions. For example, while one has Liability only the rest can have Collision and Comprehensive. Again, you have flexibility and you are advised to keep asking the questions and checking until you get things the way you want.
In some states only the registered owner can buy auto coverage. In such cases you may be able to arrange a joint policy, if it is allowed, to comply with the rules and qualify for a multi-auto insurance, which is only available under one package. However, they come with their complications, problems and other issues you come up against as an unmarried or married couple. Especially you need to be aware of the legal position. You can be sued personally for damages caused to others by any permitted driver when you are jointly named and responsible.
Also, there may be legal requirements like having an interest on a vehicle before you can insure it under your name or jointly. So, it may be necessary to look into these things before you buy an automobile. You should consider all the options and legal consequences in order to make a solid decision.
Talking to a licensed broker may be necessary to understand ins and outs of each arrangement you are considering and decide if the savings are worth all the intricate entanglements.
Sometimes a solution may look to be obvious but you may not like its implications. It is important to make sure that what you get fits your circumstances, lifestyle and preferences. This approach helps you in deciding on the solutions when you are in a relationship. Adding a partner on your car insurance or buying together are possible options that can be set up many different ways. And state rules and flexibility of the provider are influential factors.
Usually, there is a way to accommodate most requirements but people may need to shop around a bit to find them. That is why it is essential to spare a little time to learn, find quotes, compare and consider each implication. It may all sound complicated and scare people away but it really isn’t. Besides, setting it up right once will keep benefiting you term after term that overall savings can be substantial say in five years.