If you want cheap premiums you need to find smart ways that increase discounts. You should be able to have multiple automobiles on one policy with most carriers and in most states. In most cases you would be able to save a few hundred dollars easily by choosing this option. Here is how you could benefit from this solution and what you should be aware of in the process.
How Much Is Adding One More to Multiple-Car Insurance?
They allow motorists to have up to 4 or 5 autos and trucks on the policy. Naturally, each addition would increase the premium but not as much as the alternative. It depends on the type of vehicle in question like in any arrangement. The safer the car the cheaper it would be, as they are well like and they provide sizeable comfort in terms of risks.
Sometimes even safer autos can cost a lot of money due to the price of parts. For example, hybrids aren’t considered high risk vehicles in general but their parts can be more expensive than an average one. Therefore, they can attract higher rates. Its market value would affect the costs too if you want full coverage for it.
However, the cost of adding another one onto multiple-auto insurance should be about 15 – 20% cheaper than getting new coverage. That is providing you have a cheap carrier to start with. So, it would be like buy 3 + get 1 free if you have 4 cars on 1 plan.
Insurance for Multiple Automobiles vs. One
As mentioned above you would pay extra premium for adding another vehicle onto an existing policy where it is allowed. However, the costs wouldn’t be as much as buying separate coverage for it. This is the underlying reason behind their popularity. Also, it is easier to manage when all your vehicles are under one roof. You don’t need to worry about different renewal dates across number of sources.
How Much Would You Save with Cheap Multi-Auto Insurance?
This depends on many factors including the types of vehicles, number of drivers listed and the company. Each applies different level and number of discounts. Some of them may prefer this type of arrangements and offer a lot better rates.
How many drivers listed is influential too like in any other case. You are allowed to add or remove someone, even if they don’t live with you, as long as you are prepared to pay for it. Generally, family members who live in the same house should and would be included anyway. The problem here is that one bad apple can ruin the whole case simply because underwriters consider that the bad driver would have access to all of the automobiles in the package. This point would be highlighted even further if there are high risk autos included in the plan. The chance of a youngster getting the keys to a sporty coupe can scare carriers into pushing prices up.
Can You Buy Multi-Vehicle Insurance for Family Members’ Cars?
Technically, this may not be possible because of the state laws that require the name on the schedule and vehicle registration document to be the same. However, there are solutions to get around it like having joint automobile insurance. Furthermore, Some of them would offer discounts when all cars in a family is brought to them, even individually. This is a classic case of bringing three separate arrangements under single carrier. The overall savings compared to having three separate policies from three different sources can be around 10 – 20%, assuming you move things over to the most competitive one.
Various companies offer different levels of discounts under various names. It is fair to say that they are happy to keep reducing rates as long as they keep selling. That is the whole reason behind offering such deals in the first place. So, you can still get discounts for bundling or buying the second and third from the same company that you don’t need to be overly disappointed if you cannot get them all under one policy for whatever reason.
Insuring Multiple Cars One Driver
However, if you are the only driver and want insurance for 2 cars one driver you should be looking to get as much as 50% saving in comparison with having them separate. You are only one and can only use one car at a time. The logic is pretty simple and it is well appreciated. Always remember to get several quotes before making your mind up. You would be surprised how different each can be.
Multiple-Vehicle Insurance Coverage Options
If anything is available with your carrier and state, you can purchase it with these as well. One important point to note is that you can buy different level of coverage for each one in a multi-car policy. For example, you can have full protection with Collision and Comprehensive for a new auto while you go for liability only for the old one. So, you are not restricted to the same arrangement for all the automobiles in there. It is more like combining totally different coverage for different vehicles under a single policy.
However, some companies and states may require liability limits to be the same. This reduces confusion and it makes sense in many ways. There is no sensible reason for buying different level of liability limits for the vehicles you own since the main determining factor is you as driver in terms of accidents.
Coverage Stacking Options with Multicar Policies
If your state allows you can stack coverage for all the automobiles you have on the policy. Essentially, if you have $25,000/$50,000 Uninsured Motorist coverage for the first car you can increase the combined amount to $50,000/$100,000 when you add another vehicle. This is a bit more complicated issue and discussed in detail here.
There are many other ways of getting lower rates if you cannot qualify for or unhappy with the above solutions. Many people have only one car and they can find other savings. This site is dedicated to bringing them all to you and even facilitate getting a few quotes from selected names in your zip code. Adding a new driver or car is a good time to compare rates since both are key factors affecting premiums. Even if you don’t get new quotes this time and just add them to an existing one you should definitely check alternatives at next renewal.