Car Insurance for Multiple Cars Can Save You Money!
Multi car insurance policies can be purchased to cover multiple vehicles kept at the same address. For this, some companies may offer discounts of up to 25% on all vehicles on the policy. The savings can be significant and multi car insurance quotes are available here at ConsumerCoverage!
What Are The Requirements for Multi Car Insurance Discounts?
The first requirement is that all the vehicles must be kept at the same address. Do they all need to be owned by the same person or be related? The answer to both those questions depends upon the insurance company as policies vary.
Does Each Vehicle Need to Carry the Same Coverage for Multiple Vehicle Discounts?
The simple answer to that question is yes for the liability and uninsured motorist coverage. The collision and comprehensive that get your vehicles repaired in the event of an accident need not be the same on every car. Thus a 20 year old vehicle in which it no longer makes sense to insure for anything but liability and uninsured motorist and a new one that does, do not have to have the same coverages for comp and collision.
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Benefits to Multiple Car Insurance
Well, discounts for a start and the possibility of “stacking” allowed by some companies in some states where two vehicles with the same owner can stack uninsured motorist coverage are clear benefits. This can be of help in the event that your coverage is inadequate to pay for injuries and damages suffered in a covered loss. Not available in all states or by all companies so please be sure to ask your agent.
If Insuring Multiple Cars, How Much Coverage Do I Need?
Almost every state has minimal liability and uninsured motorist coverage that is required by law. Given the cost of lawsuits, carrying the minimum may not be enough so how do you decide? Liability insurance pays for the damage you do so think about what you want to protect. Have assets like a home or a boat or travel trailer you don’t want to lose or put at risk? Consider something greater than minimum coverage. Experts consider 100/300/100 coverage to be adequate. That’s $100,000 per person/$300,000 per accident and $100,000 for property damage for each covered loss.
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Adding Other Cars to The Policy?
Remember that all must be garaged/or kept at the same address. If that condition is met then it is a matter of getting a multi car insurance quote to see what it will cost & how much you may be able to save. The most common reason for doing this is typically when a child gets their license and a car that is owned by the parent but of which they are the principal driver may well be the least expensive way to insure a new driver.
Will Multi Car Insurance Cover a Child Who Goes to College and Takes a Car With Him?
Most companies will allow multiple auto insurance policies to cover if the student is going to college in the same state in which he resides. However, each insurance company is different in this respect so be sure to ask your agent.
Ever a Bad Idea to Get Car Insurance for Multiple Cars?
Two scenarios may result in a reason to not consider multi car policy insurance. One, if a driver of one of the vehicles has a poor driving record and the other if one of the vehicles is more expensive, considered sporty and in a different rate class and the understanding was that the cost of insurance was to be divided evenly.
At ConsumerCoverage, we have some of the best multi car insurance providers in the nation! Compare multi car insurance quotes where all your insurance needs can be met in one location. Period! Home, health, life, and vehicle insurance at ConsumerCoverage