Multi-Car Insurance

Most American families have more than one vehicle. Parents are busy, each usually having their own careers and their own cars, and older children sometimes have their own vehicles as well. In these situations it is not necessary to have individual auto insurance policies on each vehicle. Instead, a multi-car insurance policy is the wiser financial choice.

Why Multi-Car Insurance?

Having individual policies on all the vehicles owned and used by the same family is not logical or cost-effective. Individual auto insurance policies will ultimately cost more than a single multi-car policy. Insurers are able to offer a cheaper price on bundling these multiple vehicles and drivers into a single policy. This involves less work for them and also represents less risk by widening the risk pool. If several vehicles are insured the chances of all of them being in an accident at the same time are very slim.

How To Get A Multi-Car Policy?

In order to combine all of the vehicles in the household into a multi-car insurance policy, a person will need to get all the pertinent information regarding each vehicle, including make, model, VIN, and license plate. Other information such as how often it is driven, where, by whom, and details of any vehicle safety features is also necessary.

Finally, car insurance companies will need to have all the information on every driver to be listed on the policy, and to designate which vehicle(s) they may drive. Some drivers, such as teens, may be restricted from driving certain vehicles at certain times, such as after dark.

Cheap Car Insurance

Multi-car insurance spreads out both the risk and the cost of auto insurance for everyone. This is especially beneficial for younger people whose driving records are not as established and therefore have higher individual rates. By being included in a multi-car policy their rates will go down. It is also very convenient for a family to be able to make one single payment on the policy per month rather than several individual ones. The average cost of insurance for every vehicle will normally go down due to spreading the cost out among several vehicles.

Flexibility and Convenience

A multi-car auto insurance policy is very convenient, because it allows someone to make their monthly payments on several vehicles all at once and permits them to renew the all coverage simultaneously as well. Policyholders must know what the process is for taking vehicles out or adding new ones onto their policy.

Sometimes a new car is bought or an old one sold, or a child might leave home to live on their own and be covered by their own policy. Find out the company’s regulations regarding changes ahead of time, and if there are any penalties or fees for such alterations.

Be Careful of Fraud

It is against the law and considered to be insurance fraud for someone to portray a vehicle as being domiciled on their property if it is not. It is not possible for several people living at various addresses to chip in on a multi-car policy just to save money, especially if they try to represent themselves at living somewhere they do not. If this is attempted and it is discovered by the car insurance company, the policy will be suspended immediately, leaving all parties involved without auto insurance coverage. It is very difficult to get auto insurance again once it has lapsed, and especially so if it was suspended for fraud or lying.

Getting Even More Discounts

There are ways to lower multi-car insurance rates even further. Encourage all of the drivers on the policy to take defensive driving or safe driving courses to get qualified for lower rates. Another good tactic is to bundle any other kinds of insurance (life, health, travel, etc.) through the same company for even better bulk prices. If any teenage children are good students in school, report that to the auto insurer, who will frequently honor that hard work with a premium discount on coverage called a “Good Student Discount”.

Car Insurance Quotes

Getting cheap car insurance is made simpler with multi-car insurance. More people and vehicles can get coverage and pool their risk for an overall more affordable car insurance policy. However, it is still possible to save further by comparing multi-car insurance policies through online quotes, which allow consumers to find lower rates and better coverage from the best car insurance companies in the U.S. To get started, just enter your zip code and begin a car insurance quote to start saving money with cheap rates.