If you have multiple cars at the same address, you may have heard that bundling the policies for a
car insurancediscount can help you save money–and it’s true, it can.
But there are some important things you need to consider in order to make sure every car and driver on your multi-car policy has the necessary coverage.
How do multi-car insurance policies work?
A multi-car insurance policy is one that includes multiple vehicles at the same address. It allows you to bundle insurance for the vehicles on one policy rather than on individual policies for each vehicle, often at fairly significant savings.
Why you can save money with multi-car insurance quotes
Multi-car insurance policies will often provide the best value from insurers. Discounts typically range from 10% to up to 25%, depending on which car insurance company you choose.
The reason why is actually fairly simple: You’re giving the insurance company more business, and they’re happy to reward you for it with a discount.
Benefits of a multi-car insurance policy
Bundling your insurance into a multi-car policy is good for a few different reasons.
The most obvious benefit is financial. When you insure more than one vehicle on the same policy, you’re all but guaranteed savings that can add up to thousands of dollars depending on how many vehicles you insure and who drives them
A single deductible may not sound like a big benefit, but if you need to
file a claimthat involves two cars, it can be a big money (and headache) saver.
Say you have a terrible hail storm overnight and wake up in the morning to find damage to both of the vehicles on your multi-car policy. If the cars were on separate policies, you’d need to pay the
deductiblefor each of them (often $500 each).
With a multi-car insurance policy, you’ll only pay one deductible.
Suppose you’re driving to the store and get hit by an uninsured driver. The accident sends you to the hospital and renders you unable to work for several weeks.
You and your partner both have $25,000 of uninsured motorist coverage. If the losses exceed $25,000—the amount of your coverage—you can "stack" your partner’s benefits on top of yours for a total limit of $50,000.
"As someone with a less than perfect driving record, they were able to find me a quote for full coverage that was $600 less than the cheapest competitor. If you’re hesitant, definitely do it! You won’t regret it." - Satisfied Jerry User
Multi-car insurance policy requirements
Different insurers have different requirements to qualify for a multi-car insurance policy and the associated discount. When you’re looking to get multi-car insurance quotes, it’s a good time to ask the provider what their requirements are.
Does coverage need to be the same on all vehicles?
How many cars can you insure on one policy?
Though the rules vary depending on the insurer you choose, most companies allow you to insure up to four or five vehicles on a single policy.
When should I get a multi-car insurance policy?
If you and your partner both have
good driving recordsand standard vehicles, a multi-car insurance policy can be a great way to save.
Combining policies with someone who has a poor driving record can drive your rates way up, though, even if it’s just one or two
There can also be a big difference in premiums if one of you drives a luxury or sports vehicle. In this case, you might see your insurance rise instead of fall.
To find out whether it makes sense for you, it’s a good idea to shop around for
cheap car insurance quotesfrom at least five providers.
Which companies offer the best multi-car insurance policies?
Comparing multi-car insurance quotes from various providers is the best way to make sure that you’re getting the best rate.
The insurers that typically offer the biggest discounts for multi-car insurance with a six-month term are:
How to switch car insurance companies
If you’re looking to switch insurance companies, you’ll want to compare quotes from multiple insurers to ensure you’re getting the best rate.
Jerrylets you compare multiple providers easily so that you can ensure you’re getting the best multi-car insurance quote. And if Jerry finds you a better price, it can handle all the paperwork, cancel your old policy, and have you saving money on car insurance in a matter of minutes.
Can you have multi-car insurance at different addresses?
Unfortunately, no. Most insurance providers will not include multiple cars from different addresses on one policy.
Is multi-car insurance cheaper for young drivers?
Most of the time, it'll be cheaper for young drivers and teenagers to be put on the same policy as someone else, usually their parents. It'll drive up premiums overall, but the young driver will also share a deductible and coverage with the other drivers on the policy.
Haven’t shopped for insurance in the last six months? There might be hundreds $$$ in savings waiting for you.
Judith switched to Progressive
Saved $725 annually
Alexander switched to Travelers
Saved $834 annually
Annie switched to Nationwide
Saved $668 annually