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Multi-car insurance: What is it, and can it help you save money?

  • Car Insurance Tips
  • Renee Martin
  • 6 minutes

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Do you own more than one car? You might want to consider multi-car insurance that gives you the same benefits as your current car insurance policy. What’s more, it could help you save a ton of money on car insurance premiums too!

If we asked you to imagine the typical American family, what would come to your mind? The odds are your vision includes a home in the suburbs with two kids and a sprawling backyard. Chances are, your vision might also have two or more cars parked on the driveway.

According to a recent study conducted by KPMG, 57% of American households currently own two or more cars. But with car insurance rates skyrocketing, you might have wondered how these families manage to keep their expenses in check. 

save on car insurance

If you own more than one car, you might want to look into multi-car insurance policies. But what is a multi-car insurance policy, you ask? And how is it beneficial? Read on to find the answers.

What is a multi-car insurance policy?

A multi-car insurance policy is, quite simply, car insurance for multiple vehicles. Most car insurance companies provide a multi-car insurance policy as part of their service. Some of them will let you insure up to five vehicles on the same policy without compromising any of the additional benefits that come with single-car policies.

Why should you choose multi-car insurance?

If you own more than one car, you could save money by purchasing a multi-car insurance policy. Many car insurance companies provide discounts when you insure numerous vehicles on the same policy.

Make sure you buy multi-car breakdown coverage along with your multi-car insurance policy. This can help you cover the costs if one of your cars breaks down. Many breakdown insurance companies offer discounts to consumers who purchase multi-car breakdown coverage on the same policy.

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Who benefits the most from having multi-car insurance?

If you have more than one vehicle in your home, multi-car insurance is worth considering because it may help you save money. It could also help alleviate the burden and paperwork that comes with handling multiple single-car insurance plans.

A multi-car insurance policy will have a single renewal date and a single set of documentation, making it simple to keep track of the policy each year’s renewal time. Remember that each additional car you add to your multi-car insurance coverage could result in additional discounts, so it’s something to consider.

The following individuals may benefit from getting a multi-car insurance policy:

  • Couples who each own a vehicle
  • Families with more than one driver
  • An individual who owns multiple cars

Some car insurance companies even offer multi-car insurance coverage for named drivers living at various addresses, such as when a youngster is away from home.

All set to move into your new home? Here’s all you need to know about homeowners insurance.

Which car insurance companies offer the best multi-car insurance discounts?

When our team of insurance analysts at Way.com looked into some of the biggest insurance providers, they found that all of them offered a discount for insuring several vehicles. These include companies such as Nationwide, State Farm, Progressive, and Travelers.

Some providers specified that you could receive a certain discount percentage if you insure more than one vehicle, while others just mentioned that a discount exists.

Our research suggests that Nationwide offers the best savings. According to Nationwide’s website, drivers can save up to 25% by insuring multiple cars through the company. State Farm also offered a substantial multi-car discount of 20%.

How does insuring multiple cars in one policy work?

Multi-car insurance policies work in the same way as single-car policies. However, multi-car insurance policies come with the added benefit of offering better discounts if you add more cars to the policy. 

Putting multiple cars on the same insurance policy can save you money on your car insurance in the long run. It could be a big help when the expense of having a car adds up quickly.

Some coverages apply to all drivers on a policy, while others are specific to one single vehicle. Liability coverage, for example, is shared by each car (and each driver) on your policy. Meanwhile, comprehensive and collision coverage can be customized based on your needs. This way, you can have complete coverage on your brand-new Jeep Wrangler without having to pay extra for coverage on your kid’s 15-year old Honda Civic.

Can I share a multi-car policy with others?

A multi-car insurance policy can be shared with anyone you reside with. Your spouse, children, other family members, and even roommates are all included. In fact, it’s a good idea to include anyone who lives with you and may drive your car on your multi-car insurance policy. If your roommate is not listed on your policy and smashes your car, you won’t be able to file a claim for damages with your car insurance carrier.

How to find the most affordable multi-car insurance quotes?

If you merely want to get multi-car insurance as soon as possible, call your agent or go online and add your additional vehicle to your policy — it’ll only take a few minutes. However, buying a new car is a good opportunity to get various quotes from car insurance providers because prices continuously change. Your existing company may not be offering the best deal now that you have multiple vehicles.

Car insurance providers have worked hard to make obtaining estimates online a breeze. However, the procedure still necessitates a great deal of data entry. You can make the procedure go more quickly by tapping the banner below and letting Way.com find the best quotes for you.

What is the maximum number of cars I can insure on a single insurance policy?

While most insurance company allows you to insure several vehicles, not every company will allow you to insure the same number of cars on an online quotation. We discovered that Progressive enables you to add the most cars to your coverage (8), but every major insurance company allows you to have at least four cars on your policy.

Car Insurance Companies Number of cars
Progressive 8
Farmers 5
Allstate 4
Nationwide 4

 


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