Summit Insurance Advisors
by Michael Harbron on Nov 11, 2019
Insurance is something you want to have but hope you never have to use. However, when you do need your insurance, it is important to have a smart policy that saves you money. If you have multiple vehicles, it may seem like you are bound to pay more in insurance as opposed to having one vehicle, but multiple vehicles can earn you a nice discount to defray the cost.
The best way to save money on insurance when you own multiple vehicles is putting them on the same policy. There are plenty of things to consider when thinking about having this kind of policy and lots of questions to be answered. Here are a few questions commonly asked in regards to a multi-car policy.
How Many Vehicles Can I Put on The Same Policy?
In a general sense, you could put all of your vehicles on the same policy. This does however depend on your car insurance provider, because some companies have a limit of four cars to a policy.
What Other Discounts Might I Get from My Insurance Provider?
Usually with having multiple cars on the same policy, a home and auto insurance bundle discount and a multi-car discount are common discounts offered by insurance providers. However, contact your agency and talk to your agent about other possible discounts available to you.
Can I Include My Motorcycle on The Policy?
Unfortunately, motorcycles are not able to be put on a multi-vehicle policy, but you can still ask your provider for other available discounts for having more than multiple insurance policies with them. Many providers offer multi-line discounts.
How Do I Qualify for A Multi-Car Policy?
First and foremost, you have to put two or more vehicles on the same policy. Once that is done, the requirements vary depending on the provider, so it is important to contact them to find out what more you need to do in order to have a multi-care policy. For example, your insurance agency may apply a discount only if the additional cars are for people in the same house as you, and there are instances where the drivers of the different vehicles have to be related to you.
Do I Have to Have the Exact Same Coverage on All of The Cars on The Policy?
Uninsured motorist, liability, and other required coverage limits are usually required to be the same on all of the cars, but coverage that specifically protects vehicles can vary.
How Much Money Can I Save With A Multi-Car Policy?
For every car in the same policy, you can expect 10-25 percent off the cost of comprehensive, liability, and collision coverage. Getting in touch with your insurance agency and talking to them about the possible discounts will give you a better idea of just how much you can save because it ultimately depends on the provider.
There are many different ways to save money on car insurance if you have multiple vehicles, and one of the best ways is to put them on the same policy. Other discounts can also be given as a “thank you” from the agency to you for bringing them extra business, including accident-free discounts, good student discounts, and multi-line discounts.
For more information or any questions you may have about how you can save money on car insurance, contact us today.
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