If you’re looking to insure multiple cars, one of the easiest ways to save money is to have all your cars insured with the same provider. Referred to as multi-car insurance, this kind of policy can save you between 10% and 25% on your premiums which could—depending on how many cars you have—mean saving thousands of dollars every year.
What’s the catch?
All of the cars have to be kept at the same address. However, they do not necessarily have to be owned by the same person, or even people who are related. Whether or not this particular stipulation applies to your eligibility will depend on your insurance company. As with all insurance plans, policies vary from provider to provider.
Regardless, the fact remains that anyone insuring multiple cars will at least want to consider multi-car insurance.
So, with an open mind in mind, let’s get into what you need to know about car insurance for multiple cars.
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To qualify for multi-car insurance, you need to be insuring more than one car and all the vehicles must be at the same address. These are the most basic principles of this type of coverage.
Once you’ve cleared these hurdles, the qualifications often vary from provider to provider. While many insurance companies will only offer multiple car insurance to people who are related (i.e. part of the same family and under the same roof), there are other providers that will give plans for anyone living together (i.e. roommates).
We already know that you have at least two vehicles on a multiple-car insurance policy, but we haven’t talked about the maximum. Again, qualifications depend on the provider, but in general, the average maximum number of cars you can have on a multi-car policy is around five—though some insurers will cover up to nine.
If you’re a company that needs to ensure multiple vehicles, you’re going to want to look into commercial auto insurance, which is a different type of policy altogether.
Many insurance companies offer specialized packages for auto insurance for two cars, catering to the unique needs of multi-vehicle households. Whether you’re seeking cheap car insurance for two cars or the best coverage options for your vehicles, exploring multi-car insurance policies can lead to potential savings and simplified management of your insurance needs.
The simple answer to that question is yes for liability and uninsured motorist coverage, but collision and comprehensive insurance (which exists to get your vehicles repaired in the event of an accident) doesn’t need to be the same on every car.
For example, if you have a 20 year-old vehicle that isn’t worth insuring for anything other than liability and uninsured motorist, but also have a new car that needs collision and comprehensive coverage, you can secure different coverages for different vehicles.
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Many people looking for the best multi-auto insurance will go with their current provider. While this is an excellent place to start, it shouldn’t be the end of your search. Not all insurance companies offer the same multi-auto insurance quotes, and some providers provide much better rates than others.
If you’re looking to insure multiple cars, start here, with us. We’ve matched thousands of people with the best multi-auto insurance quotes for their needs and budgets, and we can help you too. Request a free multi-auto insurance quotes now.
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There are two scenarios in which it may not be a good idea to consider multi-car insurance. The first one is if the driver of one of the vehicles has a poor driving record. This could drive up the premiums for all the insured vehicles.
The other scenario is if one of the vehicles is more expensive, considered sporty, and in a different rate class, since—if you were looking to divide the insurance cost evenly among the car’s drivers—this can increase your rate.
All this said, if neither of these situations applies to you and you have multiple vehicles at your address, then multi-car insurance is likely an amazing option!
In most cases, insurance companies will accommodate this scenario. Of course, you should talk to your insurance provider to be certain.
Not necessarily, but the cars do need to be at the same address and everyone’s primary residence should be at the same address.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
