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Multi-Car Insurance Can Save You Money

Want to know the best way to save money on your car insurance? Consider insuring two vehicles on the same multi-car insurance policy.

A multi-car discount is one of the biggest discounts offered by most insurance companies. But will you qualify for that it? And how much money can you save? We’ve got the answers.

And if you don’t have time to read all this, you can cut to the chase: Compare multi-car insurance quotes to see the actual savings you can get for a policy. We show you genuine, unbiased quotes straight from the insurance companies. You’ll see real rates on your screen in just minutes.

The Discount Benefits

1. Big savings. Multi-car insurance discounts can make a pretty big dent in your insurance premium. We found many insurance companies that offer savings of 25-30% when you insure more than one car with them, and some give you a discount that’s even bigger than that. By comparison, other common discounts (like being a good student, or choosing a paperless policy) may only deduct 5 or 10%.

Best of all, every car on a policy gets the benefit of the multi-car discount. When you combine policies, that means you could save 25% while the other person also saves 25% — that’s a big improvement over the rates you would pay for separate policies!

2. A single deductible. Let’s say you wake up one morning to a no-fun surprise: In the middle of the night, a driver (probably drunk) hit every car parked on the right side of your street, including yours and your spouse’s. Then, the culprit sped off. You’ll have to file a collision claim with your insurance company, even though it wasn’t your fault. Arrrgh!

Here’s a tiny ray of sunshine: If you and your spouse share an insurance policy, you’ll only have to pay a single deductible. So if your deductible is $500, you pay that and you’re done, no matter how much repairs to both cars may cost.

3. Insurance stacking. Some states allow you to stack your uninsured motorist liability insurance benefits when you have multiple cars on a policy, which is an awesome perk. How does insurance stacking work? Basically, it means combining your benefits to use for a single claim.

Here’s an example: Your husband is driving to work when an uninsured driver runs a red light and hits him. The collision sends your husband to the hospital with a back injury and leaves him unable to work for months. He has $25,000 in uninsured motorist bodily injury coverage on his policy, and you have the same amount. If the hospital bills and other losses exceed $25,000, he can stack your insurance on top of his, for a combined limit of $50,000.

How to Get Multi-Car Insurance Quotes

Qualifying for a multi-car insurance discount is easy, although different insurers have different requirements. The basic rule is that the cars must be kept (garaged) at the same address. Some require all cars on a policy to be in the same household and owned by people in the same family. Others are OK with roommates or other non-related people sharing an insurance policy. And some insurers will give you the discount even if you have separate car insurance policies (with the same company) at one address.

This is really important: You shouldn’t just add your car to your partner’s policy, or vice-versa. Why? Because you don’t know if your current insurance company is going to give you the best deal. Multi-car discounts vary a lot (see below), so you don’t want to accept a 10% discount if another insurer will offer you 30%.

Instead, you should compare multi-car insurance quotes from many insurers to see who offers the lowest rates. We make it easy! You’ll see the multi-car discount automatically pop up when you enter more than one car in the quote process. Then, you’ll be able to compare several real-time quotes for the same level of coverage.

Insurance Companies That Offer Multi-Car Discounts

How much can you save? That depends on the insurance company.

When Is It a Bad Idea to Combine Insurance Policies?

Let’s say you and your sister are moving in together. She asks you to add her to your car insurance policy because it seems like an easy way to save some cash. But you hesitate: Your sister drives an Audi, while you own an Accord. She got three speeding tickets last year, but your driving record is clean. Is your insurance going to go up if you’re on the same policy? Or will the multi-car discount lower your rates?

There’s an easy way to find out. Compare multi-car insurance quotes for both cars and both drivers! Looking at real-world quotes can give you an accurate sense of the potential savings and pitfalls of a multi-car discount. Just keep in mind that most insurance companies will require you to list related people living at the same address as drivers on your policy, even if you maintain separate policies.

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