Multi-car households spend a lot of money on insurance. However, that doesn’t need to be your reality. Adding several cars to the same policy can help you save money.
It cuts down the paperwork and makes things easier for you. Here are a few tips for finding the best insurance for your multi-car household.
1. Getting Online Quotes for Cheap Insurance
You can easily find cheap automobile insurance online. When you find a good insurance provider, you may be tempted to hang on to them. It is easy to assume that your provider has the best deals in the market.
Some research on the internet will help you find better quotes. You may be surprised to find out that you aren’t getting the best deal. There are many wonderful providers, and it is easy to make a good decision when you have a few options in mind.
Auto insurance comparison tools can be beneficial when exploring your options. They will help you find the best price without compromising on quality.
2. Improve Your Credit Score
When you plan to add a new vehicle to your coverage, get married, or add an extra car to your household, think about ways to improve your credit rating. It is a great way to lower your premium rates in a multi-car household.
If your credit score is high, insurance providers consider you less likely to claim. If, however, you have a low credit score, you are likely to make a claim. Ensure that everyone you add to your multi-car plan has a solid credit score as well.
3. Request for Benefit
You might miss out on multi-car insurance benefits if you don’t ask. Insurance providers are trying to make profits. They are unlikely to let you know about the benefits if you don’t ask. They will never pressure you into accepting benefits or discounts.
Some providers give you coverage for multiple cars under multi-car coverage even if the car owners live in different households. You only need to ensure that all the covered cars belong to immediate family members.
4. Increase Your Deductible
Having a few vehicles under the same cover could be cheaper than getting individual covers for each one. Increasing your deductible could help you save even more.
With a household auto insurance plan, there is only one deductible to pay. Increasing it will reduce your premiums significantly. You will need to pay a little more out of pocket before your insurance provider contributes for incurred damages.
Do You Need the Same Coverage for Each Vehicle?
The amount of coverage you need for each car depends on the insurance provider you are working with. Usually, insurance providers demand that you get the same amount of uninsured motorist and liability insurance on all vehicles. You may enjoy more flexibility on comprehensive and collision coverage.
Equipment coverage, rental reimbursement, and other add-on coverages also give you more control. Note that car insurance is for the car-not the individual.
Reasons to Consider a Multi-Car Policy
The biggest benefit of multi-car policies is that they come with generous discounts. However, there are a few other advantages. Here are a few reasons to consider a multi-car policy.
Pricing
Insurance providers typically offer big discounts for multi-car policies. The prices vary from one provider to another. However, you can generally enjoy a ten to 25 percent discount. Multi-car discounts are a lot higher than other insurance discounts.
Usually, you will receive a discount for every vehicle. However, it doesn’t compound with every vehicle you add. With a 20 percent discount on your first car, your first car will receive the same discount no matter how many others you add to your policy.
One Renewal Date
With a multi-car insurance policy, you only need to worry about one renewal date and one payment date. You get insurance for all the covered vehicles with minimal hassle.
If there is a different policy for every vehicle, you can miss out on discounts. You can also waste a lot of time tracking dates and bills.
Multi-car household insurance gives you the coverage you need at lower costs. Whether you are looking to save an extra dollar or waste less time tracking dates, there are lots of ways to find great deals. Take advantage of the above tips and start saving money.
