Many of today’s households have two or more drivers living under the same roof. That means there are often at least two vehicles being used in the same household. Insurance companies are used to drivers requesting coverage on more than one vehicle at the same time, and getting an online car insurance quote that includes multiple car coverage is relatively easy. However, there are some things you may need to consider before applying for this type of coverage. Continue reading to learn more about insuring multiple vehicles in your household and how it could affect your coverage and premiums.
You Might Qualify for Discounts
Buying in bulk almost always nets you a discount, and the same can be said of car insurance. When you insure more than one vehicle with the same insurance company, you may qualify for a special multiple-vehicle discount. Add on coverage for another asset, such as a home or condo, and you could see your online car insurance quote drop 15 to 20 percent or more.
Two Vehicles, One Driver
Plenty of people own two personal vehicles, whether it is a car and a motorcycle or a ‘winter’ car and a ‘summer’ convertible. Although you can only drive one vehicle at a time, you will still need to purchase insurance on both, since insurance tends to follow the vehicle instead of the driver. Your coverage needs will vary depending on how you use your vehicles. If for example, you only use one vehicle during certain months of the year, you may be able to get lay-up coverage when it is not in use. This reduces the amount of liability coverage and collision insurance on the vehicle, but retains comprehensive coverage as well as a minimum of liability protection to maintain compliance with state law.
If you drive both vehicles throughout the year, but one tends to get the majority of your miles, let your insurance company know. Likewise, if you have a classic or collector vehicle that is only driven in parades or for special events, you may qualify for reduced rates for coverage on that vehicle.
Keep in mind that car insurance rates depend on your performance and perceived risk as a driver, as well as the safety ratings on your vehicle and the cost to repair it after an accident. It is not unusual to find that the rates for one car are dramatically different from those for another despite having the same primary driver.
Multiple Vehicles, Multiple Drivers
If there are multiple drivers in the household, getting a policy with a multi-car discount is often the most affordable means of purchasing coverage. Insurance companies use consumer and driver data to assess a driver’s risk and insurability. Named drivers with more experience and better insurance scores can help lower premiums across the board in some cases. For example, higher risk drivers, such as teens living in the same household, may benefit from lower premiums if they piggyback onto a parent’s policy as opposed to getting their own. As an added bonus, all of the policy renewal dates are the same for all vehicles in the home, making renewals a simpler and more straightforward process.