You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the technical advice and tools needed to succeed throughout life ’ s fiscal travel. Bankrate ’ s column team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow rigid guidelines to ensure that our column content is not influenced by advertisers. Our column team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. so, whether you ’ re reading an article or a review, you can trust that you ’ re getting credible and dependable data. We rate your trust. Our mission is to provide readers with accurate and unbiased information, and we have column standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you ’ ra reading is accurate. We maintain a firewall between our advertisers and our column team. Our column team does not receive aim compensation from our advertisers. Bankrate follows a nonindulgent editorial policy, so you can trust that we ’ rhenium putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right fiscal decisions. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we ’ rhenium putting accuracy beginning. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer servicing, policy features and savings opportunities — so you can feel confident about which supplier is right for you. Bankrate follows a hard-and-fast column policy, so you can trust that we ’ rhenium putting your interests first. All of our contentedness is authored by highly qualified professionals and reviewed by subject topic experts, who ensure everything we publish is objective, accurate and worthy of your trust. Founded in 1976, Bankrate has a long track record of helping people make smart fiscal choices. We ’ ve maintained this repute for over four decades by demystifying the fiscal decision-making march and giving people confidence in which actions to take adjacent. While we adhere to strict column integrity, this position may contain references to products from our partners. here ‘s an explanation for how we make money. This content is powered by HomeInsurance.com ( NPN : 8781838 ). For more information, please see our Insurance disclosure. A multi-car insurance policy may be right for you if you are seeking to insure more than one fomite in your family. Most insurers offer a considerable rebate on your total car premium when you insure two more vehicles on your policy. In some cases, a multi-car policy may diminish the extra cost to insure a adolescent driver on an individual policy. Depending on the carrier, there may be other benefits as well .
What is a multi-car policy?
Most car policy companies offer multi-car ( or multiple-car ) policy policies. While insuring at least two or three vehicles is normally the standard, each provider might have its own limits to the number of vehicles coverable on a one policy. Multi-car policies are available through about every policy aircraft carrier and normally with an available deduction, often categorized under customer commitment.
Read more: Best car insurance companies for 2022
Each company is probably to have its own requirements for multi-car policy policies. Some only want that all covered vehicles be located at one address, while other carriers factor in the see ’ s relationship to the policyholder. It never hurts to ask carriers about their specific criteria for multi-car indemnity policies or whether you can add the fomite of another person in your home to your policy. Potential benefits and drawbacks of multi-car insurance policies
| Pros | Cons |
|---|---|
| Financial savings with multi-car discount | One renewal date with a total premium due at once, which could be more expensive |
| A single premium payment | Not all insurers offer the same discount amount |
| Shared deductible | One high-risk driver may impact the entire policy |
While a multi-car policy policy could save families with good drive histories significantly on premiums, opting for one may not be ideal if one or more drivers have poor drive records. In some instances, including a bad driver on your policy may increase the overall premium, potentially discounting the extra savings. Consider speaking with your insurance supplier to see how unlike circumstances could affect your rates .
What discount can you receive for a multi-car insurance policy?
You will by and large see discounts up to 25 % of the total agio for adding a multi-vehicle policy. however, each provider ’ sulfur exact discounts may vary based on your coverage and early factors. here are a few companies that offer discounts for insuring more than one vehicle :
- Progressive – About 4%
- Geico – Up to 25%
- State Farm – Up to 20%
- Nationwide – Discount varies
How much does a multi-car insurance policy cost?
The average cost of car insurance is $ 1,674 per annum for full coverage, but varies significantly from aircraft carrier to carrier and between individuals. Rates are influenced by multiple factors such as age, driving history, location and the discipline of the car. Because multi-policy types are indeed common, getting several multi-car policy quotes is relatively straightforward. normally, car indemnity companies will ask you for the following data :
- Make, model and year of the cars you want to include on the policy
- Vehicle identification number (VIN)
- Odometer reading for each of the vehicles
- The name, date of birth and driver’s license numbers of each driver to be added to the policy
What coverage do you need on your multi-car insurance policy?
Most states require that drivers carry some level of liability indemnity. On the other hand, requirements for carrying certain levels of collision or comprehensive coverage are not imposed at the state level. In most situations with a multi-car policy policy, drivers need to cover each fomite with the lapp come of liability or uninsured motorist coverage. typically, you are free to insure each vehicle with different levels of collision and comprehensive coverage. however, you may want to keep in mind that the incidents and amounts you are covered for could vary if each vehicle includes different coverages .
Frequently asked questions
Which company offers the cheapest multi-car insurance policy?
While closely every company offers some form of multi-car discount rate, it is impossible to say which company offers the most low-cost for each kind of driver. Because there are so many factors that shock car insurance prices, the cheapest car insurance caller offering a multi-car policy may besides be one offer you authoritative coverages in other areas, like for ridesharing. Experts often suggest obtaining quotes from several insurers to find the best company for you .
What are stacked insurance limits?
Stacked indemnity can be an total benefit with a multi-car policy. In summation to the money saved from discounts, stacking may allow you to combine or “ push-down storage ” the uninsured motorist or underinsured motorist coverage limits that you have on each of your vehicles. By doing this, you can typically increase your overall limits by considerable amounts .
Is it worth getting multi-car insurance?
Having a multi-car policy could allow you to well manage coverage for multiple vehicles stored at the same family or even save on your overall premium. however, it may not always be the cheapest room to insure vehicles. For example, if one or more drivers in a family have poor drive histories, the increased risk may cause premiums to be higher than the cost of disjoined policies. One of the best ways to determine which policy type suits your position is to compare the price of like coverages from unlike providers.
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean drive record, full credit rating and the following full coverage limits :
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimal coverages that meet each state ’ sulfur requirements. Our base profile drivers own a 2019 Toyota Camry, change five days a workweek and drive 12,000 miles per annum. These are sample rates and should only be used for relative purposes .