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Multi-car insurance policies

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Many life situations require adding a car to your insurance policy. Maybe your teen just started driving, or you’re a newlywed wanting to add your spouse’s car to your driving rotation. Multi-car insurance is a great way to protect all your vehicles under one policy and can usually help you save on your overall premiums. 

There are a few key things to consider when insuring more than one car. For example, it’s important to look at the limits of the coverage types you want for each car and make sure the policy takes it into account. Ultimately, a multi-car insurance policy can usually give you the protection you need with a single premium that is cheaper than covering each vehicle separately under their own policies. 

What are the requirements for a multi-car policy?

Multi-car insurance policy requirements vary among insurers. Some require the insured cars be located at the same address to qualify for a multi-car policy, while other insurers require that all the drivers of said cars be members of the same family. You might find it tricky to get a multi-car policy with a roommate (but it could be worth asking about). However, if you and your family members drive multiple cars and all live at the same address, you will likely benefit from a multi-car policy.

Many insurers restrict how many vehicles can be on a single policy — most policies cap coverage limits at four vehicles. 

To get multiple car insurance quotes and find the right policy for you, you’ll need:

  • The vehicle identification number (VIN) of all the vehicles you want to insure
  • Personal information on all drivers you want to list on the policy (name, birthdate, address)
  • Information about your current auto insurance

Additionally, to provide a multi-car insurance quote, the insurer might ask for the driving history of all drivers you plan to list on the policy. 

Multi-car insurance coverage

When you buy multi-car insurance, you’ll have the option to buy the same coverages you would for a single-car auto insurance policy. Almost all states require bodily injury and property damage liability coverage, so ensure your multi-car policy includes that. Usually, the limits you set on these liability coverages have to be the same for all cars insured in the multi-car policy. 

Additionally, consider other protections like collision and comprehensive coverage. In most cases, you can specify how much of these other coverages you want for each car. For example, you might want to have more comprehensive coverage (which protects against theft) for a car you park in the street than the one you park in your garage. 

As you’re adding a car to your insurance, ask your insurer about your coverage options and whether or not they need to be the same across the policy. If not, you can usually save money by altering individual coverage limits to best fit each car. 

Benefits of a multi-car policy

Why should you consider multi-car coverage? Here are a few of the perks you enjoy when you choose this type of policy:

  • Savings: Compared to getting individual policies for each vehicle, you can expect to pay significantly less by getting a multi-car policy. In the same way insurers offer discounts for bundling multiple policies together (e.g., home and auto), they also extend your savings when you insure multiple cars together. 
  • Convenience: Instead of having to manage multiple auto insurance policies — each with their own premiums and due dates — a multi-car policy streamlines things for you. With this option, policy maintenance is simplified. 
  • Stacking coverage: Some insurers will stack coverage when you get a multi-car policy. If you had a specific coverage limit with one car, they may double that limit when you add a second car. To find out if you can get more protection with a multi-car policy, ask your insurer about stacking coverage. 

Other considerations of a multi-car policy

If a multi-car policy gives you savings, convenience and potentially broader coverage, why doesn’t everyone choose it? There are some instances in which it might make more sense to insure certain cars individually. Let’s look at a couple of examples:

  • Teen drivers: Because of their inexperience behind the wheel, insurers see teens as high-risk drivers. This means they’re more expensive to insure. Adding a teen driver to your family’s multi-car policy might increase your premiums so significantly that it makes sense to get your teen their own policy. 
  • Unused cars: If you have a car that sits unused, you might not need to include it in your multi-car policy. Instead, you can likely save more by leaving it off the multi-car insurance and instead getting it just the protection it needs (usually, comprehensive coverage to pay out if it’s stolen). 

Can I insure a car and motorcycle on the same policy?

No, insurers require a separate type of coverage — aptly named motorcycle insurance — to protect motorcycles. That doesn’t necessarily mean you have to miss out on savings, though. Use the same insurer for your car(s) and motorcycle. While you won’t get a multi-car discount, you will likely get a discount for bundling.

The takeaway: a multi-car insurance policy can help you save money

Setting aside a few specific cases, multi-car insurance is almost always a great way for households with multiple vehicles to bring their cost of auto insurance down. Whether your spouse or teen added a new vehicle to the family fleet, if you have multiple cars located at the same address, a multi-car insurance policy can help you:

  • Get a discount from your insurer
  • More easily manage your coverage
  • Potentially increase your existing coverage limits

If you’re insuring multiple cars with separate insurance policies right now, look into multi-car coverage to see how much you could save.

Kacie Goff

Kacie Goff is an insurance writer for Coverage.com. She loves taking complex concepts and distilling them down to make it easier for people to understand their coverage options. Over the last five years, she’s written about personal and commercial coverage for Bankrate, Freshome, The Simple Dollar, local insurance providers and more.

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