Do you need multiple policies if you own multiple vehicles?

By HUB SmartCoverage Team on January 11th, 2018

As families age, kids become young adults, and adults get married, you might think about getting additional or multiple cars to get everyone around. If you own multiple vehicles, do you need multiple insurance policies? Not if you share the same address.

You might think otherwise, but having more than one car on the same policy will actually save you money on your car insurance. It’s called a “multi-car policy,” one that doesn’t differ much from a single-car policy. If you have two vehicles, having a multiple-car policy will be cheaper than having two separate single-car policies. And remember, things like your car-type will affect your insurance rate.

Benefits of a multi-car policy?

  • Discounts:  Often, these discounts are available if all household vehicles are insured by the same company.
  • Simplifies Renewal: When all your household automobiles are insured under the same insurance company, it saves paperwork. Therefore, when it comes time to renew your policies, you don’t have to go to each company at each time and fill out each form; it will all happen at once!
  • Simplifies Payment: Since all your cars are insured under one company, your monthly bill statements will be amalgamated as well. This will save you time and energy on a bill payment. Plus, you’ll only have to contact one place when you have questions.

Combining home and auto-insurance to save even more money

After finding your lowest quote through Smart Coverage, you’ll be able to combine both your property insurance and your auto insurance to save even more money while also getting some loyalty points with your insurance provider. Smart Coverage will show you how much you can save before you commit.

If you’re wondering if you should indeed bundle your multi-car policy with your home insurance, or how much you can save, check out our tip sheet.

Who's Driving?

Will your young son or daughter be getting behind the wheel of one of your additional vehicles? If they have been trained at a driving school, you can save even more when you ask about adding them to your policy.

Bottom Line

Instead of getting different policies at different providers for each car, look at what discounts your primary insurer can offer you through multi-car bundling. You should be able to get anywhere from a 10% to 20% discount on your bill by adding cars to the same policy.

When you save money on your car insurance, it means you can have more to spend on things like fun road trips or needed vehicle maintenance. Always compare between insurers and choose the price that’s most attractive to you and your family.

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