Now that you’ve gotten married and merged your accounts, it’s time to update your insurance policy. As a two-car family, you’ll be looking for ways to save on your monthly premium statements. To get your finances off to a good start, we suggest comparing auto insurance quotes with us here at CoverHound, you’ll be glad you did!
Two Cars, One Family
As a young working couple, you have both agreed on a monthly budget that will help you save money and pay your bills, good for you! And now that you have two cars, you feel the need to reduce your carbon footprint. Whether that means one of your jobs offer free transit to employees taking public transportation or one car will only be used for weekend driving, you should only be paying for what you’re using. No matter the situation, there are a few ways to save money on your car insurance, including:
Bundling: Multi-policy discounts don’t just save you money, they make paying those monthly insurance bills a lot easier. Many insurance companies give their clients discounts when they bundle their insurance policies with their agency. Bundling types include: car insurance with homeowners insurance, car insurance with renters insurance and car insurance with motorcycle insurance. And with many companies, you only have to pay one deductible on a claim that, without bundling, would usually involve several carriers.
Multi-Car Insurance Policy: According to the United States Department of Transportation, the average American household has 2.8 vehicles, with households owning more vehicles than they have licensed motorists. Multiple-car insurance policies allow you to add as many as four vehicles to a single insurance plan. Like all auto policies, your vehicle’s accident history and safety rating will play a factor in the raising or lowering of the premium rate. Multi-car insurance plans even apply to vehicles with different main drivers. This means that drivers not named on the insurance policy can still get coverage for the vehicle listed on the plan, just as long as the vehicles are all registered at the same residence. Insurance agencies also typically offer a discount when a family or household signs up for a multi-car insurance policy.
Pay-As-You-Drive: In a pay-as-you-drive policy (also known as pay-as-you-go), your monthly premium statement is based on the number of miles you drive. Some insurance companies will equip your vehicle with a device that monitors your mileage. This device will electronically share your mileage diagnostic reports with your insurer as well as let them know your speed and braking levels. If it is found that you are speeding or going over your daily mileage limit, your insurance company can raise your premium.
According toU.S. News and World Report, insurance companies like Progressive, Travelers, Allstate and State Farm all offer pay-as-you-drive policies. Because the device tracks your speed and mileage, agencies can raise or lower your premiums depending on your real-time driving practices. If you rarely drive your vehicle, pay-as-you-go insurance could save you money on your monthly premium.
At CoverHound we help you find a car insurance package that fits your lifestyle. Click here for your free quote today.