How many vehicles does your family own? If you’re like most Americans, you probably own at least two. Owning more than one vehicle comes with its fair share of positives and negatives. On one hand, you don’t have to wait to use the car if your partner is at work or the store, you can just hop into your own. On the other hand, you have two car payments, two maintenance checks and two insurance premiums.
Here at CoverHound, we can help you turn those insurance premiums into one affordable monthly fee. When you get a car insurance quote comparison with us, you’re guaranteed transparency and choice in the pursuit of a smaller premium. Here are some tips on how to do it.
Insuring Multiple Vehicles
As a working two-car family, you use both of your vehicles regularly. It’s fair to say that both vehicles are commuter cars. So how do you go about getting an insurance package to cover both? It’s easy—you get a multi-car policy. Multi-car insurance is an umbrella policy that protects vehicles (anywhere from two to five) listed at the same address. What if each car has a different driver? That’s not a problem. The policy covers every vehicle even if the main driver of said vehicle is not listed on the policy. Remember, the policy covers the car, just as long as every driver is living at the same address.
With this same policy, there are no primary or secondary drivers, even if you drive both cars with more frequency than your partner. As an alternative, The Nest reports that the insurance company will require that you be the primary driver of one vehicle, and secondary on the other.
But here’s another question. What if one vehicle is newer and more expensive than the other, yet, driven just as much as the slightly older car. Which vehicle do I insure as the primary? Here again, The Nest suggests that the person with the cleanest driving record be the primary driver of the more expensive vehicle, as this will help lower the premiums. And here’s a bonus: when you sign up for a multi-car insurance plan, you get a discount!
Stacking Your Insurance Coverage
Fox Business has reported that the average American motorist will file an auto insurance claim once in about every 18 years. In 2014, the average collision claim was $3,160. There are a reported 10 million auto accidents every year, ranging from minor fender benders to fiery collisions. If you’re underinsured and find yourself in a serious accident, you’ll be paying for damages out of pocket. This could dramatically affect your finances. Insurance coverage stacking will help protect you from that. Though it’s not offered in every state, coverage stacking lets you increase your coverage amount solely based on the number of vehicles you’re insuring. Look at this way, if your auto liability limits were set at $15,000/$30,000/$5,000, you could increase those numbers to $30,000/$60,000/$10,000. Is there any such thing as having too much protection?
You worked hard for the things you have. Don’t let an accident rip them all away. For a free insurance quote, visit CoverHound today.