Car Insurance for Multiple Vehicles

You can save up to 25% on your auto insurance by having multiple cars on the same policy. This is what's known as a multi-car discount. Doing this means you will usually have only one deductible and one renewal period to worry about. The coverage you get is the same as a single car policy. Keep in mind you can also bundle your home and auto insurance to save even more money. And while the number of cars you can have on one policy can differ between insurance companies, you can usually have at least four or five vehicles listed. You can also have two primary drivers on your policy. Keep reading to get a comprehensive look at how you can save money with multi car insurance.

Which Car Insurance Companies Have the Best Multi-Car Insurance Discounts?

Below is a table showing the amount discounted by various insurance companies by having multi car insurance.

Insurance Provider

% Saved

State Farm

Up to 20%

USAA

Up to 10%

Travelers

Up to 8%

You can save up to 25% on your auto insurance by having multiple cars on the same policy.

Other companies such as Nationwide, Auto-Owners, Allstate, and Liberty Mutual do offer multi-car discounts. They do not, however, specify how much you can save. To determine the best company with a multi car discount, you need to consider several factors in addition to the discount offered:

  • Base starting premium

  • Other discounts that can be stacked

  • Ease of use and customer service

  • The number of cars you want to insure together

  • The stability and strength of the insurance company

  • Is there more than one deductible?

What Are the Benefits of a Multi-car Insurance Policy?

One of the major benefits of having multi car insurance is the discount you receive from having multiple vehicles insured on a single policy. Savings can be as high as 25% depending on where you live and the insurance provider you use. Another benefit is the ability to combine the deductible. This means you can have a single deductible for the multi-car policy, instead of having one for each car. One deductible spread over multiple vehicles means you won't have to spend as much out-of-pocket should more than one of your vehicles incur damage.

You will also only have to make one payment every month to cover all your cars. This removes the hassle of having to remember multiple due dates and helps reduce the risk of late payments. There will also be only one renewal date making it easier for you to manage your coverage. You can also stack the coverage for your vehicles. Stacking insurance is usually spoken of in regard to uninsured motorist coverage and underinsured motorist coverage. For example, two vehicles with $50,000 in uninsured motorist coverage can stack meaning your coverage is actually $100,000.

How Do Multi Car Insurance Policies Work?

Multi-car insurance policies work pretty much the same as a single car policy. And like a single car policy, there will likely be state requirements for the coverage you have for your vehicles. Coverage may include property damage liability, bodily injury liability, uninsured motorist and personal injury protection (PIP). Some insurance companies may state the vehicles need to be "garaged" at the same location. Don't worry. An actual garage isn't necessary for coverage. In general, every vehicle covered in your policy just needs to be kept at the same address. 

It is still possible for a vehicle to be on a multi-car policy if it isn't parked at the primary address, however. For instance, your child may have one of your insured vehicles with him or her while off at college. All your child needs to do is keep your address listed as their primary place of residence. Make sure, however, that you notify your insurance company that the vehicle in question will not be located at your address for a prolonged period of time. Also, make sure you have all pertinent people named on your policy. Typically, people like your spouse and/or children should be listed. You can also add roommates or a significant other. 

One interesting thing about multi-car insurance is there is a level of customization that can come with your policy. For example, uninsured motorist and liability coverage tend to be set at the same level for each car on the policy. However, comprehensive and collision coverage usually come with the option of varying deductibles for each vehicle or one deductible for them all.

You will also only have to make one payment every month to cover all your cars with a multi-car policy.

How To Get the Cheapest Multi-Car Insurance Quotes

Insuring multiple vehicles with the same carrier will usually afford you a multi-car discount. These discounts can range from as low as 4% to as high as 25%. The insurance company wants to do as much business with you as possible so they offer discounts for you to work solely with them.

Another way you can save is by bundling your auto insurance and your home insurance with the same carrier. Other forms of insurance bundling include renters insurance and auto insurance, and renters insurance and motorcycle insurance. These would all qualify for savings as high as 25%. 

It pays to shop around for multiple insurance quotes. Once you know what type of insurance you want to bundle or which vehicles you would want to insure together, you will want to gather the following information:

  • The VIN number of each vehicle

  • The approximate mileage traveled per year of each vehicle

  • The mileage on the car

  • Who drives which car the most

  • What each car is used for

  • Driver's license number for each insured driver

  • Social Security number of each insured driver

Compare Quotes with Multi-Car Discounts

How Many Cars Can Be on One Policy?

The number of cars you can have on a single car insurance policy depends on your insurance company. The amount can be anywhere between four and nine. You'll most likely need to get a different policy should you have more than the maximum number of insurable vehicles.

Multiple drivers can share an insurance policy, as long as everyone lives in the same household.

Keep in mind that some coverages may be customized. Liability and uninsured motorist coverage usually have set levels that apply to every vehicle, but with other coverages, like collision and comprehensive, you can set different deductibles for each car.

Can Multiple Drivers Share an Insurance Policy?

Multiple drivers can share an insurance policy. This can be an especially good idea if you have multiple people living in your home, whether they are family members or roommates. Remember, those who you want to add to your policy will likely need to live at the same address as you. The possible exception to this rule is if you have a child who is using one of your cars while they're away at college. All they'll need to do is list your address as their primary residence and notify the insurance agent of the situation.

Below are other situations to consider when adding someone to your policy:

  • Your child got a learners permit: According to the CDC, teen drivers between 16-19 are more likely to be involved in an automobile accident. It may be a good idea to put them on your policy to protect them and your vehicle.

  • A family member is moving in: Adding a family member who is staying with you may be necessary if they are staying for an extended period of time and if they are driving a vehicle insured by you. Verify with your insurance company that this is an option.

Keep in mind that the information of another driver you add to your policy may have an effect on your premiums. Their age, gender, and driving record may factor into your costs. 

You can have a single deductible with a multi-car policy, and you'll save if you have an accident in more than one car.

Can You Have Two Main Drivers on a Car Insurance Policy?

You can have two main drivers on a car insurance policy. Usually, the agent you work with will ask who is the primary driver for each car you wish to insure. For example, let's say you are married and own a sedan and a flatbed truck. You're the one driving the flatbed and your spouse is the one driving the sedan. This will be noted on your policy, but unless otherwise indicated, you can both still continue to drive either car.

Multi-Car Insurance FAQs

How many vehicles can you insure with one company?

This is entirely up to your insurance company. You can potentially insure up to 20 vehicles with a single provider depending on who you're doing business with and as long as each vehicle has its own policy.

Is it cheaper to insure multiple cars?

It is cheaper to insure multiple vehicles as it will usually give you a multi car discount. This discount can be as high as 25%.

Is it better to have multiple cars on one policy?

Yes, you'll save money having multiple cars on one policy. Having separate policies for each vehicle will not afford you the multi-car discount.

Do I have to insure all my cars with the same company?

No. You can insure your vehicles with different insurance companies if you wish but you won't earn as many discounts.

Get the Right Coverage for the Right Price

Save money with multi car insurance. All you need to do is list all your vehicles on the same policy and you can save up to 25%. You can save even more by bundling your auto and home insurance for additional savings of up to 25%. Along with the savings, you will also only have one deductible and one renewal period to worry about for your vehicles. Multi-car insurance works the same as a single car policy in that it is afforded the same basic coverage as a single car. Remember, multiple people can share the same policy. You can even have more than one primary driver. If you want to save even more money on your car insurance, enter your zip code below and fill out a quick questionnaire to receive free car insurance quotes for the lowest rates in your area.

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