You might worry about how much your car insurance bill costs – and the toll it’s taking on your bank account. It’s a perfectly reasonable concern. Car insurance can be expensive, and you might feel that you’ll leave no stone unturned in your quest to get a lower auto insurance rate. If you’re paying more than you’d like for your insurance, you should look into different car insurance discounts to score some quick savings. One discount offered by many carriers is the multi-car discount. We’ll explain what the deal is about it and how you can get it.
What’s a multi-car discount?
The multi-car discount is, well, a discount for insuring multiple cars on a policy. (Get it? Multi-car discount?) This is a natural fit for households that have two or three cars insured with their carrier. The percentage you’ll save can depend on the carrier you’re insured with but still – any savings are helpful, and it can help offset the extra expense associated with having to get coverage for multiple cars. (Because let’s face it, that adds up.)
But the next question is this: do all the cars have to be on the same policy? Not necessarily. Generally, the cars can be on separate policies and still score the multi-car discount so long as the drivers live at the same address. So for example, let’s say you’ve got your grown-up kiddo living at home with you and they’re paying for their own, separate car insurance policy – but they’re with the same insurance carrier that you are. Or let’s say you’ve got a teenager who’s on their own policy. You’ll still probably be able to get the multi-car discount.
What if you take a car off the policy?
Okay, so…there’s a catch.
For example, let’s say that you and your grown-up daughter live together, and you both have cars. You’ve got a multi-car discount. But your daughter moves out of state and ends up switching insurers because it makes more sense and she gets a good rate. You no longer have two cars at the same address with your insurer, and not it’s just your car on your policy. Well, unfortunately, the discount would go bye-bye.
If you had two cars on the policy and you sell one of them, leaving only one car in your family, you’re probably hoping that the insurance rates on the remaining car would go down. You’re only insuring one car as opposed to two, after all. But unfortunately, the decrease may not be terribly significant because you’re losing your multi-car discount.
Sticking with the same carrier can pay off.
Keeping your insurance with one carrier can make your bank account happy. The multi-car discount is just one example.
You can also benefit from keeping your insurance with one carrier by bundling your home and auto insurance. (Basically, that means you get both lines of coverage from the same insurer.) Many insurers offer a multi-line discount. If you don’t have a house, you can still take advantage of a multi-line discount by getting your renters and auto insurance from the same carrier.
So, that’s just something to keep in mind as you get your insurance sorted out. It’s an easy way to score some savings if it’s the right choice for you.
Don’t forget about other car insurance discounts.
Why should the fun stop at the multi-car discount? There are plenty of other car insurance discounts you can consider. These are a few others you should ask about.
- Safe driver: If you go a certain amount of time without an accident, you could qualify for a safe driver discount.
- Low-mileage discount: If you don’t drive very much, you could get a low mileage discount. The fewer miles you drive, the smaller the chance of you having an accident.
- Good Student discount: High schoolers and college students (and even young adults under 25) can get a “good student” discount if they make good marks in their classes.
- Automatic payments: You can get a discount simply by setting up automatic payments so your car insurance bill will never be late.
- Paperless discount: If you go paperless and choose to do your bill-paying online, you could score some savings.
So, that’s the scoop about the multi-car discount. It’s an easy way to save money on your car insurance premium, so be sure to ask your agent about it if you’re insuring more than one car with them. And don’t forget about other car insurance discounts! Let the savings pile up and graciously accept your bank account’s thanks.
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