Whether you and your spouse switch off between a pair of vehicles or you have a garage filled with a gleaming automobile collection, it pays to learn about multi-car auto insurance. However, most people don’t know the bottom line of how this coverage differs from standard auto policies. If you’re interested in lowering your premium and ensuring you have all the coverage you need, consider the following answers to these common questions.

Multi-Car Auto Insurance FAQ

Can you get a rate reduction if you rarely use one of the cars?

Say you have a luxury SUV that you drive to work, to soccer practice, and on long trips. In your garage is a classic car from the 1960s that’s only taken out for special occasions and celebratory rides. Putting both cars on the same policy will allow you to pay less on your monthly premiums. This is a far better option than simply dropping liability coverage on the rarely driven vehicle, as this would take away your peace of mind on those special drives.

How much of a discount can you expect?

On average, multi-car auto insurance policies will take 10-25% off of your policy, specifically the collision, liability, and comprehensive aspects. However, it’s important to note that while each car gets this discount, you can’t pile the percentages on top of one another with every car you add.

How many cars can you put on the same policy?

In most cases, you can put up to four vehicles on the same multi-car auto insurance policy. However, this doesn’t mean you can insure your cousin’s car to lower your premiums. The cars must all be owned by the same individual. Therefore, if you own three cars but your spouse primarily uses one and your child uses the third, you can bundle them all on the same policy for a discount.

Are there other benefits?

In addition to helping you save money every month, a multi-car policy will allow you to “stack” uninsured (UM) and underinsured (UIM) bodily injury motorist coverage. Therefore, if you get into an accident with someone who’s uninsured or underinsured and you have three cars on your policy, your provider will cover three times more per person and per accident. 

If you believe you could benefit from a multi-car auto insurance policy, get in touch with Seeman Holtz of Boca Raton, FL. Run by partners Marshal Seeman and Eric Holtz, this financial advisory firm is dedicated to helping clients manage their money for an elite level of success. Whether you need a retirement plan or commercial coverage, visit the website to learn about their broad array of value-added client services. To request a quote, speak to an expert by calling (800) 991-3592 today.