Most American families own more than one car- that’s just the norm. Especially, if you live in the suburbs. Cars have become a necessity and, as soon as you hit your sweet 16, there needs to be one that has your name on it, out in the driveway.
Therefore, it is recommended that you get coverage for all the cars in your family through the multi-car policy.
This policy can cover up to five vehicles- and that’s not even the best part! Read on to discover all the added advantages of having all your family’s cars insured under one account.
1. Less Paperwork to Deal With
Since all vehicles will be ensured through one policy, you don’t need to do individual paperwork for each of them. You also save your precious time because all you have to do is meet with one insurer, and choose one coverage amount that will apply to each car.
One slight hiccup is that this amount needs to be high enough to cover the expenses attached to your highest-priced vehicle. It is recommended that you speak to your insurer about the amount that would be appropriate for the contract.
2. Lesser Premiums and Deductibles
Think of this as a discount. If all your vehicles are listed under different policies, you’d have to pay a premium on all of them. However, under the multi-car policy, you’d have to pay a collective premium, which would be relatively less than the individual ones.
Plus, when you file a claim, you are charged deductibles, which means all your vehicles would be worth the same deductible amount. Also, with some insurers, if you file a claim for two vehicles at the same time, often the deductible of only one vehicle is charged.
3. One-Stop Payment Shop
If all your cars are insured under one multi-car policy, you can bid adieu to multiple payments for good. Gone will be the days of remembering the place where each policy is to be paid, the due dates, or the monthly premium. Saves quite a lot of time and effort, too, doesn’t it?
4. Decreased Rates for High-Risk Drivers
Some car owners, such as teens, as considered high-risk drivers, for which the rates on their insurance is high, too. If you add your teen child to your multi-car policy, the interest rate will increase but will be comparatively lesser than the payment you’d have to make on a separate individual policy. So overall, it’s a plus! Just make sure that your family’s high-risk driver isn’t listed as the main party.
Insurance can be quite tricky, especially when you have a whole family and their belongings to insure. However, singular multi-policy plans make the whole ordeal much lighter in your pocket and help you cut back on the stress, too.