Whether you have multiple drivers under your roof, have grown children you want to add to your insurance policy, or have a small business with multiple company vehicles, there are several reasons why you might need a multi-vehicle insurance policy. However, before you assume you cannot afford to add yet another vehicle to your policy, it is important to realize that insuring multiple vehicles is very straightforward, and you can even save some money on your coverage. Here are the answers to a few frequently asked questions you might have about multi-vehicle insurance coverage:
Can You Have Multiple Vehicles and Drivers on One Policy?
A multi-vehicle policy is intended to provide coverage to multiple vehicles and assign each driver to the vehicle, or multiple vehicles. Typically, the policyholder is on the insurance policy for each vehicle, and you can add specific people to a particular vehicle as well. For example, if your teenage child purchases a vehicle and wants to be under your insurance, you would both be named on the policy.
Ask about the number of vehicles and drivers that can be put on a policy, as this number will vary depending upon your insurance provider.
How Much Coverage is Needed Under Your Multi-Vehicle Policy?
The amount of coverage you will need on each vehicle is dependent upon several factors. For example, if you have a leased vehicle, the loan provider will typically require you to carry full coverage insurance on the vehicle. You may also live in a state where you are required to carry full coverage on each vehicle under your policy.
However, some other companies will allow you to vary the amount of coverage you place on a vehicle. For example, you may want full coverage on one vehicle, and only liability insurance on another vehicle. Ask your insurance provider which type of coverage you will be required to carry on each vehicle.
How Can You Save Money on Your Multi-Vehicle Policy?
Finally, just because you are carrying multiple vehicles and drivers on your policy does not mean you need to pay a small fortune on your automobile insurance. There are ways you can save money each month. For example, you can raise your deductible, opt for less coverage on vehicles that are older or not worth as much money to replace, or bundle your automobile insurance and homeowner's insurance.
If you have multiple vehicles and a lot of drivers under your roof, you will want a multi-vehicle automobile insurance policy. Ask your insurance provider any additional questions you might have about a multi-vehicle policy.