How Do I Get the Best Multi-Car Insurance Discount?
Multi-car insurance discounts are a great way to cut costs if you own more than one vehicle or have a lot of drivers living under your roof. With Geico’s multi-car discount, for example, you can save up to 25% on your car insurance when you cover more than one auto.
By consolidating all the cars in your household into one policy, you can get a discount on each car’s premium, making your auto insurance bill much cheaper than if everyone had separate policies.
Who has the best multi-car insurance discount?
Geico has the best multi-car discount we found, offering up to 25% off of your car insurance premium. State Farm is close behind at 20%.
Multi-car discount by company
| Company | Maximum discount |
|---|---|
| Geico | 25% |
| State Farm | 20% |
| Progressive | 7% |
Other car insurance companies also have multi-car discounts. With these insurers, you’ll need to talk with an agent to find out how much you can save. They include:
Some companies do not offer multi-car insurance quotes in all states. Travelers does not offer its multi-car discount in California, for example.
While a company’s multi-car discount amount may impress at first glance, it’s good to look at it in the context of that company’s average rate. It’s possible that a car insurance company with a smaller multi-car discount, or no discount at all, could be the cheaper choice over a company with a big discount.
This is one of the reasons why it’s a good idea to compare car insurance quotes from several companies before you buy or renew a policy.
How does a multi-car insurance discount work?
A multi-car insurance discount helps you save on your annual premium for every car on your car insurance policy, up to the maximum number of cars an insurance company allows.
If you own a commuter car, a van for road trips and a weekend car, putting all of them on one insurance policy can be a good way to save money. The discount goes into effect when you buy the multi-car policy.
Some auto insurance companies have criteria you need to meet before they’ll give you a multi-car discount. Also, some insurers don’t allow more than one driver to be on multi-car policies.
What is a multi-car insurance policy?
A multi-car insurance policy covers more than one car in your household. It differs in some ways from a car insurance policy for a single car.
For example, you can have different coverage types for different cars. Liability car insurance will be covered for all cars on the policy, but you can pick and choose which cars you may want to be covered by full coverage car insurance.
With many companies, anyone in your household can be on your multi-car policy, whether they’re family, roommates or anyone else living at your address. If you have a child going to school in another state, you can have them on the policy as long as your household is their permanent address and the car is garaged there.
Is multi-car insurance worth it?
Multi-car insurance can help you cut your premium, but it can also lower what you pay for a deductible, expand your policy coverage limits and make paying your car insurance bill easier.
Single-claim deductible
Some companies offer a single-claim deductible for multi-car insurance policies. This means if two cars you own are on the same policy and are in an accident, you only have to pay a single deductible instead of two. This is especially good if you have a high deductible.
Stackable coverage limits
Stackable coverage limits are a great way of expanding your coverage, by combining policy limits on portions of your policy such as uninsured and underinsured motorist coverage. This offers a greater range of protection after an accident.
Convenient bill pay
One policy means one premium to pay. You will have the premiums for all the cars covered by the multi-car policy wrapped together, so there’ll be no more trying to remember when payment is due. This saves on time and the headache of paying multiple premiums over the course of a year.
Downsides of multi-car insurance policies
There are some downsides to multi-car insurance, too. If you add a high-risk driver to your multi-car policy, such as a teen driver or one with accidents in their car insurance history, you may pay higher rates for all the cars on the policy, even if your driving record is spotless.
If one car is involved in an accident, you can see rates increase for all the cars on the policy. This can be bad if you have many cars covered. Along those lines, if one driver on the policy has a serious incident, such as a DUI, it can affect renewal for all the cars on the policy.
Normally, rare cars, such as classic cars and show cars, aren’t covered by a standard car insurance policy. This makes it unlikely that you would be able to add yours to a multi-car policy.
How do I get a multi-car insurance policy?
If you already have a car covered by an insurance company, getting a multi-car policy can be as easy as going to your policy on the company’s website or contacting an agent and adding the new car or cars to it.
Make sure to have this information on hand when making the changes:
- Vehicle identification numbers (VIN) of each vehicle you want to cover
- Drivers license and Social Security numbers of all drivers to be on the policy
- Approximate monthly and yearly mileage of each car
Even if you already have an insurer, comparing quotes from other companies before you buy a multi-car policy is a smart move. Car insurance companies change their rates yearly. Your cheapest choice last year may not be the cheapest now.
Take the info on the vehicles and drivers you have and compare quotes online. Make sure you use the same coverage limits you need for each quote you get to guarantee you’re getting an accurate comparison.
This can take a bit of time, depending on how many cars you’re looking to insure, but the savings should be worth it. Make sure to find out what other car insurance discounts each company you compare has to save even more money.