Multi-Car Credit In Auto Insurance

Author - Webner
3.01.2022
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What Is a Multi-Car Insurance Policy?

A multi-car insurance policy covers multiple cars, trucks, or other vehicles. You can save money by bundling your automobiles.

This strategy is also known as a “schedule of cars” policy or a “many vehicle policy.” These policies are usually only offered for “passenger” cars. When you combine additional types of vehicles, such as RVs, boats, motorbikes, and scooters, your insurer may offer discounts.

Discount of multi-car insurance?

Your cost will almost certainly vary if you add a car in the middle of a policy year, just as it would if you added a driver or modified your coverage.

With some insurers, adding a second (or third) automobile to your auto insurance mix can result in significant savings. In Michigan, for example, most insurers give a multi-vehicle discount, which typically ranges from 4% to 30%, but can reach as high as 64%. These savings can be comparable to the savings obtained from having a car with airbags or anti-theft equipment.

Because the discount varies so much, you should research insurance prices before upgrading your own coverage if you’re thinking about adding a car.

Other Benefits:- In addition to saving money, the multi-discount simplifies policy administration by requiring only one bill per month.

When you have multi-car insurance, several states and insurers allow you to “stack” your uninsured or underinsured motorist coverage. You can multiply the coverage amount by the number of vehicles on your policy with stacking coverage. This choice may improve your coverage in the event of an accident, but it may also cost more.

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