Cheapest Multi-Car Insurance Companies – A multi-car insurance policy can be a cost-effective and appropriate way to cover multiple cars. By bundling several vehicles into one policy, you can often get significant savings through discounts offered by insurers. Typically, you can add about three (3) to five (5) vehicles in a multi-car package. This makes it a smart choice for households with multiple cars to insure.
Research shows that Farmers provides a distinguished multi-car discount, but GEICO often emerges as the most budget-friendly choice for many. However, to find the best personalized savings, it is important to compare quotes from numerous providers. Hence, this article aims to identify the cheapest multi-car insurance companies.
What Are Multi-Car Insurance Policies?
Multi-car insurance policies can simplify the process of paying your premiums by letting you make a single payment rather than managing multiple payments and due dates. However, it is important to know that adding a high-risk driver to your policy could increase your overall premium. In addition, it can be challenging to determine the precise discount offered by each provider for insuring multiple vehicles.
To find the best rates, it is always a good idea to compare car insurance quotes from different providers and ask your insurance agent a lot of questions.
Multi-Car Insurance Coverage Types
Multi-car insurance policies work similarly to policies for single cars. However, there is a difference in how coverage types are shared among the vehicles on a multi-car plan. The table below shows what standard car insurance covers:
|Does it cover you and your passengers?
|Does it cover your car?
|Covers other drivers, their property, and passengers?
|Not by law, but usually by most leaders.
|Uninsured Motorist Coverage
|In 19 states and Washington, D.C.
|Medical Payment Coverage
|In Maine, only
|All states except for Virginia and New Hampshire
|Not by law, but usually by most leaders.
|Personal injury protection
|In 12 no-fault states, with Oregon and Delaware
Note that; bodily injury liability insurance, medical payment protection (MedPay), property damage liability coverage, and uninsured motorist coverage are shared. On the other hand, collision coverage and comprehensive coverage can be applied separately to get the most affordable multi-car insurance policy. This flexibility is an excellent feature if you need to insure both a new car and a higher-mileage vehicle that you do not want to protect with full coverage.
Cheapest Multi-Car Insurance Companies
If you are a driver who is looking for car insurance discounts for multiple vehicles. We recommend considering providers like Erie Insurance, Country Financial, USAA, Geico, and Nationwide. These companies provide some of the most affordable policy rates for both full and minimum-coverage car insurance. Moreover, they provide various discounts, including savings for insuring multiple vehicles. Check out the next outline:
- Erie Insurance
- Country Financial
Erie Insurance provides some of the lowest minimum coverage rates of about $390 per year or $33 per month, making it a cost-effective choice for drivers in 12 states and Washington, D.C. While the company’s service area is limited, it has high customer satisfaction scores, excellent industry ratings, and nine discount opportunities, including a multi-vehicle discount.
Nationwide provides two usage-based insurance programs, along with 10 other discount opportunities, including a multi-car discount. The company also offers additional benefits and coverages like accident forgiveness and vanishing deductibles. With low average full-coverage rates of about $1,433 per year or $119 per month, Nationwide is an excellent choice for drivers in 47 states.
USAA is known for offering low rates to military members and their families across the country. The company’s minimum coverage rates are competitive, but its full coverage rates of about $1,512 per year or $126 per month may not be the best choice for drivers seeking that level of coverage. However, well-qualified clients can take advantage of the company’s multi-car discount and 13 other discount options.
Country Financial provides affordable monthly car insurance payments for a lot of different driver profiles, particularly high-risk drivers. The company’s average minimum coverage price of about $356 per year or $30 per month makes it an excellent budget-friendly option. Country Financial also provides 13 available discounts, including a multi-car discount. Presently operating in 19 states, the company offers insurance products like usage-based insurance, comprehensive and collision coverage, and a lot more.
Geico is a reputable insurance company that provides minimum coverage in all 50 states. You get this policy at an affordable rate of about $461 per year, or $38 per month on average. The company has excellent ratings in the industry and offers an easy-to-use mobile app for its clients. In addition, they provide 16 different discounts, including multi-car and usage-based insurance discounts.
In conclusion, if you are looking for the cheapest multi-car insurance, you will need to do some comparison shopping. Not all insurance providers offer the same discounts for covering multiple vehicles, so it is important to ask a lot of questions before making a purchase.