Does having more cars on insurance make it cheaper?

We surveyed nine of the major insurance companies and found that they all offered discounts when insuring multiple cars. Some companies specified a specific percentage discount you would receive when insuring more than one vehicle, while others simply indicated that there is a discount. Yes, you can get a multi-car discount if you have more than one vehicle on your Progressive auto insurance policy. Just add any vehicle that belongs to your spouse, family member or roommate to your policy and you'll receive the discount for several vehicles as long as the car is mainly stored in your home.

When you collect quotes for a multi-vehicle policy, you'll provide information about each car you want to insure and who's driving it. If your child goes to school and has their own vehicle, the car can normally remain on their multi-car insurance policy as long as the student continues to use their home as their primary address. Adding a second car to your car insurance will change your rates, but the increase you receive will depend on several factors. You'll pay a little more if your second car is a used vehicle that you only want to cover with liability insurance, but a new car that needs full coverage (including emergency insurance) could significantly increase your rates.

Car insurance companies are constantly changing their formulas for calculating rates, and your current provider may not offer the lowest rates for a multi-car policy. Of course, the amount to insure two cars can vary depending on the type of vehicle and the state in which you live. However, while insuring two cars is more expensive than insuring a single vehicle, there are still ways to save money on a multi-car policy and find affordable rates for more than one car. Multi-car insurance means having multiple vehicles in an auto insurance policy maintained in the same place.

If you can afford to replace an old car out of your pocket, having an affordable used vehicle as a second car also means that you can choose exclusive liability coverage and cancel comprehensive and collision coverage on your second car, which can save you hundreds of dollars each year on your car insurance. Most auto insurance companies offer discounts for multiple cars or multiple vehicles for insuring more than one car with the same policy. Every insurance company is different, so check with your insurance agent to find out how your insurance company covers five or more vehicles under the same policy. The final insurance policy premium for any policy is determined by the insurance company upon application.

By insuring two or more cars with the same insurance companies, you'll save money and enjoy the convenience of having to manage just one policy. In some cases, you can't drive a new car out of the parking lot without insurance, so you should connect to the Internet or call your insurance company and add your new car to your policy before buying it. In fact, most insurance companies offer multi-vehicle discounts to drivers who insure more than one car with the same policy. The details of any grace period will depend on your insurance company's rules and your state's laws, so check with your auto insurance company to make sure a new car is covered.