The world of car insurance can be complicated, especially when it comes to managing more than one or multiple cars or vehicles. One of the common questions asked by car owners is: Can one driver have insurance for two cars? In other words, can a single individual or person insure two cars under one policy or quote with one insurance company?
In this comprehensive guide, we discover the intricacies of insuring more than one vehicle and the cost involved. You will also find the necessary steps you need to add a second car to your current insurance policy. Without further ado, let’s bite the bullet.
Can One Driver Have Insurance for Two Cars?
The short answer to this question is yes. A driver or individual can have an auto insurance policy for two cars. Besides, many insurance providers provide multi-car policies. It is designed specifically for drivers to cover more than one car or vehicle on the same insurance quote. For this setup, you will have the cars listed or mentioned under the same insurance quote. Apart from this, you can enjoy potential cost savings through multi-car discounts, convenience, and multiple benefits.
Nevertheless, how this process works is straightforward. When you insure two vehicles under the same policy, each car will have its own deductibles and coverage limits, but the insurance quote will be coordinated as a whole. In other words, you will be making premium payments for both cars monthly instead of having separate payments for separate policies. Additionally, each vehicle can receive coverage with the same form of insurance.
How Much Does a Second Car Insurance Cost?
According to Policygenius, the average cost of insuring a second car or vehicle is $1,185 per year, significantly increasing your premiums. Meanwhile, the cost also differs depending on multiple factors. Some of them include:
- Profile of driver.
- Vehicle type.
- Discounts.
- Coverage level.
On average, adding another car to your existing car insurance can increase your overall premiums by 20 to 30%, but you can reduce it by qualifying for multi-car discounts.
How to Add a Second Car to Your Insurance
Including or adding a second car or vehicle to your insurance policy is straightforward. Although depending on the insurance company the main steps may differ, here is a general guide you can follow to add another car to your insurance quote:
Reach Out to the Insurance Company
Contact your current insurance provider through their online portal, phone, or email. Tell them that you would like to add another vehicle to your current car insurance policy.
Prepare the vehicle information.
Prepare and provide the necessary details and information about your second car, such as its Vehicle Identification Number (VIN), vehicle make, year, model, and if there are already existing coverage details.
Check Your Coverage Options
Talk to your insurance agent or representative about what coverage options are suitable for the new car and if adjusting your coverage level for your first car is necessary.
Update your policy details.
The insurance company will help you update your insurance quote to add the second car or vehicle. Additionally, they will adjust or make changes to your premiums and, lastly, give your new policy documents showing the changes.
Make Premium Payments
In case you are not aware, since you are adding a new vehicle to your existing policy, you might need to make additional premium payments to cover the new car. Your insurance company will tell you more about the altered payment amount.
Check If There Are Additional Discounts
Ask your insurance provider if you are qualified for potential savings and additional discounts for adding a second vehicle to your insurance.
Frequently Asked Questions (FAQs)
Can I insure a second car under a different policy with the same provider?
Yes, policyholders can insure two cars or vehicles under a single multi-car policy. Besides, it is cost-effective and usually comes with comprehensive management and discounts.
Will my insurance rate increase significantly with a second car?
Generally, including a second car or vehicle in your existing car insurance policy will increase your premium. But the premium amount you pay is less than having two separate car insurances for both cars, thanks to multi-car discounts.
What happens if I sell one of the cars insured on a multi-car policy?
If you sell one of the vehicles under a single-car insurance policy, you can just simply remove the car from the quote. For this, your quote will be adjusted to show the new number of cars in the policy and a refund for unused premiums.
Can I switch providers if I have a multi-car policy?
Certainly, car owners can switch or change insurance companies or providers if they have a multi-car policy. However, it is essential to make sure that during the transition there is no record of coverage lapse and compare policies to get the best deal for your needs.
Can I use a multi-car discount if one vehicle is not primarily driven by me?
Yes, you can enjoy a multi-car discount if one car is not primarily driven by you, as long as you are listed as a driver and the cars are registered to you.