Adding a car to your existing auto insurance coverage usually takes only a few minutes. You’ll need to contact your auto insurance company to get started. You may be able to add another vehicle to your insurance using your insurer’s website or mobile app in some situations. You can also contact your insurance agent by visiting their office or calling them on the phone.
When you add another car to your existing auto insurance policy, you’ll need to supply information about your coverage as well as the car you want to insure. This data comprises the following:
- Your auto insurance policy number
- Your vehicle’s make, model, and year
- Vehicle identification number
- Your license plate number
Will Adding Another Car To your Insurance Policy Increase Your Car’s Insurance Costs?
Adding another car to your existing auto insurance policy could raise your premiums. However, having one insurance for each car and paying numerous premiums is generally more cost-effective. According to Policygenius, many major auto insurance companies provide multi-vehicle discounts to consumers who insure multiple vehicles on the same policy. This is due to their desire to reward clients who remain loyal to them.
What Is a Multi-Vehicle Discount and How Does It Work?
A multi-vehicle discount is usually available if you cover two or more vehicles with the same insurance company. You can save 10 to 25% on your liability, comprehensive, and collision coverages for each vehicle with this discount.
Should You Increase the Number of Vehicles Covered Under Your Auto Insurance Policy?
Adding another car to your existing auto insurance policy isn’t always the most outstanding choice. In some circumstances, purchasing a separate coverage may be preferable. In most cases, the benefits of having multiple cars under single insurance exceed the downsides. The most significant advantage is the lower cost of coverage, as multi-vehicle policies typically come with a discount.
What Are the Advantages & Disadvantages of Having a Multi-Vehicle Policy?
Instead of deciding solely on price, consider the following advantages and disadvantages of a multi-vehicle policy:
- Pay one bill
- Manage insurance for multiple vehicles in one spot
- Save more money when you add more cars thanks to multi-vehicle discounts
- You must pay your insurance bills for all of your vehicles at the same time.
The benefits and drawbacks of having separate plans for several vehicles are listed below:
- If you set up various renewal dates for multiple vehicles, your insurance bills may be staggered.
- You can choose different coverages for each vehicle.
- Managing multiple payment deadlines
- Probably higher overall car insurance costs
What Kind of Insurance Policy Should You Get for Your New Car?
You must also select how much auto insurance coverage you need for the additional vehicle you want to acquire. When you add another car to your auto insurance policy, it does not immediately receive the same coverages as the other vehicles on your policy.
The auto insurance coverage you need for your new vehicle should at the very least meet your state’s minimum car insurance standards. Liability bodily injury coverage, liability property damage coverage, and sometimes uninsured motorist coverage are mandatory coverages. Liability insurance protects you from financial losses caused by injuries and property damage caused by you in an at-fault collision. Uninsured motorist coverage compensates you for your losses if an uninsured motorist hits you.
What to know about auto insurance before getting coverage?
If you’re responsible for an accident and the resulting damages exceed your minimal coverage limits, you will be responsible for making up the difference out of your pocket. We recommend purchasing a policy with the following coverage levels to prevent having to pay for damages yourself and to protect your assets in the event of an at-fault accident:
- $100,000 for medical bills of each person you cause injury
- $300,000 for medical expenditures incurred as a result of the collision
- $100,000 for property damage you made to other drivers
It is possible that if your automobile is less than ten years old, you may consider purchasing supplemental coverages such as comprehensive and collision insurance to secure your investment in the vehicle. If you’re financing your car, both of these coverages will almost certainly be required by your lender. Hail, fire, flooding, vandalism, and theft are covered by comprehensive coverage, while collision coverage pays for damage to your automobile in an accident.
You can obtain comprehensive & collision coverage for a single vehicle from an insurance company, but not for more than one. As a result, you must make a distinct selection for each car.
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