Many households own more than one car, but between monthly payments and maintenance costs, the cost of ownership can be pretty expensive! If you own more than one vehicle, then a multi vehicle insurance policy may be for you. This handy policy can save drivers money, while providing the excellent coverage that they want. While popular options for businesses, multi vehicle insurance policies are great options for families who share cars as well. Are you curious about how this policy can benefit you? Take a look at our guide to see if you need to make the switch!
What is a Multi Vehicle Insurance Policy?
If you are the only driver in the household, then a standard one-car policy may be all that you need. However, families may struggle to find a cost-effective solution to insure a household full of vehicles, especially when teen drivers are part of the mix. If this scenario sounds familiar, then you may be an ideal candidate for a multi vehicle insurance policy.
Multi vehicle insurance policies benefit both the insurance company and the consumer, which can lead to savings for both. Not only does the company gain extra business from insuring several cars at once, but the consumer often receives a discount on the coverage plan. That means you enjoy the same benefits at one great price.
Do I Qualify for this Policy?
While multiple vehicle insurance policies are a fantastic choice for many families, they may or may not be a good fit for your needs. Consider the following criteria:
- All the cars in the household must fall under the same insurer. You may not purchase different insurance plans for different vehicles.
- Vehicles must be under the policyholder's name, rather than separate names within the household.
- Only members of the household may be allowed to drive the vehicles under the plan. That means your spouse and children are free to get behind the wheel, but your neighbor cannot.
- Insured vehicles must be actively used, so you can't insure vehicles that are currently locked in storage.
What About My Teenage Drivers?
Households with teenage drivers are perfect candidates for multiple vehicle policies! While teen drivers may be more expensive to insure on their own, a bundled deal can offer terrific savings without compromising benefits. Consider adding your teen driver to your household's policy before handing them the keys. In the meantime, contact CashMax for more information about personal loan services in Texas. We can help you find funding for your next vehicle, so you can enjoy your new insurance in a brand-new car!