In today’s modern family situation there are usually at least two cars if not more. There are many members of the family that may need to drive. Then there are some families that like to have an extra car for a variety of purposes. Some individuals have two cars that are being used on a daily basis by family members. Then there may be a third vehicle that is a collector’s vehicle. Or one that is only used at certain times of the year. No matter what the reason for multiple cars it means that one has to be able to get affordable insurance.
Is There a Limit on How Many Cars a Person Can Insure?
There are several car insurance companies in Canada. They are each competing for clients. They will try to offer the best insurance products to entice people to insure with them. Based on this they will all have something different to offer. How many cars they will insure may vary.
Some insurance companies may allow all the members in one family to have their vehicle insurance under one policy. This is good business for the insurance company as they are getting more clients this way. It is also cost efficient for them. It means less paperwork. There is a lot of time that goes into drafting individual policies.
It can be a convenience for the insureds as well. The insurance company will try and set all the renewals at the same time. There will also have to be arrangements for the payment of the premiums.
Is There a Special Rate for Insuring Multiple Cars?
One thing that everyone is interested in when it comes to insurance is what special rates they can get. Even with the multi-car insurance each of the drivers is going to want the best deal. It is going to come down to the metrics that the insurance company uses. An insurance company insuring an individual is going to use many different metrics. To determine the cost of the premium. With the multiple car insurance coverages, they may have to look at several drivers. Unless it is one driver that is insuring multiple cars.
Insurance companies will look at the makes and models and years of each car. Ones that they are looking at to insure. What they will take into account is how expensive or how economical each car is to insure. One of the metrics that insurance company use is the information about the vehicle. For example, sports cars may be more expensive to insure. Another aspect about the car is its vulnerability for theft. There are lists and statistics that insurance companies turn to. To determine which cars are more at risk for this. These are issues that the insurance company will take into account with the multiple car policies.
Then it will be looking at the personal metrics that apply to each of the drivers. Insurance is a personalized product. Therefore each driver is looked at on their merit. Some may have good driving records. While others have driving infractions that are affecting their driving history. These are all considerations that the insurance company has to consider. When setting a multicar policy.
Should Multi Car Families Shop Around for Vehicle Insurance?
No matter what kind of insurance an individual is buying they should always take the time to shop around. This applies to the multi-car insurance buying. There are a couple of ways that one can go about this.
Insurance on One Policy
There are those who are interested in getting all the vehicles on one policy. Then this is the type of insurance that they want to shop for. Individuals can get quotes based on these requirements. Then the quotes can be compared. When comparing the quotes, the cost of the premium is going to be one of the big factors. Just as importantly is what is being offered. Often individuals tend to go for the cheapest premium. Without realizing they may be sacrificing coverage. Also, another point of interest will be on what discounts are being offered. How will these apply to each driver that is going to be included in the multi-vehicle coverage.
Individual Insurance Policies
Another option is for each driver to shop for their insurance individually. One of the advantages of doing this is that each driver has their aspects about them. In regards to insurance. A driver that doesn’t have a clean driving record may be able to find cheaper rates. Among the quotes that they are getting. Another driver may find that they are getting better rates based on the discounts. Those that apply to them.
Many are intent on saving money for their insurance costs. Using both methods might be advisable. It is time-consuming to effectively shop for vehicle insurance. The cost of insurance is high in Canada. It is worth putting in a little time to save some substantial money. Being able to take advantage of quotes is a way of cutting down on time needed for this type of shopping.
One Driver Multiple Cars
Sometimes individuals that own several cars are concerned about insuring them. If a multi-vehicle owner is going to be driving each of these cars they have the proper insurance. This is the law. What you will need to decide is which car you are going to drive the most. Make sure that you have the proper insurance coverage on this one. You may be able to get extra savings on the second vehicle. Or you may want to look at getting seasonal insurance if you are only driving the car at certain times of the year.
Also, you want to look at what put it potential discounts may be available. For the second vehicle such as low mileage discounts. It is important to discuss in detail what your intentions are as a one driver owning multiple cars. This way the insurance company can give you advice. About what would be the best choice for you as it pertains to ensuring each of them.