Benefits of Insuring All Your Cars on One Plan

When you first read this title, did you think, "Well all my cars are insured at the same place?" Some people may confuse the benefits of insuring all of their cars at one insurance company with being the same as insuring all of your cars on one plan. They are totally different things. So, what are the benefits of insuring all of the cars on one policy or plan and what is the difference?

The Difference Between the Two Insurance Plans

Insuring all of your cars, and even your home, at one agency is beneficial in many ways. You will receive a multi-insured discount, plus you have the ease of working with one agent. Most of the time people insure each car with individual plans or policies. This means that each car, or whatever else you have insured, will have its own renewal date.

If you pay your insurance premiums yearly, you may have several policies come due at different times. This can be confusing and even lead to lapsing insurance if you happen to forget about one of the car policies that needs renewed.

My particular insurance company offers a monthly payment plan and is taken out of my checking account. This gives me the peace of mind that my premiums are always paid, but each auto that I have renews at a different time.

This means that I receive new insurance cards and policies in the mail at different times. I have to remember to replace insurance cards as they are mailed to me. Since I have 2 vehicles and a motorcycle, sometimes I forget to put new cards in them, or I will have to go look to make sure each vehicle has a current insurance card.

Insuring All Your Cars on One Plan

Having all of your cars on one plan, means that this plan or policy renews once a year for all vehicles. This would be a lot easier to remember and to save for, if you pay yearly. Having all of your cars on one plan or policy may offer a substantial savings, even more than multiple policies at the same company.

Each car on the plan is eligible to carry the full amount of insurance that you choose to place on it. One car may have comprehensive and collision on it, while you may choose to only have liability on another one. A multi-car plan saves the agent a lot of administrative paperwork, so that savings may be passed onto you.

The one thing to remember is that if you forget to pay the premium for the one plan, then none of the cars you have will have insurance. You may find many benefits to talking to your agent about a multi-car insurance plan.

Sources:

Multi Car Insurance.com

Multiple Car Policies.com