Key Takeaways
- We chose Country Financial as the cheapest top-rated provider of multi-car insurance policies.
- Multiple-car policies insure more than one car under the terms of a single policy, sometimes covering multiple drivers as well.
- Discount rates for multi-car insurance policies vary by provider and location, so ask about multi-car discounts when comparing quotes from providers.
A multi-car insurance policy can make your auto coverage more convenient and cost-effective. We at the MarketWatch Guides team have explored coverage options for multi-car policies and will highlight some of the industry’s best auto insurance companies in this article. We’ll also help you discover the cheapest multi-car insurance policies that will suit your unique needs.
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Best Insurance Companies for Multi-Car Policies
For drivers interested in multi-car insurance discounts, we recommend Country Financial, USAA, Erie Insurance, Geico and Nationwide. These providers offer some of the lowest average policy rates for minimum- and full-coverage car insurance. This is on top of the numerous discounts they offer, which include savings for insuring multiple vehicles.
The rates below are for a 35-year-old driver with a clean driving record and good credit.
Keep reading: Car Insurance Companies
#1: Country Financial: Best for High-Risk Drivers
Overview
Our rating: 8.8
Minimum coverage: $48 per month
Full coverage: $163 per month
Available discounts: 13
Country Financial offers some of the most affordable monthly car insurance payments for many different driver profiles, notably high-risk drivers. The company’s average minimum coverage price of $580 per year or $48 monthly makes it a budget-friendly choice. This isn’t even counting Country Financial’s multi-car discount, which is one of 13 available discounts.
Country Financial currently operates in 19 states and offers insurance products, including usage-based insurance, collision and comprehensive insurance coverage and more.
#2: USAA: Best for Military Members
Overview
Our rating: 9.3
Minimum coverage: $39 per month
Full coverage: $145 per month
Available discounts: 14
USAA is known for providing low rates to military members and their families nationwide. The company’s minimum-coverage rates are competitive, but its full-coverage rates of $1,741 per year or $145 monthly mean that drivers seeking that level of coverage may find better costs elsewhere. However, well-qualified clients can take advantage of the company’s multi-car discount as well as 13 other discount options.
Keep reading: USAA Car Insurance Review
#3: Erie Insurance: Best for Basic Insurance Coverage
Overview
Our rating: 9.2
Minimum coverage: $55 per month
Full coverage: $158 per month
Available discounts: Nine
Erie Insurance’s low minimum coverage rates of $655 per year or $55 per month make it an affordable choice for drivers in 12 states and Washington, D.C. Though the company has a limited service area, it boasts excellent industry ratings, high customer satisfaction scores, and nine discount opportunities, including a multi-vehicle discount.
Keep reading: Erie Car Insurance Review
#4: Geico: Best for Budget-Conscious Drivers
Overview
Our rating: 9.3
Minimum coverage: $52 per month
Full coverage: $166 per month
Available discounts: 16
Geico offers affordable minimum coverage in 50 states at an average rate of $620 per year or $52 per month. The company has outstanding industry ratings, an easy-to-use mobile app and a total of 16 available discounts, including a usage-based insurance discount, a multi-car discount and more.
Keep reading: Geico Car Insurance ReviewCompare: USAA vs. Geico
#5: Nationwide: Best for Usage-Based Insurance
Overview
Our rating: 9.2
Minimum coverage: $73 per month
Full coverage: $172 per month
Available discounts: 10
Nationwide offers two usage-based insurance programs in addition to 10 other discount opportunities, including a multi-car discount. The company also boasts add-on coverages and other benefits, including accident forgiveness and vanishing deductibles. Nationwide’s low average full-coverage rates of $2,063 per year or $172 per month make the provider a great choice for drivers in 47 states.
Keep reading: Nationwide Car Insurance Review
What Are Multi-Car Insurance Policies?
Multi-car insurance policies cover more than one vehicle in a single policy. These policies are available from most providers and often come with some type of discount. Along with saving you money, multi-car insurance policies can simplify the process of paying your premiums. It’s much easier to make a single payment rather than juggle more than one payment and due date across multiple vehicles.
Is Multi-Car Insurance a Good Idea?
There are some potential drawbacks to a multi-car insurance policy. If a high-risk driver gets added to your policy, it could result in a higher overall premium. It can also be difficult to tell exactly how much of a discount each provider will offer for insuring multiple vehicles. As always, comparing car insurance quotes from multiple providers and asking your insurance agent plenty of questions are smart strategies to find the best rates.
Multi-Car Insurance Coverage Types
In general, a multi-car insurance policy works the same way as a policy for a single car. One key difference is how coverage types are shared among the vehicles on a multi-car plan.
Bodily injury liability insurance and property damage liability coverage are shared, as are medical payment protection (MedPay) and uninsured motorist coverage. Comprehensive coverage and collision coverage can be applied separately to receive the cheapest multi-car insurance policy. This flexibility is a nice benefit if you need to insure both a new car and a higher-mileage vehicle that you don’t want to protect with full coverage.
Who’s Eligible for Multi-Car Coverage?
You can add anyone you live with onto your multi-car insurance policy. This typically means your spouse, children or other family members, but it can also include roommates. It’s a good idea to add the names of anyone who might drive your vehicle in case of an at-fault accident.
Benefits of Multi-Car Insurance
The main benefit of having multi-car insurance is that you can get a discount depending on the company. Another benefit is you can manage insurance for multiple cars under one policy. Some providers will even sync your renewal dates so paperwork is handled at one time.
However, be aware that some companies don’t give multi-car discounts for a single policy. These companies may give multi-policy discounts that require you to have separate insurance policies on each vehicle, instead.
Can You Have Two Car Insurance Policies?
Yes, you can have two car insurance policies. If you own multiple vehicles it’s possible (and legal) to insure them under different car insurance policies. However, it is illegal to file multiple insurance claims from multiple providers for the same vehicle.
Can You Have Two Insurance Policies on One Car?
Yes, you can have two insurance policies on one car. It’s worth noting that insurance providers may not allow you to take out multiple policies on the same vehicle, meaning you’d need to find another provider for a second policy.
Can You Have Car Insurance in Two Different States?
In a sense, yes, you can have car insurance in two different states as your car insurance policy is still valid if you drive into another state than which you are insured. However, there is no such thing as a multi-state car insurance policy.
Average Multi-Car Insurance Cost
The average cost of a full-coverage car insurance policy is $2,681 per year or $223 per month, according to our estimates. Even with a discount for adding multiple vehicles to a single policy, you can expect to pay more overall than you would for covering a single vehicle.
Keep in mind that auto coverage rates are determined by a host of factors. Here are a few things that providers consider when setting multi-car insurance premiums:
- Types of vehicles
- Location
- Policyholders’ age, gender and marital status
- Credit scores
- Driving records
Some of these cost-deciding factors are ones that you can’t control. Strategies you can apply to get cheap car insurance include choosing lower coverage levels or limited coverage limits, opting for a higher deductible and bundling auto insurance with homeowners or renters coverage.
How To Get Cheap Multi-Car Insurance
Getting cheap car insurance for one vehicle is usually a matter of comparing auto insurance quotes from multiple providers. The process is the same for finding the cheapest car insurance prices on more than one vehicle.
- Gather different insurance quotes.
- Have the following information handy:
- Vehicle identification numbers (VIN) for all vehicles
- Approximate annual mileage for each vehicle
- Driver’s license number for each covered driver
- Names of those who drive what vehicle the most
- Compare online quotes from various car insurance providers to determine which ones could offer you the best rates on covering more than one vehicle.
- Look into the availability of multi-car discounts.
How Much Is a Multi-Car Discount?
Multi-car discounts vary by provider, but you can expect to find discounts between 10% and 25% for insuring multiple vehicles. For example, Progressive offers a 12% discount and Geico offers a 25% discount. Since discounts vary so much, it’s important to compare multiple car insurance quotes when you shop.
Multi-Car Discounts
Most auto insurers compete with each other to offer the cheapest multi-car insurance rates. Because of this, you’ll commonly find multi-car discount opportunities. Below are a few providers that will reduce your per-vehicle rate if you add extra cars to your plan:
- Allstate
- Country Financial
- Erie Insurance
- Farmers
- Geico
- Liberty Mutual
- Nationwide
- Progressive
- State Farm
- Travelers
- USAA
This list is not exhaustive, so make sure to check with other auto insurance agents in your area if you’re considering another provider. You may also find other car insurance discounts that could outweigh the benefits of a certain insurer’s option for multi-car coverage.
Keep reading: Car Insurance Discounts
Cheapest Multi-Car Insurance Companies: The Bottom Line
If you want to find the cheapest multi-car insurance available, you’ll need to do some comparison shopping. Since not all car insurance companies offer the same discounts for covering multiple vehicles, you’ll want to ask plenty of questions before making a purchase.
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Cheap Multi-Car Insurance: FAQ
Below are some frequently asked questions about cheap multi-car insurance policies.
Depending on the discount offered by your car insurance company, you can save money by insuring multiple vehicles together rather than by getting separate policies. Just as with shopping for a single-car auto insurance policy, it’s best to compare free quotes from multiple providers to find the lowest rates for multi-car insurance.
According to our cost estimates, Geico offers lower average rates than Progressive for those with a clean driving history. Geico offers full-coverage car insurance at an average cost of $1,995 per year, while a full-coverage policy from Progressive averages $2,326 annually.
One person can absolutely insure two vehicles. Multi-car insurance policies allow you to put multiple cars on a single policy with the same provider. The cheapest car insurance companies offer multi-vehicle discounts, and it’s more convenient to have one premium and payment date.
Multi-car insurance refers to policies that cover more than one vehicle. Generally, these policies apply the same coverage terms to each vehicle, whether the policy is minimum or full coverage. Multi-car insurance policies receive a special discount from many insurance providers.
Our research shows that the most affordable top-rated insurance providers are Country Financial, USAA, Erie Insurance, Geico and Nationwide. Each provider has unique policy options, discounts and coverage areas.
Discounts for multi-car insurance coverage vary by provider, driver and policy. For an adult driver with good credit and a clean driving record, minimum coverage costs an average of $869 per year or $72 monthly, while full coverage costs $2,681 yearly or $223 per month. Drivers with a similar profile seeking to cover two or more vehicles may receive even lower average rates per car.
Multi-Car Insurance Reviews: Our Methodology
Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.
Here are the factors our ratings take into account:
- Coverage (30% of total score): Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
- Cost and Discounts (25% of total score): Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities are both taken into consideration.
- Industry Standing (20% of total score): Our research team considers market share, ratings from industry experts and years in business when giving this score.
- Customer Experience (15% of total score): This score is based on volume of complaints reported by the National Association of Insurance Commissioners (NAIC) and customer satisfaction ratings reported by J.D. Power. We also consider the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.
- Availability (10% of total score): Auto insurance companies with greater state availability and few eligibility requirements score highest in this category.
Our credentials:
- 800 hours researched
- 130+ companies reviewed
- 8,500+ consumers surveyed
*Data accurate at time of publication.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
