Best Cheap Multi-Car Insurance (2024)

If you need to insure more than one vehicle, a multi-car policy is likely the cheapest way to do so. Luckily, most car insurance companies offer multi-car policies and provide a discounted rate.

Elephant, GEICO, and State Farm offer some of the best multi-car discounts, according to Insurify research. Elephant policyholders with two or more insured cars can save up to 39% on coverage.

Here’s how to compare quotes and find the best multi-car policy for you.

How multi-vehicle car insurance policies work

Multi-car policies work just like single-car policies: You decide on coverage types and coverage limits for the cars you want to insure. Then, your insurance company will cover damages and injuries for claims for all cars you insure with the policy, up to the policy limits.

To get a quote, you just need to provide:

• The makes and models of each car on your policy and possibly their vehicle identification numbers (VINs)

• The types of coverage and coverage limits you need

• Information for each driver on your policy, including driver’s license numbers and dates of birth

To qualify for a multi-car policy, you need to have your cars registered at the same address. Depending on the insurer, the cars may also need to belong to the same person. Insurers may limit the maximum number of vehicles allowed on a single policy — usually five or fewer. You can insure each of these vehicles at different comprehensive and collision coverage levels, too, but liability limits are usually the same across all vehicles.

Best multi-car insurance

When you’re looking for a new auto policy, it’s always a good idea to compare quotes and coverage options from multiple insurance companies. Learn more about a few of the best insurers for multi-car coverage below.

GEICO: Best for discount options

State Farm: Best for cheap coverage

Elephant: Best for biggest multi-car discount

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Cheapest car insurance companies for drivers with multiple vehicles

USAA has the cheapest average liability-only premium for two-car policies, at $78 per month, but the company only sells coverage to eligible military members and their families. State Farm has the cheapest average premium for coverage available to all drivers, with an average monthly premium of $90.

Compare average liability quotes for two-car policies below.

Multi-car insurance discounts by company

The easiest way to save money while insuring more than one vehicle is by using a multi-car or multi-vehicle discount. Keep in mind that some companies don’t offer a multi-car discount, so review the policies of various insurance companies before purchasing a policy.

In the table below, you’ll find discounts for purchasing a multi-vehicle policy from various top insurance companies.

Other discounts to take advantage of

Remember that you’ll also have access to discounts beyond the multi-car discount. You should try to get all the discounts you qualify for — the more discounts you get, the less you’ll pay for coverage.^[1] Here are a few to look out for:

• 

  Multi-policy (bundling)

  If you purchase another policy — like homeowners, renters, umbrella, or life insurance — with your auto insurance, your insurer will likely apply a discount for both.

• 

  Good driver

  Drivers with no at-fault accidents or moving violations in the past three to five years typically get a good driver discount to lower their premiums.

• 

  Defensive driving course

  Some insurers apply discounts for drivers who complete an approved driver education course.

• 

  New car

  Not many insurers offer discounts for people who drive new cars, but you may be eligible for a new-car discount if you’re the vehicle’s first owner and it’s a newer model year. The requirements vary by insurer, so it’s a good idea to call an agent and ask about the details.

• 

  Car safety features

  If your vehicle has standard safety features, like anti-lock brakes, airbags, and daytime running lights, you could qualify for a discount.

• 

  Students

  Many insurers offer students and young drivers a discount on their car insurance policy if they earn good grades and submit their transcripts to the company. College students may also be eligible for a student-away-at-school discount if they attend a college that’s a certain number of miles away from home.

• 

  Anti-theft devices

  Car theft deterrents include automatically locking doors, steering wheel locks, brake locks, and after-market kill switches. These types of devices for your car can reduce your insurance premiums.^[2]

• 

  Military, employer, or affiliation

  If you’re in the military, work as a teacher, or are an alumnus of eligible universities, you may be able to get car insurance discounts with certain insurers.

Benefits of insuring multiple vehicles on one policy

When you have several cars to insure, it’s almost always worth buying a multi-car policy. They usually offer the lowest cost while also making it easier for you to manage your policy.

• One payment: Multi-car insurance allows you to manage all your different policies in just one place, simplifying the process.

• Shared deductible: If a single accident damages more than one of your cars, you’ll only have to pay one deductible, saving you time and money.

• Insurance stacking: Some states allow drivers to stack uninsured and underinsured motorist coverage limits in the event of a claim. If you have uninsured motorist limits of $50,000 per person and $150,000 per accident on two vehicles, you can stack those limits to double the amounts to $100,000 per person and $300,000 per accident.

• Significant discount: Multi-car discounts are one of the best car insurance discounts available, with some companies providing up to 39% off your total policy cost. Some companies might call this discount a loyalty discount.

When you shouldn’t insure multiple vehicles on one policy

While taking advantage of a multi-car policy almost always saves you money over time, it may not make sense for every household to insure multiple vehicles on one policy. Here’s when you may consider insuring your vehicles under different policies:

• You have a classic or vintage car. If one of your cars is a hot rod, antique, or classic vehicle, you may need a completely separate policy to insure it. Classic car coverage may have different requirements, such as where to store it, how often you can drive it, and an agreed-upon value, that your current insurance company can’t meet.^[3] You may want to buy an auto policy from a company that specializes in insuring classic cars in this case.

• Someone in your household has a poor driving record. Insurance companies consider the vehicle’s primary driver’s record when setting premiums. If another driver in your household has a poor driving record, their past mistakes on the road can increase your rates. In this case, you can purchase two separate auto policies to keep your rates low.

• Your child doesn’t live with you anymore. You typically have to register cars at the same address to insure them under the same policy. When your child is at school, they can stay on your auto policy as long as their primary address is your address. But after graduation and moving into their own place, your child needs their own auto insurance policy.

Multi-car insurance coverage types

When you buy multi-car insurance, you can customize coverages for each car on the policy. Here are the coverage options auto insurers typically offer:

• 

  Liability

  This covers damages and injuries you cause to other parties in an accident, up to the policy limits. Most states require every driver to purchase liability insurance to legally drive.

• 

  Comprehensive

  Usually part of a full-coverage policy, comprehensive insurance provides coverage for vehicle damages in non-collision events. This coverage includes damages from severe weather, falling objects, theft, and vandalism.

• 

  Collision

  While liability insurance covers damages and injuries to other parties in an accident you cause, collision covers your own vehicle’s damages from an accident, no matter who caused it. This also includes single-car accidents and hitting stationary objects, such as a tree, fence, or light pole. Collision also covers rollover accidents.

• 

  Uninsured/underinsured motorist

  Some states require this coverage, and it kicks in when someone without insurance — or without enough insurance to pay for damages and injuries — causes an accident. UM/UIM coverage can also pay in case of a hit-and-run, or pedestrian accidents.

• 

  Personal injury protection (PIP)

  Also a requirement in no-fault states, PIP provides coverage for your passengers’ injuries and lost wages after an accident, regardless of who caused it.

• 

  Medical payments (MedPay)

  Another insurance requirement in some states, MedPay is similar to PIP in that it provides coverage for your and your passengers’ injuries after an accident, even if you caused it.

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Factors that affect the cost of multi-car insurance

The national average cost for a two-car policy is $177 per month for liability coverage and $362 for full coverage, according to Insurify’s proprietary data. But the exact rate you’ll pay depends on a number of factors, including:^[4]

• Where you live: Areas with heavy traffic typically have higher insurance rates.

• The cars you drive: Newer or more expensive cars usually cost more to insure.

• The types of coverage you carry: Liability coverage (bodily injury and property damage), collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and personal injury protection (PIP) are among the most common types.

• Your coverage limits: The higher your coverage limits, the more you’ll pay.

• The number of drivers on your policy: The more people you insure, the more expensive your policy.

• Driving history: Drivers with clean driving records typically pay less than people with at-fault accidents, speeding tickets, or DUIs.

• Your credit score: Drivers with good credit usually pay less than drivers with bad credit.

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