How many cars can be insured under the same policy?
UPDATED: Sep 9, 2013
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Asked September 9, 2013
Car insurance is written for each vehicle. The insurance cards contain the VIN number of the insured vehicle. As an individual, you are allowed to have multiple policies, but each car must be separate. There are benefits to save you money, and there are only so many you can drive at any given time, so the risks decrease again.
Businesses can purchase coverage for their fleet of vehicles. The coverage is usually tailored for a specific type of company, such as a courier, a plumber, or an entrepreneur. That allows a car dealer to temporarily insure any vehicle with the dealer tags displayed. This type of multiple vehicle insurance is only available for a business.
Every time you add a new vehicle policy, you are actually reducing the risk for the insurance company. Statistics have shown that it is unlikely to have multiple payouts to single customer, so they provide you with multiple car discounts and customer loyalty savings.
Also, since each car has its own policy, you have the ability to mix and match the options you need. One car might require GAP insurance, for instance, while another one is a clunker that you are not interested in getting even collision coverage for. In that way, each car being on a different policy works in your favor, saving money where you can without cutting important corners.
Cars that are rarely driven can be insured more cheaply than ones you use every day. Talk to your insurance broker about pleasure use insurance or owning secondary vehicles that remain in the drive most of the time. You can also get money based on how far you commute, the kinds of safety features built into the cars, and more. Ask the insurance company about possible discounts that can save you money.
Answered September 9, 2013 by Anonymous