Bundling coverage in a multi-car insurance policy can yield significant savings. However, savings vary considerably by provider and they aren't always the most affordable option, particularly for families with vastly different driving records or credit scores. Based on our extensive analysis of premium rates across all 50 states, we created this comprehensive guide to help you find the best and most affordable multi-car policies for your household.
Best Multi-Car Insurance Companies & Quotes in 2025
Updated: June 5, 2025
Advertising & Editorial Disclosure
Key Takeaways
On average, insuring two vehicles under one policy can result in an annual savings of 35% or $830.
GEICO leads with the cheapest multi-car rates at $1,407 annually, followed by Nationwide at $1,417. Farmers provides the largest discount, saving drivers 48% compared to separate policies.
Buying multi-car insurance streamlines your insurance policies and can typically cover up to four cars garaged at the same address.
Best Multi-Car Insurance
GEICO provides the most affordable full-coverage multi-car insurance at $1,407 annually, with Nationwide following closely at $1,417 per year. While these providers offer solid 34% savings and excellent value, Farmers delivers the highest discount at 48%, saving drivers over $1,360 annually compared to separate policies.
| Travelers | $1,656 | $2,321 | $665 | 29% | 94 |
| State Farm | $1,426 | $2,075 | $649 | 31% | 93 |
| GEICO | $1,407 | $2,143 | $736 | 34% | 92 |
| Nationwide | $1,417 | $2,157 | $740 | 34% | 92 |
| Farmers | $1,460 | $2,821 | $1,361 | 48% | 92 |
Cheapest Multi-Car Insurance Quotes by State
State Farm and GEICO are the most affordable multi-car providers nationwide, leading in 14 and 13 states respectively. Choosing the wrong provider can cost drivers thousands of dollars within the same state. Even in stable markets, families typically encounter $1,085 price variations between providers. For example, Ohio drivers face a $3,790 gap between the cheapest and most expensive options, while Louisiana residents see a $3,082 difference.
| Alabama | Nationwide | 92 | $1,122 | $1,734 | $612 | 35% |
| Alaska | State Farm | 93 | $1,099 | $1,605 | $506 | 31% |
| Arizona | GEICO | 92 | $945 | $2,075 | $1,130 | 54% |
| Arkansas | GEICO | 92 | $978 | $1,804 | $825 | 46% |
| California | Progressive | 93 | $1,328 | $2,393 | $1,065 | 44% |
| Colorado | GEICO | 92 | $939 | $1,772 | $833 | 47% |
| Connecticut | GEICO | 92 | $981 | $1,670 | $689 | 41% |
| Delaware | State Farm | 93 | $1,609 | $2,018 | $409 | 20% |
| District of Columbia | GEICO | 92 | $854 | $1,322 | $468 | 35% |
| Florida | Farmers | 92 | $1,615 | $5,341 | $3,727 | 70% |
| Georgia | Allstate | 92 | $1,213 | $2,035 | $822 | 40% |
| Hawaii | Farmers | 93 | $781 | $1,558 | $777 | 50% |
| Idaho | State Farm | 93 | $646 | $858 | $212 | 25% |
| Illinois | Progressive | 93 | $984 | $1,677 | $693 | 41% |
| Indiana | Farmers | 92 | $930 | $1,665 | $735 | 44% |
| Iowa | State Farm | 93 | $792 | $1,132 | $340 | 30% |
| Kansas | Nationwide | 92 | $911 | $1,377 | $466 | 34% |
| Kentucky | GEICO | 92 | $907 | $2,620 | $1,714 | 65% |
| Louisiana | GEICO | 92 | $1,823 | $4,520 | $2,697 | 60% |
| Maine | State Farm | 93 | $920 | $1,138 | $218 | 19% |
| Maryland | Progressive | 93 | $960 | $1,618 | $658 | 41% |
| Massachusetts | State Farm | 93 | $684 | $1,183 | $499 | 42% |
| Michigan | Progressive | 93 | $1,252 | $2,216 | $964 | 44% |
| Minnesota | Nationwide | 92 | $1,250 | $2,149 | $900 | 42% |
| Mississippi | Progressive | 93 | $1,164 | $1,711 | $547 | 32% |
| Missouri | Nationwide | 92 | $1,182 | $1,972 | $790 | 40% |
| Montana | Progressive | 93 | $743 | $1,248 | $505 | 40% |
| Nebraska | Farmers | 92 | $1,213 | $2,204 | $991 | 45% |
| Nevada | GEICO | 92 | $1,157 | $3,093 | $1,936 | 63% |
| New Hampshire | State Farm | 93 | $915 | $1,194 | $279 | 23% |
| New Jersey | GEICO | 92 | $1,472 | $2,469 | $997 | 40% |
| New Mexico | Nationwide | 92 | $1,111 | $1,991 | $879 | 44% |
| New York | Progressive | 93 | $1,445 | $1,693 | $248 | 15% |
| North Carolina | Nationwide | 92 | $917 | $1,302 | $386 | 30% |
| North Dakota | Nationwide | 92 | $895 | $1,367 | $471 | 34% |
| Ohio | GEICO | 92 | $777 | $1,382 | $606 | 44% |
| Oklahoma | State Farm | 93 | $1,361 | $1,885 | $524 | 28% |
| Oregon | GEICO | 92 | $1,128 | $2,152 | $1,024 | 48% |
| Pennsylvania | Nationwide | 92 | $1,119 | $1,599 | $481 | 30% |
| Rhode Island | State Farm | 93 | $1,035 | $1,509 | $474 | 31% |
| South Carolina | State Farm | 93 | $1,500 | $2,248 | $747 | 33% |
| South Dakota | Allstate | 92 | $1,132 | $1,560 | $427 | 27% |
| Tennessee | Farmers | 92 | $912 | $1,673 | $760 | 45% |
| Texas | State Farm | 93 | $1,377 | $1,622 | $245 | 15% |
| Utah | Farmers | 92 | $1,246 | $2,547 | $1,301 | 51% |
| Vermont | State Farm | 93 | $764 | $953 | $190 | 20% |
| Virginia | Nationwide | 92 | $997 | $1,486 | $488 | 33% |
| Washington | GEICO | 92 | $669 | $1,793 | $1,124 | 63% |
| West Virginia | State Farm | 93 | $1,228 | $1,767 | $540 | 31% |
| Wisconsin | GEICO | 92 | $812 | $1,185 | $372 | 31% |
| Wyoming | State Farm | 93 | $1,041 | $1,563 | $522 | 33% |
Cheapest Multi-Car Insurance Quotes for Families
Nationwide offers teen driver insurance with the lowest rates in 8 of 9 age groups from 16-24, charging $1,565-$2,718 annually. Families with multiple teen drivers benefit most from Nationwide, potentially saving over $400 yearly while still receiving comprehensive coverage and good student discounts. GEICO follows closely behind, staying within $50-200 of Nationwide's pricing, though it edges ahead at age 18 with $2,431 versus Nationwide's $2,476. Use the interactive table below to compare exact premium costs and savings for your teenager's specific age.
Data filtered by:Results filtered by:
Select
age:16
| GEICO | 84 | $2,936 | $5,463 | $2,527 | 46% |
| State Farm | 84 | $3,055 | $3,732 | $678 | 18% |
| Nationwide | 84 | $2,718 | $5,108 | $2,390 | 47% |
| Travelers | 83 | $3,436 | $5,622 | $2,186 | 39% |
| Progressive | 82 | $3,454 | $7,481 | $4,027 | 54% |
| Allstate | 81 | $3,292 | $6,583 | $3,291 | 50% |
| Farmers | 81 | $3,562 | $8,864 | $5,301 | 60% |
MONEYGEEK EXPERT TIP
Insuring teens and young drivers, especially those under 25, can be expensive. Their limited driving experience and statistically higher risk of accidents often result in steeper premiums. Including them in your existing policy can significantly increase costs, making it essential to explore options and discounts tailored for this age group.
Best Cheap Multi Car Insurance Companies
Our top recommendations are Travelers, State Farm, GEICO, Nationwide, and Farmers, which earn our highest rankings by combining competitive pricing with superior customer service, robust coverage options, and exceptional claims handling. GEICO often offers the lowest rates, while State Farm and Travelers excel in overall value despite slightly higher premiums. Nationwide provides reliable mid-tier pricing with extensive agent networks, and Farmers delivers the industry's steepest multi-car discounts at 48% for large households.
Travelers: Best Multi-Car Insurance Overall
Travelers
MoneyGeek Score:
93/ of 100
Multi-Car Insruance Cost$1,656
Two Single Driver Cost$2,321
Overview
Travelers ranks sixth for affordability with an average annual multi-car premium of $1,656, but earns our highest overall MoneyGeek Score of 94 out of 100. Travelers' multi-car discount of 40% is lower than competitors but drivers can maximize savings through the Intellidrive program, which offers up to 30% additional discount for multi-vehicle households with safe driving habits.
If someone on your policy is involved in an accident the insurer's Premier Responsible Driver Plan distinguishes it by including accident forgiveness, minor violation forgiveness, and a decreasing deductible benefit making it a good choice for families with young drivers. Hybrid drivers might also enjoy an alternative energy discount, showcasing Travelers' diverse offerings.
What Customers Appreciate
- Premier Responsible Driver Plan benefits
- Excellent coverage options
- Intellidrive program for additional savings
- Strong claims satisfaction ratings
- Comprehensive policy management tools
Areas for Improvement
- Higher premiums than budget-focused competitors
- Lower multi-car discount percentage
State Farm: Best Multi-Car Insurance for Families
State Farm
MoneyGeek Score:
84/ of 100
Family Premium$3,055
Individual Premium$3,732
Overview
State Farm offers the third-cheapest multi-car insurance with an average annual premium of $1,426. While their multi-car discount of 46% is slightly lower than GEICO and Nationwide, State Farm excels in personalized service through their extensive network of local agents.
Multi-car policyholders particularly benefit from State Farm's Drive Safe & Save program, which uses telematics to provide additional discounts based on driving habits. The company's Steer Clear program offers further savings for young drivers, making them an excellent choice for families with teens or college students.
What Customers Appreciate
- Local agent support for personalized service
- Transparent pricing structure
- Strong mobile app functionality
- Drive Safe & Save program for additional savings
- Smooth claims process
Areas for Improvement
- Rates can be higher for drivers with poor credit
- Limited policy bundling options in some states
GEICO: Cheapest Multi-Car Insurance Overall
GEICO
MoneyGeek Score:
92/ of 100
Multi-Car Insruance Cost$1,407
Two Single Driver Cost$2,143
Overview
GEICO delivers unmatched value as America's cheapest multi-car insurer, charging just $1,407 annually while maintaining a strong 93 MoneyGeek score. Its 34% multi-vehicle discount combines with additional savings for good drivers, military members, and federal employees. Even while offering the most affordable rates, GEICO excels in customer experience with an intuitive mobile app, 24/7 customer service, and efficient claims processing. This combination of affordability and quality service makes GEICO ideal for budget-conscious families managing multiple vehicles.
What Customers Appreciate
- Straightforward online quote process for multiple vehicles
- Consistent pricing across different states
- User-friendly mobile app for managing all vehicles
- Quick claims processing
- Clear explanation of coverage options
Areas for Improvement
- Limited personalized support compared to agent-based insurers
- Fewer coverage customization options than some competitors
Nationwide: Best Multi-Car Policy Discounts
Nationwide
MoneyGeek Score:
92/ of 100
Multi-Car Insruance Cost$1,417
Two Single Driver Cost$2,157
Overview
Nationwide offers the second-cheapest multi-car insurance with an average annual premium of $1,417, just $10 more than GEICO. Their multi-car discount averages 52%, providing substantial savings for households with multiple vehicles. It stands out for its comprehensive coverage options and accident forgiveness feature, which prevents your premium from increasing after your first at-fault accident. The insurer's vanishing deductible program is especially valuable for multi-car policies, as it reduces your deductible by $100 for each year of safe driving, up to $500, while its SmartRide program provides additional discount opportunities based on your driving habits.
What Customers Appreciate
- Consistent pricing across different vehicle types
- Straightforward claims process
- Strong mobile app functionality
- Vanishing deductible benefit
- Accident forgiveness inclusion
Areas for Improvement
- Limited coverage options in some states
- Higher premiums for drivers with recent accidents
Farmers: Best for Multi-Car Polices With Different Coverage Levels
Farmers
MoneyGeek Score:
92/ of 100
Multi-Car Insruance Cost$1,417
Two Single Driver Cost$2,157
Overview
Families can customize protection through Farmers' comprehensive coverage options, selecting different protection levels for each vehicle in their multi-car policy. Those bundling multiple vehicles save significantly, with Farmers offering the industry's highest discount at 48%, potentially saving families over $1,361 annually compared to separate policies even though their base premiums aren't the lowest.
What Customers Appreciate
- Extensive customization options for different vehicles
- Strong coverage for specialty and collector vehicles
- Declining deductible benefit
- Helpful local agents with multi-car expertise
- Transparent policy explanations
- Consistent service across claims types
Areas for Improvement
- Higher base rates before discounts
- Digital tools less robust than industry leaders
- Inconsistent customer service quality between agents
Compare Multi-Car Insurance Quotes
Always compare both individual and multi-car quotes before making a decision. In some cases, particularly with teenage drivers, maintaining separate policies might offer better overall value despite losing the multi-car discount. Use our multi-car insurance calculator to find the cheapest rate for you from one of our top rated companies.
Multi-Car Insurance Calculator
MoneyGeek's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.
$192
High
$139
Average
$87
Low
Rates updated:
Jun 09, 2025
| Insurance Carrier | MoneyGeek ScoreMG Score | Average Monthly Payment | |
|---|---|---|---|
| 1 |  Capital Insurance Group | 94 /of 100 | $87 |
| 2 |  GEICO | 82 /of 100 | $109 |
| 3 | 83 /of 100 | $118 | |
| 4 | 83 /of 100 | $129 | |
| 5 | 79 /of 100 | $133 | |
| 6 | 77 /of 100 | $151 |
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Is Multi-Car Insurance Cheaper?
Whether you're in an expensive insurance market or a budget-friendly state, multi-car policies usually provide meaningful financial benefits for most families, typically saving around $830 annually while enjoying streamlined management through a single policy. Some states offer opportunities to cut insurance costs nearly in half with savings ranging from a few hundred dollars to over $2,000 annually depending on your location. Even states with smaller discounts typically provide meaningful savings for most families. Use the interactive map below to explore the specific savings potential in your state.
Hover over the map to see data for a state
When Multi-Car Policies are Cheaper
Multi-car insurance makes the most financial sense for families where everyone maintains clean driving records and shares similar insurance needs. The average household saves about $500 annually by bundling coverage, making it ideal for families with:
- Clean driving histories: Families or households where all drivers have clean driving histories
- Similar vehicle types: Households with vehicles in comparable insurance groups that don't require specialized coverage like classic or high-performance vehicles
- Shared primary residence: When all vehicles are garaged at the same location most of the time
Multi-Car Insurance Policy Pros and Cons
Pros
- Save $500-830 annually
- One payment, one renewal
- Pay one deductible
- Stacked coverage limits
- Family-friendly perks
Cons
- Shared risk penalty
- Limited vehicle flexibility
- All-or-nothing approach
- Increased Discount Requirements
When Individual Policies are Cheaper
Separate policies cost 10-25% more than equivalent multi-car coverage and you'll also lose access to multi-policy discounts ranging from 5-25% and face the administrative burden of tracking multiple renewal dates, payments, and policy documents. However, this extra cost often pays off when it prevents one person's poor driving record from affecting everyone's rates or when specialty vehicles require coverage that would raise the entire family's premiums. Individual policies work better for families with:
- Mixed risk profiles: Households combining high-risk drivers (young or violation-prone) with experienced, clean-record drivers
- Specialty vehicles: Classic cars, high-performance vehicles, or electric cars that need specialized coverage not available through standard multi-car policies
- Different primary addresses: When vehicles are garaged at separate locations most of the time
- Significant rate disparities: When adding one driver or vehicle would substantially increase the combined premium by more than individual policy costs.
Indiviual Policy Pros and Cons
Pros
- Individual risk protection
- Insurer flexibility
- Independent renewal timing
- No relationship requirements
Cons
- Higher costs
- Complex management
- Lost discount opportunities
Factors Affecting Multi-Car Insurance Rates
Multi-car insurance policies are influenced by the same core factors as individual policies, but with the added complexity of multiple drivers and vehicles under one plan. Understanding how these factors interact can help you optimize your coverage and costs:
Driver Profiles
Each driver's age, driving history, credit score, and other personal factors affect your premium. Adding a high-risk driver (such as a teenager or someone with multiple violations) can significantly increase rates despite the multi-car discount.
Vehicle Types
The make, model, year, and safety features of each vehicle impact your rates. Newer, more expensive cars typically cost more to insure, while vehicles with advanced safety features may qualify for additional discounts.
Coverage Selection
You can choose different coverage types and limits for each vehicle. For example, you might select comprehensive coverage for a new SUV but liability-only for an older sedan used less frequently.
Location
Your state, city, and even ZIP code influence insurance rates. Urban areas typically have higher premiums due to increased accident and theft risks, while rural areas often see lower rates.
Usage Patterns
How much and when you drive each vehicle affects your rates. Some insurers offer low-mileage discounts or usage-based insurance options that can lead to additional savings for vehicles driven less frequently.
How To Get Multi-Car Insurance Cheaply
Shopping for multi-car insurance can save your family hundreds or even thousands of dollars annually, but only if you know how to navigate the process effectively. The key to maximizing your savings lies in understanding how to compare quotes properly, what discounts to ask for, and when separate policies might actually be more cost-effective than bundling. Here's your step-by-step guide to securing the best multi-car insurance rates for your specific situation.
- 1
Determine your coverage needs
Newer, more expensive cars typically warrant comprehensive coverage, while older vehicles may need only liability protection. Some insurers may offer flexible options for multiple cars. Deciding which cars to insure with comprehensive or collision insurance versus those with liability-only coverage depends on several factors:
- Value of the Car: Newer, more valuable vehicles typically benefit from comprehensive and collision coverage. Older cars, especially those whose value is less than the deductible plus the additional premium for the coverage, might be better off with just liability.
- Loan/Lease Status: The lender usually requires comprehensive and collision coverages if a car is leased or financed.
- High-Risk Areas: Consider where and how often you drive the car. A car parked on city streets or driven frequently may benefit from comprehensive coverage to protect against theft or vandalism. A vehicle used on busy highways might warrant collision coverage.
- Personal Financial Situation: If you can't afford to replace or repair a car out-of-pocket, comprehensive and collision coverage might be a good investment.
- Age and Condition: Older cars, or those in poor condition, might not justify the cost of comprehensive or collision insurance.
Ultimately, it's about balancing the cost of premiums with the potential out-of-pocket costs and the value or importance of the car to you. Purchase more than your state minimum liability insurance to protect your finances in the event of an at-fault accident.
- 2
Consider raising your deductibles
Increasing your deductible from $500 to $1,000 can lower premiums by 10-15%. Consider higher deductibles for vehicles driven less frequently.
- 3
Know your state’s specific incentives
Research your state's insurance incentives. California offers special low-income auto programs, while Massachusetts provides mandatory multi-car discounts of at least 10%. Understanding these state-specific benefits can save hundreds annually when insuring multiple vehicles.
- 4
Consider bundling multiple policies
Combining your multi-car policy with homeowners, renters, or other insurance products typically yields additional discounts of 5-25%. If you have other insurance policies (e.g., home, renters) with an insurance provider, ask about bundling discounts for adding multiple car insurance policies.
- 5
Stack Multiple Discounts
Determine if you qualify for additional discounts you can bundle with your multi-car discount with other savings opportunities. Combine your multi-car discount with other savings opportunities like safe driver, good student, organization or government memberships, or automatic payment discounts.
- 6
Gather the necessary information
Collect all required details before requesting quotes. Companies need each driver's license number, birth date, driving history and marital status, plus every vehicle's VIN, mileage and trim level. Being unprepared with this information can delay your application and potentially increase your premium by 5-10%.
- 7
Get Quotes
Whether you gather quotes online or through an agent, get at least three from different insurance companies. Use the same coverage limits with all companies, even if you choose different coverages for each car, to make sure you're comparing apples to apples. Check if the insurance company underwrites policies locally in your state, which may lead to more tailored coverage options and competitive rates.
- 8
Compare quotes from multiple providers
After getting your quotes, compare them to see which is the best. Be aware that insurance premium rates can vary by region within a state by hundreds of dollars for identical coverage levels. Compare rates for different regions to ensure you get the best deal.
- 9
Purchase a policy
Once you’ve determined the best insurance company, it’s time to purchase a multi-car insurance policy. Your insurance company can walk you through buying car insurance online after you receive a quote. If you’re working with an agent, they can help finalize your purchase.
What Does Multi-Car Insurance Cover?
Every car on a multi-car policy is added to a single, streamlined policy and needs to meet the minimum car insurance requirements of the state. All states require some form of liability insurance, except New Hampshire and Virginia. However, drivers are still responsible for the damages they cause and might need to prove their financial responsibility after an accident. This ensures at least some coverage for any damages you may cause in an accident.
Bodily Injury
This coverage pays for injuries that you, as the at-fault driver, might cause to others in an accident. It can cover medical expenses, lost wages and even legal fees if a lawsuit ensues.
Property Damage
This coverage pays for damages you cause to someone else's property while driving. Typically, you use it for damages to other vehicles, but it can also cover damages to structures, like fences or buildings.
Uninsured Motorist
Not all drivers on the road have insurance, despite it being a legal requirement in many states. Uninsured motorist coverage compensates you if you're in an accident with such a driver who is at fault. It covers medical expenses and, in some cases, property damage. Notably, this coverage is not mandated in all states.
Best Policy Additions for Multiple Vehicle Insurance
Adding the right coverage to your multi-car policy can save money while protecting your entire household. These popular add-ons provide extra value when you're insuring multiple vehicles:
Collision
As the name suggests, collision coverage pays for damages to your vehicle resulting from a collision, whether with another vehicle or an object like a tree or lamppost.
Comprehensive
Comprehensive coverage pays for damages to your vehicle caused by events that aren't collision-related. This can include theft, vandalism, natural disasters or hitting an animal.
Road Assistance
This coverage offers help when you experience a breakdown on the road. Services can include jump-starting a battery, tire changes, lockout assistance or towing to the nearest mechanic.
Rental Reimbursement
If your car is undergoing repairs due to a covered insurance claim, this coverage pays for the cost of renting a vehicle in the interim. It's a handy option for ensuring continuity in your daily routines.
Gap Insurance
Gap insurance covers the difference between what you owe on your car loan and your vehicle's actual cash value if it's totaled or stolen. This protection is especially valuable for new cars that depreciate quickly or when you have a long-term loan.
Repair Insurance
Repair insurance (also called mechanical breakdown insurance) covers the cost of repairs for mechanical failures not caused by accidents or normal wear and tear. This coverage helps pay for expensive repairs to your engine, transmission, or other major components after your manufacturer's warranty expires.
Multi-Car Insurance Quotes: Bottom Line
Securing a multi-car insurance policy can result in significant savings, streamlined management and tailored coverage options. GEICO and Nationwide consistently offer competitive rates, with discounts up to 52%, while providers like Farmers excel in affordability for households with multiple vehicles.
By comparing quotes and understanding the benefits of multi-car insurance, including potential savings of up to $736 annually, drivers can make informed decisions to optimize coverage and reduce costs effectively. Ensure your policy fits your unique needs to maximize value and financial protection.
Multi-Car Insurance: FAQ
Below are some commonly asked questions about multi-car insurance policies.
How does multi-car insurance work?
Multi-car insurance is a type of policy that allows you to insure multiple cars with a single provider. It's a policy for multiple vehicles bundled into one plan. Typically, up to four cars garaged at the same address can be covered. Even if a teen is studying out-of-state, you can include their car if they park it at the home address and retain that permanent address.
Providers don't restrict coverage to family — roommates or anyone living with you can be added, particularly if they also drive your vehicle. However, specific terms can vary by provider.
What company offers the cheapest multi-car policy?
MoneyGeek found that GEICO and Nationwide offer the cheapest insurance rates for multi-car policies at $1,407 and $1,417 per month, respectively.
Are multi-car insurance policies cheaper?
While it’s generally cheaper to insure under one provider, consider your circumstances. Do you have a luxury car that you want to provide with special coverage and add-ons? Does the second driver have a collision on their driving record? Situations like these may end up driving up your premiums.
How much can insuring multiple cars under one policy save me?
Insuring multiple cars on one policy can save you as much as $736 a year.
Can I have different coverage levels under one multi-car policy?
Yes, providers allow you to apply different insurance coverages to different cars under your policy. Insure your older vehicle with liability-only insurance and full coverage on a car you’re still paying for.
Can you have a multi-car insurance policy at different addresses?
It depends on the insurance company and the policy, but usually, you can't have multi-car insurance at different addresses.
Best Insurance for Multiple Vehicles: Our Ratings Methodology
Why Trust MoneyGeek? We gathered data from Quadrant Information Services and state insurance departments to determine the average cost of a multi-car insurance policy. We also consulted various reputable sources to analyze the pros and cons of getting a multi-car insurance policy versus multiple individual policies.
Study Overview:
To accurately calculate the average costs of insurance for multiple insurance policies, MoneyGeek gathered and evaluated rates using a sample driver profile.
Data Sources and Depth:
We examined 766,080 quotes across 900 ZIP codes from 16 companies using information from state insurance departments and Quadrant Information Services.
Driver Profile:
We calculated our multi-car discounts by finding the difference in price for a 40-year-old married couple insuring two Toyota Camrys on the same policy versus the same couple insuring the same cars on policies. Our driver profile is for someone with a clean driving record and a policy with liability limits of 100/300/100 and $1,000 deductibles for comprehensive and collision insurance.
We modified this profile for driver age, geographic location and driving history to discover rates for various driver profiles.
Coverage Levels and Deductibles Explained:
A deductible is the sum of money you pay when you file a claim before the insurance company’s payment kicks in.
Liability insurance only covers damage to other people's property. In contrast, full-coverage policies include comprehensive insurance, which covers damage to your car from events like weather and fire, as well as collision coverage, which pays for damage to your car if you collide with something or another vehicle.
The term 100/300/100 means:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability
Learn more about MoneyGeek's methodology.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.