Purchasing a car is one of the most significant investments you’ll make in your life. Therefore, it’s best to protect your vehicle with high-quality auto insurance. In some situations, owners want to buy two policies but are unsure if it’s possible. Having more than one insurance policy is legal, and multiple plans are often affordable and beneficial. Ultimately, the choice is up to you based on your situation, vehicle, and budget.
Multiple Residents or Cars
Just because adults live in the same household doesn’t mean they need to have one policy for all their vehicles. It’s legal to have two plans for the same vehicle or multiple cars. You’re not required to use the same provider for each automobile. However, some companies will offer discounted prices when you insure multiple vehicles with their businesses. To save money without compromising the protection of your cars, speak with a provider about discounts and deals. In some instances, the insurance provider could also offer insurance packages for other plans, including homeowners policies.
Parents of teenage drivers purchase multiple insurance policies to save money in many cases. The insurance companies generally increase the premiums due to teenagers’ lack of driving experience, which could lead to more accidents and various traffic mishaps. To ensure they’re covered in case of accidents or errors, insurance companies will increase the premiums. However, parents may find a more affordable option when insuring their children. Therefore, taking on a separate policy is the best choice. Having two plans can also prevent your insurance from increasing if your teenage driver has accidents, traffic incidents, and other driving issues that impact your policy agreement.
Standard coverage isn’t always the best option for more expensive vehicles, which can be a reason to purchase multiple insurance policies. Selecting the same plan for an older and less luxurious car could be costly and unnecessary. In some instances, the standard vehicle needs limited coverage and access to benefits such as roadside assistance due to the model year or its current operating condition. However, most car owners want great coverage for their luxury vehicles to avoid expensive repairs and maintenance and choose an additional policy to cover future claims and costs.
Double Insuring Issues
Although there are various benefits to having two insurance policies, there can be some disadvantages when purchasing two plans for the same vehicle. For example, if your insurance provider learns about the additional policy, they could ask the other company to pay for future accidents or claims. As a result, your claim may be temporarily delayed or not paid. Speak with your insurance provider to explain your need to double insure the vehicle and allow them to go over the best options to protect your investment with one policy.
Drivers who are searching for affordable, reliable auto insurance should reach out to the friendly agents at Altra Insurance Services. In addition to auto coverage, we offer a variety of insurance policies, including motorcycle, renters homeowners, and auto insurance Chula Vista and residents can call one of our knowledgeable team members today at (800) 719-9972 for a free quote.