If you currently have several cars insured with different companies, you might be missing out on potential savings. This is where having a multi-car insurance policy can really help you out. It’s not just convenient; it can also help you save money. To find out more about how multi-car insurance works, how much you can save, and the benefits and drawbacks, keep reading.
What is multi-car insurance?
Multi-car insurance, or multi-vehicle insurance, is when you get insurance for more than one vehicle with the same company. It’s a great move for anyone who owns multiple vehicles because it can help you save money easily with a multi-car discount.
Multi-car insurance is perfect for anyone who owns more than one vehicle, like two or more cars or a car and a motorcycle, and for families where each person drives their own vehicle. This insurance lets you pay for all your vehicles in one go, making it super convenient, especially if you have several vehicles to cover.
Plus, it’s especially handy if you need to insure non-standard vehicles like boats or RVs. These can sometimes be tricky to insure, as people usually only need coverage for part of the year. With a multi-vehicle policy, you can add a vehicle like an RV or boat in just a few minutes.
And that’s not all—Multi-car insurance usually covers multiple cars at the same address. However, sometimes, it can also cover family members who live elsewhere, like an adult child or teenager away at college or university.
How to get a free multi-car insurance quote
Insurance providers across Canada offer free quotes for multi-car insurance. If you want to know how much it will cost to insure multiple cars under one policy, contact a local insurance company for a free quote today.
Even better, contact a trusted insurance broker like BrokerLink. Our team has the resources, knowledge, and expertise to help you decide if individual auto insurance or multi-car insurance is best for you. Plus, we offer free quotes for all types of car insurance. You can call, visit us in person, or use our free online quote tool to get your free auto insurance quote for multi-car insurance today.
How does multi-car insurance work?
Multi-car insurance works like regular car insurance but offers discounts for each additional vehicle. By bundling your cars together, you can save money by paying one car insurance premium and still receive all the standard benefits of auto insurance.
With multi-car insurance, all your vehicles, including motorcycles, RVs, and boats, are covered under one policy with the same renewal date and mandatory coverages. Your policy will need to meet your province’s minimum requirements, which include third-party liability and accident benefits, and sometimes uninsured automobile coverage and direct compensation for property damage.
You can also add optional coverages like comprehensive and collision coverage. Some insurers even offer special coverages for multi-car policies, such as multi-car breakdown cover, which provides roadside assistance and local recovery if your car breaks down.
It’s important to note that some coverages may be shared by all drivers, while others might only apply to one vehicle. For example, mandatory coverages like third-party liability coverage and accident benefits coverage will cover every vehicle and driver on your policy.
However, comprehensive and collision coverage might be unique to each vehicle. This is usually beneficial to the policyholder as it means you wouldn’t have to include the same level of coverage for your expensive, luxury vehicle as you would for your teenager’s 10-year-old used car.
Requirements for multi-vehicle insurance
To combine all your auto insurance policies into one, you only need to meet a few requirements:
- You must provide the year, make & model, VIN, purchase price, usage (commuting, pleasure, etc.), claims history, and location for each vehicle on the policy.
- You must provide the name, date of birth, driver’s licence number, driving and claims history, and which vehicle each driver uses for all drivers on the policy.
- All vehicles must have the same policy term with common start and end dates.
- The vehicle owners must also be listed on the policy, not just the drivers.
How to qualify for multi-vehicle insurance
Your insurance provider will look at several factors to decide your premium and if you qualify for multi-vehicle insurance, including:
- Your driving record
- Your insurance history
- Your age and gender
- Where you live
- The vehicles you want to insure, including their make and model, replacement value, and average repair cost
- How you are using the vehicles
Keep in mind that different insurance companies have different rules for multi-car insurance. Some might let you insure up to five vehicles under one driver, while others might limit it to two or three. Check with your insurance provider or broker to understand these rules, especially if you have a large family or many cars.
What are the benefits of a multi-car insurance policy?
There are many benefits of building your auto insurance policies under one insurance policy, including:
It saves you money
Insuring multiple cars together can save you money on your overall car insurance. You may save as much as 20% on your overall auto insurance with multi-car insurance, thanks to the multi-vehicle discount. Plus, you can save even more by bundling your car and home insurance together for an even bigger discount.
It offers convenience
Insuring all drivers and vehicles together is the height of convenience. If they are covered under the same policy, you will only have one policy renewal date to keep track of instead of a renewal date for each respective vehicle. Plus, it can be easier to manage paperwork and file claims with your insurance provider when you have multi-car insurance.
You can sometimes insure adult children away from home
Some insurance companies offer multi-car insurance policies that cover cars and drivers who are away from home for part of the year. This can be a major benefit if one of your children is at university and away during the school year.
You can still have unique coverage
Despite all cars being insured under the same policy, each car can retain some of its own unique coverages. For example, you can purchase different comprehensive or collision coverage for one of your vehicles but not for another. Since these types of coverage tend to be more worthwhile for expensive cars, this is a major advantage for households with cars of differing values.
The cons of multi-car insurance
While there are many benefits, there are still a few things to consider:
Who you’re adding to your policy
One of the cons of multi-car insurance is that adding a less-experienced driver, such as a young driver or a driver with a poor record of driving infractions, tickets, and accidents, may increase the overall cost of the policy. For this reason, we recommend contacting a broker who can help you compare the cost of purchasing individual auto insurance policies for each family member vs. a multi-car insurance policy. Depending on the age and driving records of those you wish to insure, purchasing individual policies can sometimes be the less expensive option.
If someone needs to make a claim
If one driver needs to file a claim with the insurance company, it could raise the cost of insurance for other drivers on the policy. This is not always the case with multi-car insurance; it depends on how the policies are linked.
Your payment schedule
Like individual auto insurance, multi-car insurance is paid monthly or annually. If the policy renewal dates are synced, this means a large bill to pay yearly. Paying annually tends to be cheaper in the long run, but given the size of the bill, it may not be feasible. Therefore, you may be forced to pay for your multi-car insurance policy monthly, which could come with interest.
Who can I put on a multi-car insurance policy?
You can share a multi-car insurance policy with anyone in your household and sometimes even with immediate family members who live elsewhere in your province. This includes your partner, children, other family members, or roommates.
It’s important to list anyone who drives your vehicle on your policy, even if they only drive occasionally. If someone not listed on your policy drives your car and has an accident, filing a claim and getting money for the damage will be much harder, or even impossible.
If you’re unsure if you can add someone to your multi-car insurance policy, contact the experienced team at BrokerLink. We can explain how these policies work, including how to add someone, how many people can be added, and who qualifies.
Get in touch with BrokerLink today for a personalized insurance quote and discover coverage options that fit your needs.
Get an auto insurance quote [phone]
Is multi-car insurance cheaper than regular auto insurance?
There’s no guarantee that multi-car insurance will be cheaper than individual car insurance, but it often can be. You may save as much as 20% on your overall auto insurance premiums by combining all policies under one single policy.
However, if you plan to add a young or high-risk driver, it might be cheaper to get separate policies for each car instead of bundling them.
The cost of auto insurance depends on many factors beyond age and driving record. Things like location, marital status, gender, local laws, the make, model, and year of the vehicle(s), and a driver’s claims history can all affect the cost of multi-car insurance. That’s why we recommend using a trusted broker who can compare quotes for both types and help you find the best policy for your family.
How to purchase multi-car insurance
Buying multi-car insurance is similar to buying regular car insurance. When filling out the application, you’ll need to provide information about all your cars and their drivers. Be ready to give details about the primary and secondary drivers for each vehicle, including their names and driver’s licence information.
To help you, our experts at BrokerLink have created a step-by-step guide to buying multi-car insurance in Canada. With a reputable broker’s help, the process can be completely stress-free. Here are the steps:
1. Contact an insurance broker
The first step to finding the best multi-car insurance policy for your household is getting in touch with a trusted insurance broker like BrokerLink. Our insurance advisors take the time to learn about your unique needs, lifestyle, and budget so that we can find the best car insurance policy for you and your family.
2. We shop around for you
After you’ve contacted us, your dedicated BrokerLink insurance advisor will get in touch with Canada’s top insurance companies to shop around on your behalf. We will obtain quotes and compare coverage, all in the name of finding you a multi-car insurance policy with the best coverage and a low rate. We will also take the time to gather information about policy terms that matter to you.
For example, if you need multi-car policy insurance to cover your child’s car while they’re away at college, we will find a policy that features just that. You can always count on us to put your needs first.
3. You get a great rate
The final step to buying multi-car insurance with BrokerLink is getting a great rate. We know where to look for the best deals and will make sure you take advantage of all relevant discounts. Specifically, we will compare the multi-vehicle discounts offered by different insurance companies to ensure you’re saving as much money as possible.
Other tips to save money on car insurance
While bundling multiple car insurance policies together is one of our top tips for saving money on car insurance in Canada, it’s not our only tip. In fact, BrokerLink has all kinds of secrets for saving money on auto insurance. Below is a list of tips and tricks, beyond buying multi-car insurance, that will ensure your policy doesn’t break the bank:
Contact your provider about any changes to your driving habits
Did you know that if you don’t drive every day or only drive short distances, you may be eligible for an insurance discount? That’s right, occasional drivers can benefit from less expensive premiums.
So if your driving habits have changed - perhaps you got a new job that’s closer to work, or you decided to go back to school and take the bus to school every day - contact your insurance company and let them know of your new driving habits. You could save money on car insurance as a result.
Pay your insurance bills on time
Always pay your insurance bills on time. If you don’t pay your insurance bill, the insurance provider may cancel your policy for non-payment. If this happens, you could be forced to pay higher car insurance premiums for years to come.
Ask about discounts
It never hurts to ask! When purchasing any type of auto insurance, be sure to ask your insurance broker about any discounts that might be available. Beyond multi-vehicle discounts, you could also benefit from loyalty discounts, retiree discounts, alumni discounts, or even group discounts.
Only purchase the coverages you need
Auto insurance companies offer a variety of different coverage types to drivers. However, not all coverage types will apply to you. The type of vehicle you drive, your driving habits and driving frequency, and your budget will all impact what coverages you choose to include in your policy.
To avoid overspending on car insurance, consult with an experienced insurance broker who can give you an unbiased opinion on the best coverage options and policy limits.
Drive safely and responsibly
Maintaining a stellar driving record is one of the best ways of keeping your premium low. The only way to do that is by driving safely and responsibly and obeying the rules of the road at all times. Plus, some insurance companies may offer extra savings to those who have completed a defensive driving course.
Increase your deductible
Another way to save money on car insurance is by increasing your deductible. Increasing your deductible is a surefire way to lower your premium, no matter what type of insurance you’re purchasing. Since the average car insurance deductible in Canada is $500, raising your deductible to $1,000 or more could save you money on your auto insurance policy.
That said, increasing your deductible is not a decision that should be made lightly. There are pros and cons to doing so, so we recommend speaking with a BrokerLink insurance advisor to learn more about the possible impacts of this decision.
Choose annual over monthly payments
One quick way to save money on car insurance in Canada is to pay for your policy annually rather than monthly. Monthly or quarterly insurance payments almost always cost more down the road, as insurance companies tack on administrative fees or interest for each payment made. If it’s feasible, save time and money by making one payment annually.
Bundle home and car insurance policies
Bundling home and car insurance policies together is another way to get cheap auto insurance. Similar to the principle behind multi-car insurance, which is that buying insurance for multiple cars from the same provider can save you money, buying multiple types of insurance, like home and car insurance, from the same provider can also save you money.
Install winter tires on your vehicle
Winter in Canada is no joke. As soon as the cold weather, snow, and ice set in, driving becomes significantly more dangerous. However, snow tires mitigate this risk thanks to their superior capabilities in winter weather.
Insurance companies recognize this and may offer discounts to drivers who install snow tires on their vehicles. Therefore, buying winter tires will not only increase your safety but may also save you up to 5% on your car insurance policy.
Purchase an electric vehicle (EV)
Buying an eco-friendly vehicle is another of BrokerLink’s money-saving tips. To incentivize drivers to reduce their carbon footprint, some Canadian insurance companies now offer discounts to those who drive hybrid or electric vehicles. Thus, by driving an EV, you could save money at both the gas pump and on auto insurance.
Enrol in driving school
Are you a young driver? Then, consider enrolling in driving school if you wish to save money on auto insurance. Insurance companies recognize that formal driving schools produce skilled, safe drivers who are more likely to follow the rules of the road.
Plus, they also offer discounts to young drivers who can prove they completed an approved driving program. Since new drivers often pay the highest premiums, the savings you’ll be eligible for by attending driving school may be worth it.
Get in touch with BrokerLink for a free multi-car insurance policy quote
Do you own multiple vehicles? Contact BrokerLink to learn more about multi-car insurance or to receive a free multi-car insurance policy quote. Our insurance advisors are always on hand to offer their insight into the pros and cons of multi-car insurance. Plus, we offer free quotes on all types of auto insurance, not just multi-car insurance policies.
Simply provide us with the details of the vehicles and drivers you wish to insure, and we’ll quickly provide an accurate and competitive quote.
What are you waiting for? Contact us by phone, email, or in-person to learn more about multi-car insurance coverage today.
Get an auto insurance quote [phone]
FAQs for multi-car insurance
What is a multi-vehicle discount?
A multi-vehicle discount is a price reduction you get when you insure more than one car with the same insurance company. It helps you save money by bundling all your vehicles under one policy.
Is insurance more expensive for multiple cars?
Sometimes, insuring multiple cars can be cheaper because of discounts, but it depends on various factors, like the type of vehicles you’re insuring and each driver’s driving experience and history. It’s best to speak with an insurance broker about the best way to save money on your auto insurance.
Can I adjust my multi-car insurance for each vehicle?
Yes, for the most part. Some coverages apply to all vehicles and drivers, like third-party liability and accident benefits. However, comprehensive and collision coverage can be different for each vehicle.
If you have any questions, contact one of our local branches.
