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Adding a Second Car to Your Insurance Policy

Adding a second car to your auto insurance policy is a significant decision. Whether it’s due to an expanding family, a new driver in the household, or simply a desire to streamline your policies for greater convenience, adding a second vehicle will impact your premium. At O1ne Mortgage, we understand the importance of making informed decisions about your insurance needs. Call us at 213-732-3074 for any mortgage-related inquiries.

How Much Does It Cost to Add a Second Car to Insurance?

Insuring a second vehicle can increase your premium by an average of $1,185 per year, according to Policygenius. However, the cost can vary significantly based on several factors, including the model year, make, and model of the vehicle. Some vehicles are more expensive to insure due to their higher market price and limited replacement parts’ availability.

Your location also plays a significant role in calculating your premium. If you live in an area with a high claim probability, whether due to population density, vehicle theft, vandalism, or poor transport infrastructure, you can expect to pay more to insure your vehicles. Additionally, the driving history of the drivers listed on the policy is another important factor. Depending on their claim history and likelihood of filing a claim, your quoted premium will differ.

What Is the Cheapest Way to Insure Two Cars?

Insuring two cars on a single policy is usually more cost-effective than insuring them separately, thanks to multi-vehicle discounts. Insurance companies offer up to a 25% discount for insuring more than one vehicle under one policy. This approach also simplifies tracking your insurance and consolidates your premium into one bill.

How to Add a Car to Your Insurance

When adding another vehicle to your insurance policy, follow these steps:

1. Contact your insurance provider: Reach out to your current insurance company or agency.
2. Gather vehicle information: Collect details about your vehicle, including its year, make, model, VIN, current odometer reading, and expected annual mileage.
3. Provide driver information: If adding a new driver, include their full name, marital status, date of birth, and driver’s license number.
4. Determine your required coverage: Decide on the coverages you need for the new vehicle. Consult your representative if unsure.
5. Set a start date for the policy: Inform your agent of the desired effective date for the car addition.
6. Review the policy changes: Understand how adding the car will affect your rate and coverage amounts before proceeding.
7. Process the change: After reviewing the policy endorsement, request the change to be processed. You may need to wait up to 24 hours for the new policy documents.

How Many Cars Can You Have on Your Insurance Policy?

Most insurance companies allow up to four vehicles to be listed on a single auto policy. To determine the specific limits with your insurance provider, consult a licensed insurance specialist or contact the insurance company directly.

The Bottom Line

When adding a second vehicle to your policy, consider the impact on your rates and coverages. Insuring both vehicles on a single policy can be cost-effective, with potential multi-vehicle discounts. Shopping around to compare offers from different insurance companies is a great way to ensure you’re making a well-informed decision.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you make the best decisions for your financial future.

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