So you have a second car that you need to add to your auto insurance policy. Reasons for needing a second car insurance policy may involve life-change events such as marriage, new teen drivers, or buying that classic car for Sunday afternoon touring. Whatever your personal situation, you now have a need to insure an additional vehicle.
You’ll be glad to hear that there are some nice upsides that come from adding a second car to your auto policy. But before you officially add another vehicle to your insurance policy, it’s important to know the carrier requirements for most multi-car policies. Let’s consider both the requirements and benefits of second car insurance policies.
Multi car insurance policies in New Jersey – Plymouth Rock
If you are a New Jersey resident with two or more automobiles, it may be time to consider a multi-car insurance policy. A common scenario would be that both you and your spouse drive to work each day, and now you are looking to add a vehicle for your new teenage driver. Other examples of multi-car insurance policies may include coverage for seasonal vehicles such as convertibles or those with four-wheel drive that are best suited for snow and ice or a classic car that you only take out occasionally.
The benefits
Having more than one vehicle on your auto policy will typically result in a lower premium than you would pay to ensure each automobile separately. If you’re a driver in the state of New Jersey, you can probably expect to receive an annual premium discount somewhere between 8-20%. Keeping all of your cars on one policy also means one payment date and one renewal date to keep track of.
The requirements
Most insurance carriers will need the make, model, year, VIN, mileage of the cars, approximate mileage driven each year and the lienholder information (if this applies). In addition to detailed information for each vehicle, the insurance carrier will also require the personal information for each driver on the policy: legal name, date of birth, license number, gender and any accidents or moving violations in the last three years.
The restrictions
Most insurance carriers will not allow motorcycles to be placed on the same policy with cars or trucks. Typically, insurance companies require all automobiles on a multi-car insurance policy to have the same coverage for liability, but will allow a variance with comprehensive and collision coverage for individual vehicles on the same policy. Also, multi-car insurance policies are usually limited to four or five cars on one policy, but some insurers will allow more cars.
The requirements for multi-car insurance policies
By definition, “second car insurance” (otherwise known as multi-car insurance) involves having two or more vehicles on the same auto insurance policy. Much like a policy that covers a single vehicle, your carrier will require the vehicle identification number (VIN), lienholder information on all vehicles that involved a financed purchase, and the driver’s license number for each person who resides in the household or will be operating the autos. Other required information for second-car insurance policies may include the following:
- Same address – Most insurance carriers will require all drivers to live under one roof at the same address. Some carriers require you to be related to others on your policy, while others only verify that all insureds reside at the same address.
- Number of vehicles – Most insurance companies will have a maximum number of vehicles that they will permit to be on the same auto policy. Depending on the carrier, it’s typical to have either a four- or five-vehicle limit, but there can be variance beyond that.
- Same coverage/limits – Another important requirement that you may not have considered is the fact that some of the coverage needs have to match all vehicles on the policy. For example, the same liability limits and uninsured/underinsured motorist’s coverage is usually required for each auto insured. Other coverage options such as comprehensive and collision coverage can vary per vehicle.
- Motorcycles not allowed – In case you were wondering, adding your motorcycle to your car insurance policy will not be permissible with most insurance carriers; due to the difference in risk category, motorcycles will need to have a separate insurance policy.
- Registered owner – Generally, all vehicles listed on the same policy must be registered to the owner of the policy or that person’s spouse.
The benefits of having a multi-car insurance policy
If you have two or more insured vehicles in your household, it certainly makes sense to have them on one policy. Generally speaking, there are three main benefits of having a multi-car insurance policy:
- Multi-car discount – How much of a discount you may qualify for depends on your insurance carrier; however it’s safe to assume you’ll get a lower overall premium payment when you combine vehicles on one policy.
- Most insurance carriers will offer a discount somewhere between 10-20%.
- One renewal date – You’ll have one convenient annual or semi-annual date on the calendar to renew your coverage instead of multiple renewal dates. This may decrease the chance of having a lapse in your coverage.
- One payment date – Whether you pay your car insurance premiums monthly or quarterly, combining autos means combining payments. You have enough to keep track of in life; having one payment date is much more convenient than keeping records on multiple vehicles and their separate premium payments.
Final thoughts on second car insurance
Life comes with many challenges, but car insurance shouldn’t be one of them. If you have more than one vehicle to insure and you’re seeking a carrier that provides flexible coverage options, excellent service and exclusive affinity program discounts, consider Plymouth Rock Assurance! We have covered Garden State residents for decades. If you have questions about second car insurance protection, call Plymouth Rock today and speak with one of our knowledgeable representatives.
