Discounts on policies are available at most insurance companies. Most companies offer discounts for multiple vehicles and packages. Allstate offers the highest percentage off for multiple cars, but GEICO has the cheapest multi-car rates overall. Insure your old vehicle with exclusive liability insurance and full coverage for the car you're still paying for.
We compared the rates of the major auto insurance companies and found that the best discount came from Geico, which offers savings of up to 25% when insuring multiple vehicles with them. If you need to insure 10 or more vehicles, you can add additional vehicles to your policy by working directly with an agent or by purchasing a commercial auto insurance policy. Auto insurance companies will automatically apply any multi-vehicle discount to your quote when you request it. These rates are average for a married couple with two identical Toyota Camrys, so the cheapest car insurance company for you may be different.
In a household with two cars and two drivers, the cheapest car insurance company may offer the biggest discount for multiple cars. Adding a second car to an existing insurance policy is cheaper than getting two individual car insurance policies. However, we recommend that you request several quotes, since a multi-car discount is just one aspect of getting the best price on your car insurance. Drivers who insure two cars with the same insurance company spend less on premiums than drivers who insure them separately.
A cheaper car may only require liability insurance, while full coverage might be a better option for an expensive car. Good discounts for students and good drivers can be a great way to save money on car insurance coverage for young drivers and for those with a clean driving record. Many auto insurance providers offer discounted car insurance rates to pay the premium in full, rather than in monthly installments. MoneyGeek recommends GEICO and Allstate as the best auto insurance companies for two or more cars and drivers.
Owning a classic car or other special vehicle may require a separate policy, especially if you want unique coverage offered by these insurers, such as classic car insurance and collection insurance.