How do I get a multi-policy discount on car insurance?

Customers automatically get Geico’s multi-policy discount when they bundle Geico auto insurance with a homeowners, renters, condo, or mobile home policy from Geico. The exact discount amount depends on your location and policy details. You can get a quote online or call 800-207-7847 for more information.

Is Geico’s multiple policy discount different from the multi-car discount?… read full answer

Geico’s multi-policy discount and multi-car discount are two different savings opportunities. The multi-car discount is for insuring more than one vehicle on the same Geico auto policy.

Many people will be eligible for both discounts. For example, you could bundle your renter’s insurance with an auto policy that also covers your motorcycle. In that case, you’d qualify for both multiple policies (renters/auto) and multiple vehicles (car/motorcycle).

All major car insurance companies offer a multi-car discount for drivers who insure more than one vehicle with the same policy. Most insurers allow up to four cars and drivers on a single car insurance policy, and they offer multi-car discounts of up to 20%. If you have more cars or drivers than will fit on a single multi-car policy, you can get a second policy that’s heavily discounted and linked to the first.… read full answer

But a multi-car discount does not compound as you add more vehicles to your policy. For example, if an insurance company offers a 10% multi-car discount, you won’t get a 10% discount on your second car and a 20% discount on your third. If you have three cars on your policy, each gets 10% off its portion of the total premium. Multi-car discounts do vary by insurance company, though.

Multi-Car Discount by Major Insurance Company

You can also lower your insurance premiums with other discounts, such as those for paying in full or bundling multiple policy types (e.g. home and auto) with the same company. But the only way to know you’re getting the best price is to compare quotes from several insurance companies. Even if one company advertises bigger discounts, their base prices may leave you with a higher effective premium than a company with a smaller featured discount.

You can get low-mileage car insurance from several insurance companies if you are someone who drives infrequently. Insurance companies provide options for drivers who drive short distances, as well as for those who demonstrate safe driving practices.

Some of the options include discounted premiums for driving under a certain mileage, plans that are priced based on how you drive, or coverage from companies that provide policies exclusively based on driving distance and behavior data. Geico’s Drive Easy and Allstate’s Drivewise are two notable examples of programs that price premiums based on a driver’s actual habits.… read full answer

Availability varies by company and state, but taking advantage of low-mileage coverage or discounts when it makes sense can be a great way to save money on auto insurance.

Low-Mileage Premium Reduction

Most insurance companies quote premiums based on a standard average number of miles driven each year – typically, 12,000 miles annually. If you drive an average of 7,500 miles per year or less, most insurance companies will consider you a low-mileage driver, and will adjust how they calculate your premium accordingly. You can contact your insurance company to discuss readjusting how your premium is calculated, based on your lower-than-average annual mileage.

Usage-Based Insurance Coverage

The price of usage-based insurance coverage depends on how many miles you drive per year, and in some cases, your driving behavior. Typically, insurance providers will ask you to download a phone app or they will send a device that you attach to your car. The phone app or device will monitor how far you drive, and in the case of telematics devices, how you drive. The company will then use the data it gets to calculate your insurance rate. So, if you drive less and generally don’t exhibit unsafe driving behavior, such as accelerated breaking, your insurance rate will be lower. Companies like Progressive, Geico, Allstate, State Farm and Esurance all provide usage-based or telematics insurance packages.

Usage-Based Insurance Companies

Low-mileage drivers can save on auto insurance by finding coverage from usage-based companies. These companies operate on a pay-as-you-go model, meaning the less you drive, the more you save. Two such companies are Metromile and Root. If you do not drive frequently, one of these companies might be a great way to obtain low-cost car insurance.