Most suburban homes in South Africa have storage for 2 cars in the garage, thus most of these homes require car insurance for both vehicles. Does having more than one car on your car insurance policy save you money?
This post was published on 16 Jan, 2017

The notion of taking out car insurance for two-or-more vehicles might initially seem like a financial burden, but there are numerous benefits of multi-car insurance.

More convenient

Known as an umbrella policy, insuring most of your assets at the same car insurance company can save you time and money. Registration fees and documentation can be kept to a minimum. This is a great reason to ensure both vehicles under the same car insurance policy.

Smaller premium

Most insurance companies will gladly offer a discounted rate if two-or-more vehicles are covered by the same policy. This means your premium is ultimately less than it would be if all the cars are covered by separate policies.

Earn more points

With insurance companies offering members certain benefits for improved driving, you can be on the receiving end of various little gifts each month. Garnering points can double if you have more than one car on your car insurance policy.

Having more than one vehicle on your car insurance policy can be highly beneficial and decrease your premium, but it’s not the only way to save money. Here are a few more ways to save money on your car insurance policy.

Named driver

Certain households will have more drivers than cars. If you are an experienced driver or parent looking to save on your premium, make sure to add the other driver on your policy and be a named driver.

Increase the security of your car

Another way to decrease your premium is to add safety and security equipment to your vehicle. Anti-theft alarms and tracking systems make it more difficult for criminals, and much better for your insurer.

Increase the security of your home

Your car is not the only asset that dictates the car insurance premium. Your residence’s security can greatly impact your car insurance premium, depending on the security systems put in place at your home.

Increase your excess

You can also decrease your policy’s premium by voluntarily increasing your excess. Agreeing to pay a larger initial sum could decrease your premium, but it could also dent your budget. Make sure you considered your best option.

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