Should I Insure All of My Cars Under the Same Insurance Policy?
Buying a car can be expensive; in fact, purchasing a vehicle is considered the second biggest purchase most people will ever make after purchasing a home. However, much like a home, cars are more often than not deemed essential for our day to day lives. They’re how we travel, how we commute to work, and how we transfer products and people nationwide. Car ownership is a staple in the majority of people’s lives, but over time families grow, and priorities can change. It has become commonplace for residents to have multiple cars parked in their driveway. While the purchase of two cars is more expensive than the price of one, there are ways in which owning two vehicles can be financially beneficial.
Can Owning Two Cars Save Money on My Car Insurance?
Car insurance is something that every car owner needs to carry. Whether they like it or not, each car they own needs to have insurance coverage—ensuring that every vehicle in your household is crucial in protecting your assets, your family, and the safety of others out on the road. It’s impossible to guess when you may need your car insurance, but getting into an accident without it can be devastating.
If your family owns more than one vehicle, that car insurance price tag that you need to pay can get a lot higher in a short amount of time. Purchasing a multi-car insurance policy is a quick way to cut costs and is a much more affordable way to ensure your family’s protection. Buying separate policies for differing vehicles can quickly add up, but combining policies often lead to huge discounts. Many insurance companies offer discounts to policyholders that insure more than one car and even more concessions to those who bundle their car insurance with their homeowner’s or renter’s insurance.
What Costs Can I Expect While Maintaining Two Cars?
Putting money into your vehicle’s maintenance is an unavoidable expenditure that keeps your family’s car road-ready and safe. Each vehicle has certain expenses that need to be upheld, but depending on the car, some regular maintenance costs are higher than others. Depending on the make, model, and year of your car, the upkeep prices can vary widely.
Tires
Your car’s tires are what take the brunt of wear and tear for the vehicle. It is crucial that your car’s tires maintain an excellent tread, and continually stay at the recommended PSI inflation. Checking your tires’ air pressure and the tread is an easy way to keep aware when a future problem is on the horizon.
Oil Changes
When it comes to oil changes, it’s essential to know what kind of oil your cars take. Every vehicle is a little bit different when it comes to needing an oil change. Factors of how often to change the oil include the car’s make, model, year, miles driven, and how often regular maintenance has been held up over the years. However, the average amount of time between regular oil changes is usually 5,000-10,000 miles.
Fuel Costs
Fuel costs are likely where you spend the very most money on your cars. This is why it’s good to join a fuel club, which is offered at most major grocery stores. By doing your regular grocery shopping, you are earning discounts at the gas pump, which can help when there are multiple cars in your household.
How Do I Learn More? To learn more about saving money on your car insurance policy, contact the experts at Your Money Magic, at yourmoneymagic.com. Our professionals will be happy to answer any questions you may have.
