Reader’s Question:

I have around 10 cars altogether (of different makes). I want to know what kinds of discounts I can get. With the oil price increase and inflation, I feel a need to save on something, so I thought, “Wait a minute, what about if I get cheaper car insurance”?

Jacob

Dallas, TX

Jacob, owning ten cars makes you eligible for a multiple car discount. Buying an auto insurance policy for each car will really hurt your budget, so the way to go is apply for a multiple car insurance package. Actually, owning just 2 cars makes you already eligible for the said discount, so owning ten surely will elevate you to a valued client status.

Well, you did not mention if you are a corporation or just an individual who owns cars, but I would assume the latter since you did not indicate it. Some companies can give up to 35% discounts on breakdown coverage, and some car insurers can give up to 23% off on premiums when you apply two or more cars on one car insurance carrier.

Car insurance companies are now also competing tooth and nail on this growing market segment, and that’s why you will notice that different insurers give different discount rates. Remember, Jacob, competition is fierce, and so if you will be wise about it, I’m sure the highest bidder will come out. So, what you have to do is just wait out until someone offers you what you think is the best deal for you. But, of course, before signing anything, please don’t forget to check out the credentials of those car insurance companies offering you cheaper car insurance rates. After all, you’re insuring ten cars, you know what I mean?