Your life will undergo many changes as you go from student to working to getting married, raising children, and the like. You may find that one change that is needed is to add a car to insurance policy.
Why Add a Vehicle to Your Insurance?
There are a number of reasons why you are adding another car to insurance policy, especially when going through major changes in your life.
- Getting Married
- Your Child Gets a Driver’s License
- You Buy Another Car or Truck
- You Have a New Roommate
- You Find Yourself with Another Vehicle to Drive
All of these reasons and more are why you would consider adding a vehicle to your insurance coverage. Depending on the circumstances, it might raise or lower your overall car insurance premiums. In addition, there are certain insurance companies that offer discounts for multiple vehicles which may mean that you and the other person with the vehicle that you are adding may save money as compared to keeping the insurance separate.
How to Add a Vehicle to Your Policy?
Generally speaking, adding a second car to insurance policy is fairly straightforward and most insurance companies follow a similar form and method. After you call your insurance agent or company, you will want to provide them with the following information;
- Your Name
- Your Policy Number
- Make, Model, and Year of Car or Truck
- VIN or Vehicle Identification Number
- Odometer Reading
- Name, Date of Birth, and Driver’s License Number or Numbers of the person or persons that you want to add to your policy
At least three major insurance companies, State Farm, Geico, and Progressive use this type of form when you want to add another vehicle to your insurance policy with small differences. This means that with State Farm add a vehicle for example, you may find one or two small changes, but overall this is the general form that most insurance companies use when you need second vehicle insurance.
It may be possible depending on the insurance company to make such modifications on their website which will save you time. You will need to check with your provider to see if they offer this type of option online.
How Much Does it Cost to Add a Vehicle to Your Policy?
The answer depends on a broad number of factors, so there is no single price that would be representative of the average cost. However, the factors include the following;
- Type of Vehicle
- Type of Coverage
- Driving Record
- Discounts Offered by the Insurance Company
It is possible that your premiums may go up if the other person has a poor driving record or owns a vehicle that is considered high risk or is part of a high-risk group of drivers such as teenagers. You will need to go over the specific policy with the insurance company you choose in order to see if you save and how much on your premiums.
Some insurance companies may limit the number of vehicles that you can put on your policy. In addition, you’ll want to let the insurance company know the type of coverage that you want and take advantage of other discount options such as bundling, taking a defensive driving course, or installing security devices.