Group auto insurance is very popular and affordable if you have a number of people that are driving the same vehicle and living at the same residence. This type of insurance is normally known as family car insurance. This is a great way to keep your car insurance cost low, as a group policy will cost less than if everyone has their own car insurance policy.
- When to Get a Group Policy: These group policies are best if you have just gotten married or your children have started to drive. This keeps costs down particularly when you have teenagers, as car insurance for teenagers is very expensive. Most insurance companies will easily allow you to add additional members onto your current car insurance policy.
- Multiple Car Discount: If you have multiple cars in your family, then you don’t just need to get a multiple driver policy, but also a multiple car policy. Many times the price of adding an additional car or person is only a few dollars per month. If you are looking to get new insurance, then ask how much it would cost to add on an additional car or driver.
- Yearly Policy: A policy that lasts for a year will be less than one that lasts for only a few months. Additionally, if you can, you should pay your insurance once to twice a year. This ensures you are not paying a lot of money on interest. Additionally your rate is locked in for that year, so your payments cannot be changed.
- Types of Group Discounts: Your company may offer a group discount. You also may be available for other discounts if you belong to specific organizations, such as college sororities, credit unions, a specific credit card, and more. You should check with your insurance group to see what group discounts are available. You should also check with your employer if they get group coverage from a specific company.
- Your Cars: You can decrease your rates depending on the car you drive no matter how many people operate the vehicle. You can add safety devices and other anti-theft devices that will further decrease your rates. You should check with the insurance company to see what alterations you can make that will positively affect your rates.
- Compare: Even with these group discounts, you want to compare insurance from several different companies. Auto insurance is a very competitive industry and if you find a policy that is lower than what you are currently getting, you should contact your current insurer to see if they will match that lower policy. Many companies will go out of their way to keep your business, particularly if you have an excellent driving record.
- Do your Homework: You want to make sure you check with your company, organizations you belong to, and the different insurance companies about the discounts available. You may be able to get multiple different discounts so you have several drivers for several cars, but you will find the rates you are paying are equivalent to the cost for one car. The savings can be quite substantive.