Connect with us

Auto Insurance

How Can Owning Two Cars Save You Money?

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.

Youtube Channel / Nadeshot

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.

Advertisement. Scroll to continue reading.

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.

Lauren Wurth
Written By

Lauren Wurth is a content team member who is passionate about sharing engaging content! She has a history of writing content for retail, lifestyle, and entertainment verticals. Outside of work, she enjoys spending time with her family, stopping by Dunkin Donuts for a coffee, and exploring other parts of the world.

Advertisement

You May Also Like

Auto Insurance

Buying car insurance from a third-party provider is mandatory in most states but opting for a comprehensive car insurance policy that covers any damages...

Auto Insurance

Did you know that in 2021, the average cost of auto insurance that provides minimum coverage is about $565? The full coverage is about...

Auto Insurance

Insurance Benefits and Perks for Veterans Health Insurance The U.S. Department of Veterans Affairs, or VA, provides enrolled veterans with medical coverage to treat...

Auto Insurance

Easy Ways for Seniors to Save Money on Car Insurance Choosing the right car insurance policy can be challenging. There are many options, and...

Auto Insurance

Why Should You Avoid Minimum Coverage for Your Vehicle? The Long Run If you drive a car, you must maintain auto insurance. Even rental...

Auto Insurance

Use Your Tax Refund to Improve Your Car Safety 2020 has been a year of many changes and adjustments, and tax season is just...

Auto Insurance

EVERYDAY SPENDING IS KEY Have you ever wondered about what the average American family household budget is? What do most families spend their monthly...

Auto Insurance

How Your Car Insurance Rate is Calculated Auto Insurance Rates Car insurance is calculated based on several factors, from your background (age, gender, marital...