Auto insurance is a requirement for all drivers since auto insurance protects vehicle owners from paying for damages. Certain auto insurance liabilities also protect vehicle owners from being sued and depending on your state these liabilities may be mandatory. There are many types of auto insurance and multi user auto insurance is one of them. The following paragraphs will provide facts about individual auto insurance and multi user auto insurance.
Features of Individual Auto Insurance
Individual auto insurance is meant for people who have only one vehicle. This policy is useful for people who do not have an extended family. In this type of scheme the applicant is the only policy holder and he is the only one who is allowed to make decisions allowed to his account.
If his wife, children or any other members are not included in the policy then they will not be allowed to make any changes or decisions regarding the account. Individual auto insurance is often more costlier than multi auto insurance since only one person is getting insured. It is important to remember that although individual insurance can cost a little more than multi insurance factors like the model of your car, your age, your gender, your location and your driving record will be used to decide your premium.
Features of Multi Auto Insurance
Multi insurance is meant for people who have more than one car. People who have an extended family often opt for multi vehicle insurance since most people find it easier to get all their cars insured by one company. The cars that are insured under a multi auto insurance scheme can be either belong to your or to your family members but the last name in the application generally has to be the same. This rule differs from one vehicle insurance company to the other. In this type of policy there is one primary policy holder and other policy holders.
Depending on the options you have chosen the other policy holders may or may not be able to make changes to the account. Many insurance companies give discounts to people who get all their cars registered under a group scheme and car owners can save a significant amount of money under this scheme.
Choosing Between Individual and Multi Vehicle Insurance
The number of people and the number of cars in your family will primarily decide which insurance you will be eligible for. Since each vehicle insurance company has their own set of guidelines and rules it is important for you to know if you are eligible for multi vehicle insurance or not. Multi insurance is better for people who have teenage children since by adding a family member the family can save money on the teen’s car insurance premium.
Each type of insurance has its own benefits and the final decision will depend upon your requirements. Before deciding which type of insurance you want to opt for it is always recommended to get free quotes and compare prices. By comparing prices you will be able to understand which company is suitable for you and by comparing schemes you will understand which features you actually require. Additional features like optional liabilities can be added on to both individual insurance and multi user insurance.