• Maximize Your Car Insurance Coverage Without Spending an Extra Dime
  • December 14, 2017
  • Here is what our family does when insuring our cars. We keep each car on a separate policy. Why? Because coverages “stack” (add together). This “stacking” greatly increases the amount of coverage. If we keep each of our cars on a separate policy, it adds up to two or three times more coverage at the time of an accident.

    There is a temptation to combine policies to receive a multi-car discount. Insurance companies offer a small discount, the convenience of one payment, etc. The amount of value that you receive from “stacking” far outweighs the few dollars saved for the discount. This is especially important if a family member suffers an injury from the negligence of a high risk underinsured driver. The uninsured coverages apply to responsible bad driver and will pay for the injuries, as well as related pain and suffering.
    Here’s an example: We have three vehicles in our family. We keep them on three separate policies and bought all the liability coverage each insurance company offered ($500,000). Because coverages “stack,” now we have $1,500,000 in coverage ($500,000 x 3 = $1,500,000).

    Last bit of wisdom: Do not explain to the insurance company the reason you’d like to keep cars on separate policy. Just do it. Insurance companies will resist because they like saving money too. It may work best for you and be a whole lot easier if each car is insured with a different insurance company.
    My office # is (540) 345-1000.

    Disclaimer: Please do not consider this as legal advice.