Multi-car insurance is a type of auto insurance that allows multiple cars in a single household to be covered under a single policy. This type of insurance is designed to offer discounts and benefits to families who own multiple vehicles. With multi-car insurance, all vehicles are insured under one policy, which can simplify the process of managing insurance coverage and reduce the overall cost of insurance.

Here are some quotes for single-car vs. multi-car insurance in Canada:

Ontario:

• Single car insurance: $150 per month
• Multi-car insurance (2 cars): $220 per month
• Multi-car insurance (3 cars): $300 per month

Alberta:

• Single car insurance: $120 per month
• Multi-car insurance (2 cars): $200 per month
• Multi-car insurance (3 cars): $280 per month

Quebec:

• Single car insurance: $100 per month
• Multi-car insurance (2 cars): $160 per month
• Multi-car insurance (3 cars): $220 per month

Please note that these are just example quotes and actual rates may vary depending on a variety of factors, such as the make and model of the car, the driver’s age and driving history, and the specific coverage options selected.

Generally, multi-car insurance policies offer lower rates than single car policies, as insurance providers offer discounts for bundling multiple cars under the same policy. This can result in significant savings for families or households with multiple vehicles. However, it’s always a good idea to shop around and compare quotes from different providers to make sure you’re getting the best deal for your specific needs.

Benefits of multi-car insurance

Multi-car insurance policies, also known as multi-vehicle or fleet insurance, allow a person or household to insure more than one car under a single policy. Here are some of the potential benefits of such policies:

1. Discounts: Insurers often offer discounts when more than one car is insured on the same policy. The more cars you add, the larger the discount might be, up to a certain limit.
2. Convenience: Having all cars under a single policy can simplify the management of your insurance. You have just one renewal date and one set of paperwork, which can make administration easier.
3. Unified Coverage: If you have specific coverage needs (like comprehensive or collision coverage) or you’ve customized your policy in some way, you can ensure that all your vehicles have the same coverage, making it easier to understand what’s covered in the event of an incident.
4. Flexible Coverage: Some multi-car insurance policies may allow for different levels of coverage for each vehicle, meaning you can customize the policy based on each car’s individual needs.
5. Potential to Insure Different Types: Some multi-car policies may allow for a mix of vehicles, such as cars, vans, and motorbikes.
6. Consolidated Claims Process: If more than one of your vehicles is involved in an accident, dealing with a single insurer might simplify the claims process.
7. Potential No Claims Bonus: Some insurers offer a no claims bonus for each car on the policy. This means that if one car has a claim, it may not affect the no claims bonus of the other cars on the policy.
8. Potential for Additional Drivers: Many multi-car policies allow for multiple named drivers. This can be particularly useful for families or households where several people might need to drive each of the vehicles.
9. Cost-effective: In many cases, insuring multiple cars under one policy can be more cost-effective than insuring each car separately, even with the multi-car discount taken into account.
10. Easier Budgeting: With all cars insured under a single policy, it can be easier to budget for insurance costs since you’ll have a single premium to account for.

Cons of multi-car insurance

While multi-car insurance policies can offer numerous benefits, there are also potential drawbacks to consider, especially within the context of the Canadian insurance market. Here are some cons associated with multi-car insurance in Canada:

1. Single Renewal Date: While having a single renewal date can be convenient, it also means a significant annual expense all at once, rather than spreading out the cost throughout the year.
2. Variability in Driving Records: If one driver on the policy has a poor driving record or is at-fault in an accident, it could potentially increase the premiums for all vehicles on the policy.
3. No Claims Discount (NCD): If one vehicle on the policy has a claim, it might affect the no claims discount for all the vehicles. However, some insurers might offer separate NCDs for each vehicle.
4. Less Flexibility with Different Insurers: By bundling all cars with one insurer, you might miss out on specific deals, coverages, or benefits that another insurer might offer for one of the vehicles.
5. Dependence on Other Drivers: If there’s a major change in one driver’s status (e.g., a major traffic violation or a DUI), it could impact the cost or terms of the entire policy.
6. Coverage Limitations: While some multi-car policies allow for different coverages for each vehicle, others might require the same coverage levels across all cars, which might not always be ideal.
7. Limit on Number of Cars: Some insurers might have a limit on the number of vehicles you can include in a multi-car policy.
8. Change in Circumstances: If a family member moves out or if there’s a change in the number of cars a family owns, it might require a re-evaluation of the policy, potentially leading to administrative hassles.
9. Price Assumptions: While many assume multi-car policies are always cheaper, this isn’t necessarily true. Depending on individual circumstances and the insurer’s pricing model, separate policies might sometimes offer a better rate.
10. Different Usage: If vehicles have very different usage patterns (e.g., one car is used daily for commuting, while another is a classic car that’s rarely driven), a multi-car policy might not offer the best value for each vehicle.

Can You Own Two Cars In Ontario?

Yes, you can own two or more cars in Ontario. There’s no legal limit to the number of vehicles an individual can own. However, there are some considerations and responsibilities you should be aware of if you own multiple vehicles:

1. Registration: Each vehicle you own must be registered with the Ministry of Transportation of Ontario (MTO). This means you will have separate registration documents for each car.
2. Licensing: Every vehicle you own must have a valid license plate with a sticker showing it’s up-to-date on license fees. The sticker renewal usually happens annually.
3. Insurance: In Ontario, it’s mandatory to have auto insurance for any vehicle you operate on public roads. Each vehicle must be insured, but you can potentially save money by insuring multiple vehicles with the same insurance company (often referred to as a multi-vehicle discount). However, it’s essential to shop around and compare quotes to ensure you’re getting the best deal.
4. Emissions Testing: Depending on the age and type of your vehicles, they might be subject to the Drive Clean emissions testing program to ensure they meet environmental standards.
5. Cost: Owning multiple vehicles can be costly, not just in terms of purchasing and insuring them but also in ongoing maintenance, licensing, and potential financing costs.
6. Parking: Ensure you have adequate parking space for multiple vehicles, especially in urban areas of Ontario where parking can be limited or costly.
7. Usage: If you’re not using one of your vehicles, you might consider putting it in storage and adjusting its insurance to “comprehensive only” or a storage policy, which would cover non-driving related risks like theft or fire but would be cheaper than full coverage. Remember, however, that you cannot legally drive the vehicle on public roads with only comprehensive or storage insurance.

How Much You Can Save With Multi-Car Auto Insurance

Multi-car auto insurance discounts can provide substantial savings, but the exact amount you can save will depend on various factors. Here’s a general overview of potential savings and influencing elements:

1. Discount Percentage: Insurance providers typically offer a percentage discount off your premium when you insure multiple vehicles. The exact percentage can vary between companies, but discounts often range from 10% to 25% off each car’s premium.
2. Number of Vehicles: Some insurance companies may offer larger discounts as you add more vehicles to the policy. However, there might be a cap on the number of vehicles you can add or a maximum discount percentage.
3. Individual Vehicle Rates: Even with a multi-car discount, each vehicle’s base rate can be influenced by factors such as its make, model, age, safety features, and the driving record of the primary driver.
4. Coverage Choices: Your choice of coverage (liability, comprehensive, collision, etc.) and deductible amounts will also influence the overall cost and potential savings.
5. Driver Profiles: The age, driving experience, and driving history of each driver can significantly influence rates. For instance, insuring two vehicles with experienced drivers with clean driving records might offer more savings compared to insuring one vehicle with an experienced driver and another with a younger driver who has recent traffic violations.
6. Location: The region or city you live in can influence insurance rates due to differences in traffic density, accident rates, theft rates, and other factors.
7. Bundling Discounts: Some insurers offer additional discounts if you bundle your auto insurance with other types of insurance (e.g., home or renters insurance). This can compound your savings further.
8. Loyalty and Other Discounts: Some companies offer loyalty discounts, good driver discounts, or good student discounts, which can stack with multi-car discounts for even greater savings.
9. Comparison Shopping: Even with multi-car discounts, it’s essential to shop around. One company’s rates, even after multi-car discounts, might be higher than another’s. Always get multiple quotes to ensure you’re getting the best deal.
10. Policy Terms: The term of your policy (6 months vs. 12 months) can also play a role in the savings you receive, as some companies may offer discounts for longer policy terms.

Companies offering multi-car insurance

Multi-car insurance is a common offering among many insurance providers in Canada. However, the availability of specific insurers can vary by province due to the regulatory environment and market dynamics. Here’s a general overview of companies that offer multi-car insurance in various Canadian provinces:

1. Ontario:
   • Intact Insurance
   • Allstate Canada
   • Belairdirect
   • The Co-operators
   • TD Insurance
   • State Farm Canada (now Desjardins)
   • Aviva Canada
2. Quebec:
   • Intact Insurance
   • Belairdirect
   • Desjardins Insurance
   • La Capitale
   • Promutuel Insurance
   • SSQ Insurance
3. British Columbia (ICBC provides basic auto insurance for all BC drivers, but drivers can buy optional coverage from other providers):
   • Insurance Corporation of British Columbia (ICBC)
   • BCAA (British Columbia Automobile Association)
   • Family Insurance Solutions
   • Intact Insurance
4. Alberta:
   • Intact Insurance
   • TD Insurance
   • Belairdirect
   • The Co-operators
   • Aviva Canada
   • Wawanesa Insurance
5. Manitoba (MPI provides basic auto insurance for all Manitoba drivers, but drivers can buy optional coverage from other providers):
   • Manitoba Public Insurance (MPI)
   • CAA Manitoba Insurance
   • Wawanesa Insurance
6. Saskatchewan (SGI provides basic auto insurance for all Saskatchewan drivers, but drivers can buy optional coverage from other providers):
   • Saskatchewan Government Insurance (SGI)
   • SGI CANADA (for additional coverage)
   • CAA Saskatchewan Insurance
7. Nova Scotia:
   • Intact Insurance
   • TD Insurance
   • Belairdirect
   • Aviva Canada
   • Wawanesa Insurance
8. New Brunswick:
   • Intact Insurance
   • TD Insurance
   • Belairdirect
   • The Co-operators
   • Aviva Canada
9. Prince Edward Island:
   • Intact Insurance
   • Belairdirect
   • The Co-operators
   • Aviva Canada
10. Newfoundland and Labrador:

• Intact Insurance
• TD Insurance
• Belairdirect
• Aviva Canada

11. Territories (Yukon, Northwest Territories, Nunavut):

• Intact Insurance
• Aviva Canada
• The Co-operators

Please note that this is not an exhaustive list. The insurance market can be dynamic, with companies expanding, contracting, or changing their offerings. Additionally, the specifics of multi-car discounts and how they’re applied might differ from one company to another.

How many cars can I add to a Multi-Car policy?

The number of cars you can add to a multi-car policy varies by insurer, and while regulations can impact insurance practices, there isn’t a universal “province by province” standard in Canada when it comes to the number of vehicles you can add to such policies. However, I can provide a general overview:

1. Ontario: Typically, you can insure up to four cars on a personal auto policy, though some insurers may allow more, especially if it’s for a family with multiple drivers.
2. Quebec: Similarly to Ontario, many insurers allow up to four vehicles on a multi-car policy, but this can vary by company.
3. British Columbia: The Insurance Corporation of British Columbia (ICBC) provides basic auto insurance for BC drivers, but the number of cars you can insure under one policyholder’s name will depend on individual circumstances and the insurer’s rules for optional coverages.
4. Alberta: The general practice is up to four cars on a multi-car policy, but again, specific insurance providers might have different regulations or offer exceptions based on the policyholder’s circumstances.
5. Manitoba: Manitoba Public Insurance (MPI) handles the primary auto insurance. For optional additional coverage, the number of vehicles on a policy will depend on the provider’s terms.
6. Saskatchewan: Saskatchewan Government Insurance (SGI) provides basic auto insurance. As with MPI in Manitoba, the number of vehicles on a policy for additional coverage may vary based on the provider.
7. Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador: In the Atlantic provinces, the general trend is that you can typically insure up to four vehicles on a personal auto policy. However, certain insurance providers might allow more vehicles, especially in family scenarios with multiple drivers.
8. Territories (Yukon, Northwest Territories, Nunavut): The general practice is similar to other provinces, with up to four cars on a personal policy, but specific numbers can vary based on the insurer.

While the “four cars” figure is commonly seen, insurers may have different policies, and there are often exceptions. If you have more vehicles than allowed on a typical multi-car policy, you may inquire about fleet or commercial policies.

FAQs

Here are some frequently asked questions (FAQs) about multi-car insurance policies in Canada, along with their answers:

1. What is a multi-car insurance policy?
   • A multi-car insurance policy allows you to insure multiple vehicles under one insurance policy, often leading to a discount on your total premium.
2. How many cars can I add to a multi-car policy in Canada?
   • Typically, you can insure up to four cars on a personal auto policy in Canada. However, this number may vary based on the specific insurer.
3. Will all cars have the same coverage?
   • Not necessarily. While they are under one policy, each vehicle can have its own coverage levels and deductibles, tailored to its use and value.
4. What happens if one car has an accident? Will it affect the premiums for all vehicles on the policy?
   • Generally, if one car has an accident, it might influence the premium for that specific vehicle, especially if it’s an at-fault accident. The other cars’ premiums might remain unaffected, but this can depend on the insurer’s policies.
5. Can I add cars that are registered in different names to my multi-car policy?
   • Most insurers require that all vehicles on the policy be registered to members of the same household. Some may allow cars registered to immediate family members living outside the household, but this varies by company.
6. How do multi-car insurance discounts work?
   • Multi-car discounts are typically a percentage taken off the premium of each vehicle on the policy. While the exact percentage varies by insurer, it can range from 10% to 25%.
7. Can I still get a multi-car discount if my vehicles are insured by different companies?
   • Generally, no. To qualify for a multi-car discount, the vehicles typically need to be insured by the same company under one policy.
8. Do all drivers on a multi-car policy need to have a clean driving record?
   • No, but keep in mind that the driving records of all drivers will influence the overall premium. A driver with traffic violations or accidents on their record may increase the policy’s cost.
9. What happens if I sell one of my cars or want to remove it from the policy?
   • You can adjust your policy to remove a vehicle. Depending on when you do this, you might receive a prorated refund, but removing a car might also affect the multi-car discount.
10. Is a multi-car policy always cheaper than separate policies?

• While multi-car policies often provide savings, it’s not guaranteed to be cheaper. It’s essential to compare quotes for separate policies and a combined policy to see which offers the best value.

11. Can I mix personal and commercial vehicles on a multi-car policy?

• Typically, personal and commercial vehicles require different types of policies due to their differing uses and associated risks. Most insurers will not allow them to be mixed on a multi-car personal policy. If you have commercial vehicles, you’ll likely need a separate commercial auto policy.

12. Do all cars on a multi-car policy need to be of the same type or make?

• No, you can generally insure vehicles of different makes, models, and types on a multi-car policy. Each vehicle’s premium will be calculated based on its individual characteristics and chosen coverages.

13. How do claims work with a multi-car policy?

• Claims are processed individually for each vehicle, just as they would be if each car had its own separate policy. The claim history for one vehicle shouldn’t impact the other vehicles on the policy unless there’s a broader issue, like insurance fraud.

14. Can I have different payment plans for each car on the policy?

• Typically, a multi-car policy will have a single payment plan. However, you can adjust coverages and deductibles for each vehicle, which will influence the individual vehicle premiums and the total amount due.

15. What if I want to add a new driver to one of the cars on my policy?

• You can add or remove drivers from vehicles on your multi-car policy. Adding a driver, especially a young or inexperienced one, may influence the premium for that specific vehicle.

16. How do renewals work with multi-car policies?

• Renewals for multi-car policies generally work similarly to single-car policies. You’ll receive a renewal notice outlining the new premium for the upcoming policy term. It’s always a good idea to review coverage needs and shop around at renewal time to ensure you’re getting the best value.

17. Can I bundle my multi-car policy with other types of insurance for additional savings?

• Yes, many insurers offer bundling discounts when you combine auto insurance with other types of insurance, such as home or renters insurance.

18. Does every car on a multi-car policy need the same policy term?

• Generally, all vehicles on a multi-car policy will share the same policy start and end dates, ensuring a consistent renewal process.

19. What if one of the cars is used more for business purposes?

• If a vehicle is primarily used for business, it may require a commercial auto policy or a business use endorsement. It’s essential to be upfront with your insurer about how each vehicle is used to ensure proper coverage.

20. Can I cancel my multi-car policy at any time?

• Yes, you can typically cancel your policy at any time. However, there may be cancellation fees, and you should ensure you have new coverage in place before cancelling to avoid a lapse.