There are a few reasons why you might not want everyone in your household to be on the same insurance policy; for example, you might want your teenager to pay for his or her own insurance, or you might have adult family members in your home who you think should have their own policy. Although this makes sense in some situations, there are actually a few reasons why you can benefit if everyone in the house is on the same policy. These are a few reasons why.
1. You Can Score Discounts
Believe it or not, there are quite a few different ways that you can score discounts if you have everyone and everyone's vehicle on the same household policy. For example, you may be able to qualify for a multiple car discount from your insurance company, which can help everyone secure lower rates. Plus, if you have all of the household vehicles on a policy with the same insurer that you have other coverage with, such as your home owner's insurance or life insurance, then you might be able to score additional discounts.
2. Splitting the Bill Isn't Too Hard
Even if you still want to split the bill between various family members in the house, you can do so relatively easily if you have everyone on the same policy. For example, many companies itemize their monthly premiums so that you can determine how much each driver and each vehicle adds to the policy. If this information isn't clear on your bill, you should be able to talk to your insurance agent to determine how to split the costs between the various people in your household. Then, you can take advantage of the other benefits of sharing a policy but can still hold other adults in your house responsible or teach your teens about paying for their own insurance.
3. You'll Have Coverage if You Want to Share Vehicles
Since you live in the same household, there is always the chance that you or someone else in your household will drive someone else's vehicle. For example, you might drive someone else's car while yours is in the shop, or one of your family members might drive your car to the grocery store. If everyone is on the same policy, then you won't have to worry about coverage issues during these time periods.
As you can see, it can be very beneficial to put everyone in your household on the same insurance policy. If you still aren't sure, consider contacting a company likePenney's Insurance Ltd for more information.Share