How to Save on Auto Insurance for Three Vehicles in 2024
You might wonder how you can save money on your auto insurance if you own three vehicles. Companies such as Geico, State Farm, and Progressive offer 25% savings if you have insurance for three cars. We'll help you compare average insurance rates for three cars on one policy and find cheap third car insurance.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading fina...
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UPDATED: Aug 22, 2024
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- You’ll get cheaper rates if you get auto insurance for three cars on one policy
- Bundling three or more drivers may also qualify for a discount
- You could save up to 25% with Geico if you get three vehicle insurance
It can be hard to fit a third car into the budget, so you might be wondering how you can save on your auto insurance if you own three vehicles. Many companies allow you to bundle three or more vehicles in one policy to get cheap auto insurance rates. For example, you could save up to 25% on third car insurance with the Geico auto insurance multi-car discount.
When you buy car insurance for multiple vehicles, many insurance companies allow you to bundle them under one policy for a discounted rate. Read more about the best auto insurance companies for multi-vehicle households.
You can also bundle three or more drivers, though families with only two drivers can still qualify for a three-car discount. Below, we’ll help you compare average car insurance discounts for three cars and buy cheap insurance for three cars on one policy.
How to Save on Auto Insurance With Three Vehicles
Bundling multiple vehicles under one policy can result in auto insurance discounts ranging from 10-25%, depending on the provider. However, there are certain conditions that apply, and understanding how the insurance company works will help you see where you can qualify for savings.
Insurance companies consider what is called your “risk-to-reward ratio” when selling you a policy. The higher the risk, the lower the reward, which means higher rates. While you purchase insurance for each vehicle, what you’re really insuring are the drivers. So the rates are based on the demographics of each driver.
Auto insurance costs more for young drivers, but other factors, such as male or female and single or married also play a role. So what you want to do is lower your risk as a customer and one of the ways to do this is to bundle multiple cars and multiple drivers under one policy.
Read More: How to Get a Multi-Vehicle Auto Insurance Discount
We’ll go over some scenarios you can ask your insurance company about.
Three Cars, Three Drivers Auto Insurance
Having three cars to insure, driven by three different drivers, allows you to combine them all under a single policy with most insurance providers. There may be certain conditions, and the rates will be calculated based on driver demographics, so you’ll want to explore your options and shop around.
Insurance companies consider teen drivers a higher risk, given they're three times more likely to be involved in a fatal car crash than adult drivers. So, if one of the drivers is a teen, expect rates to go up.Kristen Gryglik Licensed Insurance Agent
However, bundling them with their parents on the same policy may at least get you a discount. Teens can also stay on their parents’ policy until they’re 21, and even longer if they’re a student. Read more about auto insurance for teens.
Three Cars, Two Drivers Auto Insurance
Married couples with no children may have three or more vehicles, but wonder if they can get multi-car discounts since there are only two drivers. The answer is yes, there are companies that will offer a discount, but the rates for the third car will be calculated based on year, make, and model. When bundling three vehicles with two drivers, the rates will be charged by driver demographics for the two drivers, and then vehicle details for the third car. The same principle would apply to a single driver with multiple vehicles, although that scenario is a lot less common.
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Tips to Lower Three Vehicle Auto Insurance Rates
Understanding the risk-to-reward ratio is key to finding ways to save on insurance rates. Here are some tips that essentially lower your risk and may qualify you for a discount:
Bundle Auto Insurance in One Policy
Bundling multiple auto insurance policies in one lowers the risk for the insurance company. So, they often offer multi-car insurance discounts as an incentive. Check out the table below to compare savings for third car insurance:
Company Savings
Allstate 15%
Amica 15%
Country Financial 15%
Geico 25%
Nationwide 20%
Progressive 12%
Safe Auto 15%
Safeco 15%
State Farm 20%
The General 15%
Some companies also offer discounts for bundling other types of insurance, such as home or life insurance. Read more about how to save money by bundling insurance policies.
Match the Car to the Driver
Basically, assign the newest car to the lowest-risk driver. If your third driver is a teen, you can rightly expect to pay higher rates, but assigning the teen as the driver of the less expensive vehicle would also reduce the company’s risk and probably shave a little off your total.
For an idea of what you might pay for each driver, compare average rates based on driver demographics:
| Driver | Rates |
|---|---|
| Single Female (Age 17) | $630 |
| Single Male (Age 17) | $752 |
| Single Female (Age 25) | $225 |
| Married Female (Age 25) | $210 |
| Single Male (Age 25) | $241 |
| Married Male (Age 25) | $218 |
| Single Female (Age 35) | $212 |
| Married Female (Age 35) | $204 |
| Single Male (Age 35) | $220 |
| Married Male (Age 35) | $204 |
| Single Female (Age 60) | $200 |
| Married Female (Age 60) | $187 |
| Single Male (Age 60) | $204 |
| Married Male (Age 60) | $192 |
If a car is added to a policy without a driver to assign to it, make sure it’s not the most expensive make and model of the three.
More About Saving Money on Auto Insurance for Three Cars on One Policy
When shopping, find out what discounts are available for bundling three or more cars under one policy. Also, consider which driver to assign to each vehicle, as that affects the risk factor for the insurance company.
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Frequently Asked Questions
How much does it cost to add a third car to insurance?
Full coverage auto insurance for one person averages $119 monthly, and you can save up to 25% with a multi-car discount. However, the cost to add a third vehicle to your auto insurance varies.
Can I have three cars on my insurance?
Yes, most of the best auto insurance companies allow you to get car insurance for three cars.
Is it cheaper to have three cars on one policy?
Yes, bundling your three vehicle insurance policies with the same provider can often lead to discounts. When you have multiple vehicles, consider insuring all of them with the same company to get a multi-car discount.
Are there any other discounts I should be aware of?
In addition to multi-car discounts, there are various other discounts you can explore to save on your auto insurance with three vehicles. These may include:
- Good driver discount: If all drivers of the vehicles have clean driving records and no recent accidents or traffic violations, you may qualify for a good driver discount.
- Good student discount: If any of the drivers are full-time students and maintain good grades, they may be eligible for a good student discount.
- Safety features discount: If your vehicles have safety features such as anti-lock brakes, airbags, or anti-theft devices, you may qualify for a discount.
- Low mileage discount: If any of the vehicles are driven less frequently or have low annual mileage, you may be eligible for a low mileage discount.
- Defensive driving course discount: Completing a defensive driving course can sometimes result in a discount on your auto insurance premiums.
Is it worth increasing my deductibles to save on auto insurance with three vehicles?
Increasing your auto insurance deductibles can be a way to lower your three cars three drivers insurance premiums, but it’s important to consider the potential financial impact. Higher deductibles mean you’ll have to pay more out of pocket in the event of a claim.
Assess your ability to comfortably cover the increased deductible amount before making a decision. Speak to your insurance company to understand how much you could save and weigh it against the potential financial risk.
Should I review my coverage options for each vehicle?
Yes, reviewing your coverage options for each vehicle is important. Insurance requirements and coverage needs may vary for different vehicles. Consider factors such as the age, value, and usage of each vehicle to determine the appropriate coverage.
For example, if you have an older vehicle with lower value, you might consider dropping comprehensive or collision coverage to save on premiums. However, ensure you comply with the minimum legal insurance requirements in your jurisdiction.
Is it beneficial to shop around and compare quotes from different insurance companies?
Yes, it’s always a good idea to shop around and compare quotes from different insurance companies. Prices and discounts can vary significantly between insurers, so obtaining multiple quotes allows you to find the most competitive rates for your three vehicles.
Keep in mind that while price is important, also consider the reputation, customer service, and coverage options provided by each insurance company.
Can installing telematics devices help lower auto insurance premiums for three vehicles?
Telematics devices, also known as usage-based insurance programs, monitor driving behavior and can potentially lead to lower premiums. Some insurance companies offer discounts for using telematics devices, which track factors such as speed, mileage, and braking patterns.
If you’re a safe driver and willing to have your driving behavior monitored, installing telematics devices in your vehicles could result in cost savings on your insurance for three cars.
Free Auto Insurance Comparison
Enter your ZIP code below to view companies that have cheap auto insurance rates.
Secured with SHA-256 Encryption
Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading fina...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.