What Car Insurance Should I Get if I Have Two Cars
Car insurance is a contract between you and an insurance provider. Generally, the process involves paying a certain amount of premium in exchange for coverage that they’ll provide you.
This coverage will depend on the kind of policy you take. It might be as simple as a government-mandated compulsory Insurance, or it can be as complex as protection against acts of God or even car napping.
Getting car insurance in the Philippines is a necessity, not a luxury. Accidents can happen, especially when you're constantly faced with unpredictable pedestrians, jam-packed traffic, and undisciplined drivers in many urban roads in and out of the Metro.
Good car insurance will not keep other motorists from making mistakes; nor will it predict emergency situations that might happen while you're driving in unfamiliar places, but it will surely help manage the risks that come with driving a vehicle.
But what if you need to insure two cars instead of one? There are three common scenarios that usually happen when you need two car or multi-car insurance:
## 1. You and your spouse drive your own car.
The question is, will your insurance company set your rates depending on who drives the car more? Or will it just be based on having two cars in your home? Generally, insurance companies will determine the insurance rate depending on the number of licensed drivers in your home. In this case, however, many will recommend that you and your spouse list as primary drivers for each of your own vehicles.
Sometimes, your barriers may not be as definite, so both you and your spouse might occasionally driver each other’s vehicles from time to time. When this happens, then you might think that listing him or her as an occasional driver of your own car can save you money in the long run, but it can become a problem for you if your spouse gets in an accident while driving your car. When that happens, then you might not be able to claim your insurance if your spouse is considered the principal driver of your vehicle when the accident occurred.
The best thing you can do is not to let your spouse drive your car, and vice versa.
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## 2. You own two cars, but you like to use only one of your cars (and rarely use the other).
You can combine a rarely-used car and your favorite vehicle on the same policy, but you can actually unregister the car that you don't use altogether. However, we still recommend that you at least get the minimum basic coverage aside from the Compulsory Third Party Liability coverage mandated by the government. That way, you're at least protected when your rarely-used car gets stolen.
If the car you rarely use is an antique, then you can have it insured using the antique vehicle policy. This coverage is specifically designed for cars that are often used for exhibitions or car shows. However, not many car insurance companies carry this, so it’s always best to ask around to see which option best suits you.
## 3. You use both cars depending on the situation.
There might be times when you use both cars for a different purpose. For instance, you might like to drive your SUV when you check on a site at work, and then use your sedan when you go to the office.
When this happens, it would be better for you to ask your car insurer for a multi-car discount so you're protected on both vehicles. There are some car insurance companies that will suspend a policy when your car has been parked for a month or more, and will allow you to swap cars depending on the season.
## Tips on how to save money when insuring two vehicles.
You can save money on your insurance by getting a multi-car coverage for both your vehicles. The benefit here is that you can get a discount in your other car if you choose to have it insured by only one company.
However, there are two major disadvantages that you will have to deal with: First, you will need to shoulder a huge bill if you choose to pay your insurance annually. Second, most--if not--all insurance companies in the Philippines don't offer multi-car policies, and some only do it under very special circumstances.
There are also cases where it’s actually much cheaper to just get your policy from two different car insurance companies for both your cars. The car insurance industry in the country is quite competitive, and their way of attracting more clients to buy a policy is to offer the cheapest rate (or discount) when insuring your second vehicle.