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Loyalty and multiple-policy discounts


Multi-car discount

Discount is typically 10 to 25 percent.

Available to:  Drivers who insure multiple (two or more) private-passenger cars on the same auto insurance policy.

Caveats: Some insurers have certain eligibility rules, such as the owners of the vehicles reside in the same household vehicles and the cars must be primarily driven by persons residing at the address listed on the policy.  Discount is typically on your liability, collision and comprehensive coverages.

Length: Continual as long as you have two or more eligible vehicles insured.

Read more: Is it cheaper to have all cars on one policy?

Multi-policy / multi-line discount

Discount is normally 10 percent to 20 percent.

Available to: Drivers who hold multiple policies with the same insurance provider.

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Caveats:  Eligible varies by insurer but typically you must carry your car insurance and one other type of insurance coverage, such as motorcycle, mobile home, renters, condo, homeowners, health, life insurance with the same carrier to get the discount. 

With some insurers, the more insurance you bundle together the higher the saving will be, such as up to 20 percent if you insure both your car and home with them and up to 25 percent off if you insure your car, home and life with them.

Length: Renewable as long as you continue to keep all insurance policies with the insurer active.

Read more: What can I do to lower my car insurance rate?

Loyalty discount

Discount typically 5 percent to 15 percent.

Available to:  Drivers who stay with their current insurer year after year instead of seeking new coverage elsewhere.

Caveats:  The discount amount tends to be around 5 percent if you’ve remained with your insurer for three years and up to 15 percent if you’ve remained loyal for five years or more.

Length: Continuous if you remain with current insurer.

Read more:  Car insurance loyalty rewards: What’s the catch?

Renewal discount

Discount typically 5 percent or more.

Available to:  Drivers who renew their auto policy with their current insurance provider.

Caveats:  May have conditions, such as renewing your policy a certain number of days before the policy effective date.

Length:  Continual at each renewal period.

Pay in full discount

Typical discount is 5 percent to 10 percent.

Available to: Drivers who pay their car insurance policy premium up front and in full.

Caveats: Need to pay before the policy effective date to receive the premium reduction.

Length:  Renewable at beginning of each new policy period if you pay in full.

Read more: What’s an installment payment fee?

Transfer discount

Typical discount between 5 percent and 10 percent.

Available to: Drivers who start a policy with a new auto insurance provider.

Caveats: Usually obtain this discount a driver must switch to a new auto carrier before the next premium is due with their current insurer.  Generally, one will need to start shopping around two weeks or more in advance of the end of their current auto policy in order purchase a new policy to take advantage of this “early shopper” discount.

Length: One-time only discount usually, if continue with new insurer may then be eligible at next policy period for renewal discount.

Read more: Pocket $1,102 just by shopping around

Going green / paperless discount

Generally up to a 5 percent discount.

Available to:  Drivers that sign up to access their account online and receive documents online instead of paper documents can receive the discount. 

Caveats:  The driver may also be required to set up online billing and automatic payments to receive the discount.

Length: One-time discount with some insurers, ongoing with others.

Online discount

Normally a discount of around 5 percent

Available to:  Drivers who start their quote online and/or buy auto policy online with their insurer.  

Caveats:  May also need to select online billing and set up automatic payment by electronic funds transfer to receive the discount with some insurers.

Length: Typically a one-time discount.

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