I have three bug out bags, but they serve different purposes. I have a "get home safe" pack that I store in my backpack. It's of course not meant for long term survival, but it at least provides the necessities if the situation called for it. Has a knife, flint, matches, whistle, medkit, and light source (glow stick).
I keep a "we could get stuck in the car for a few days" kit that I store in my car. It provides many of the same items as the "get home safe" pack with the addition of extra clothing, candles, wool blankets, non-perishable food, and water. This is intended more for use in the winter where an extreme blizzard could shut down the roads for days as it has in many places over the years, though it is still useful in the summer in different circumstances.
Finally, in our home I keep a "SHTF and we're never coming back" bag, which contains many of the previous two packs plus additional gear such as fishing supplies, medicines, knives, hatchet, kukri machete, and a few other things. Intended for two people, has a secondary pack which can be used to help distribute the weight in order to lighten the load as much as possible and conserve energy and time.