Multi Car Insurance
Multi Car Insurance
If you have more than one car in your household, you might want to consider getting a multi-car insurance policy. This type of policy allows you to insure two or more cars with the same provider and enjoy some benefits, such as a discount for each car and a single premium payment. In this blog post, we will explain what multi-car insurance is, how it works, what are the advantages and disadvantages of it and how to find the best deal for your needs.
What is multi-car insurance?
Multi-car insurance is not a separate kind of policy, but rather a standard car insurance policy that covers more than one vehicle. You can usually add up to four or five cars to a multi-car policy, depending on the provider. The cars have to be registered at the same address, which means they belong to members of the same family or household.
How does multi-car insurance work?
When you buy a multi-car insurance policy, you can choose the level of cover and the optional extras for each car individually. The levels of cover are the same as for a single-car policy: third-party only, third-party fire and theft and comprehensive. You can also add breakdown cover, legal expenses cover, windscreen cover and other features to each car as you wish.
The main benefit of a multi-car policy is that you get a discount for every car you add to it. The amount of the discount varies by provider, but it can be up to 25% in some cases. Another benefit is that you only have to pay one premium and deal with one renewal date for all your cars, which can make things easier to manage.
However, there are also some drawbacks to consider before buying a multi-car policy. For example, if one of the cars has a claim, it could affect the no-claims bonus of all the cars on the policy. Also, if you have different renewal dates for your existing policies, you might have to cancel them early and pay a fee to switch to a multi-car policy. Additionally, a multi-car policy might not always be cheaper than separate policies, especially if you have cars with different risk profiles or drivers with different driving histories.
How to find the best multi-car insurance deal?
To find the best multi-car insurance deal for your situation, you should compare quotes from different providers and see what they offer in terms of price, coverage and discounts. You can use online comparison tools or contact providers directly to get quotes. You should also check the terms and conditions of each policy carefully and make sure you understand what is included and excluded.
Some tips to lower your multi-car insurance premium are:
- Choose a higher voluntary excess for each car
- Install security devices on your cars
- Park your cars in a safe place
- Drive safely and avoid claims
- Build up your no-claims bonus
- Add experienced drivers as named drivers
These tips can help you save money on your multi-car insurance policy, which covers two or more cars registered at the same address. Multi-car insurance can be cheaper than buying separate policies for each car, but it depends on various factors such as the type, age and value of the cars, the number of drivers and their driving history. Here is how each tip can lower your premium:
- Choosing a higher voluntary excess means you agree to pay more towards the cost of a claim if you have an accident. This can reduce your premium as it shows you are willing to share the risk with the insurer. However, you should only choose an excess that you can afford to pay in case of a claim.
- Installing security devices such as alarms, immobilisers and trackers on your cars can deter thieves and lower the risk of theft or vandalism. This can also lower your premium as it reduces the likelihood of making a claim. You should check with your insurer if they offer any discounts for having security devices on your cars.
- Parking your cars in a safe place such as a garage, driveway or secure car park can also reduce the risk of theft or damage. This can lower your premium as well as protect your cars from weather and other hazards. You should inform your insurer where you park your cars and if you change the location.
- Driving safely and avoiding claims can help you maintain a good driving record and build up your no-claims bonus. A no-claims bonus is a discount that you get for every year that you do not make a claim on your policy. The more years you have without a claim, the bigger the discount. This can significantly lower your premium over time. You should also avoid speeding, drink-driving and other offences that can increase your premium or invalidate your policy.
Conclusion:
Adding experienced drivers as named drivers on your policy can lower your premium if they have a good driving record and no claims. This can balance out the risk if you have young or inexperienced drivers on your policy who are more likely to have accidents and make claims. However, you should not add anyone who does not drive your cars regularly or who is the main driver of one of the cars, as this is known as fronting and is illegal.
