Do you have more than one car in your driveway? If yes then you must read on to find how you can save a big deal of money on insuring all these cars in a single policy. Surprised? Well, you better be as many motor insurance providers offer huge discounts when you club the insurance of two or more in one policy. Choosing such a policy not only saves you time but also offers a hassle free way of maintaining the insurance as you need to remember just one renewal date. Moreover, the working of this kind of policy is simple and easy to understand unlike the complexities you face in purchasing many car insurance covers.
All about the working of multi car policies:
Just like purchasing things in bulk can save you a good deal of money, similarly putting more than one car in one policy gives you many benefits, the discounts being just one of them. Insurers offer you discounts as they get more number of cars insured and they don’t want you to slip into a competitor’s realm. The best part about the multi or dual car insurance cover is that you get all the benefits of the separate policies like an easy no claims discount as well as smaller excess.
Basically, if any household has more than one car then they should choose this kind of car cover. They can get a maximum of five cars covered in a single policy. It is termed as a family car insurance policy and the best part is that with every car you add you are surely earning some discount from the insurer. Watch out though as some of the insurers offer this policy only for the cars belonging to the same address but there are a few providers that facilitate this kind of policy for your immediate family, which might be staying away from you.
You might be wondering about the method to make claims on this kind of policy. Well, no worries at all as the claims are similar to that of single car insurance policy. Although, all multi car policies have a separate criteria which you need to know from your insurance providers, most of them do not punish all drivers when it is the mistake of one of them. Again, if one of them makes a claim, the others are not at a risk of losing their no claims bonus.
How about the condition when all cars have separate renewal dates?
For any family with more than one car, it is not surprising that their existing insurance policies will have different renewal or expiry dates. In most cases, the insurer offering multi car cover would allow you to bring each car to this policy even on separate dates. This would not require you to pay any cancellation fees. All you need to do is mention the renewal date of the extra car and it will be merged with the multi car policy. An important thing which you need to keep in mind is that you should inform the previous insurer that you do not want to renew the policy.
Is multi car insurance suitable for one and all?
An apparent fact is that multi car insurance policy is the best way to cut down the car insurance cost for a family that uses more than one vehicle. It is also valid for families, couples and friends that share the same house and even families with cars registered on different addresses. However, you need to be watchful about certain things as these policies may not be the cheapest option for you. In many cases, it was discovered that separate policies for each car was a far cheaper option than the multi car insurance cover.
As the cost of car insurance depends on various factors like the age of the driver, kind of the vehicle, income of the household, profession of the driver, licensing history and more, one cannot guarantee that multi car cover would be cheaper than insuring each car separately. For example, if there is an expensive car like a Mercedes in the multi cover policy then it would take away a huge chunk of the policy due to high repair costs. In such cases, it is better to buy a separate policy for the Merc and club the rest under one cover.
The best way is to check with your insurance provider and discuss things in detail to find whether separate policies would work for the family or single policy for all the cars would slay the insurance cost. You can also leverage the services of a price comparison site like FreePriceCompare to check individual quotes of each car and then single quote of the multi car insurance policy. Compare the two and see which one earns you a higher benefit and savings.
Points to note while buying a multi car insurance policy:
You must take a meticulous decision before taking a plunge for the multi car insurance cover. Analyse and study the pros and cons of such a cover and then decide accordingly. Check if buying a separate policy for a high-tech car with a relatively younger driver can reduce the total car insurance cost when compared against the multi car insurance, if cheaper then decide to buy a separate policy.
Another factor is that if any of the drivers has a bad driving history or has made many modifications in the car then it is better to purchase a separate policy. Now, when buying multi car cover, you should be aware about the fact that as all the cars would be under the same cover, you would end up paying a huge car insurance premium at the end of the year. Check whether this is feasible for you and then decide on the purchase of the cover.
Moreover, you need to inform your insurer if you have a change of address or face a driving ticket for rash driving or any of such offenses. This point is essential for all the drivers that are declared under one insurance policy. Therefore, rule of thumb is that you need to be very clear about informing the insurance provider about everything.
What’s more? You certainly need to shop around to find the provider that offers the best multi car insurance policy which gives you ample benefits. If you face trouble in comparing all motor insurance providers in the UK then you can leverage our free, impartial and independent price comparison website. If you want to know how much you can save on the cheapest deals then feel free to call our reliable and friendly team of car insurance experts on 02034757476.
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