Insuring one vehicle with a car insurance company will cost the insured a particular amount of money. When someone moves into the household with this person and also brings a vehicle, that person will also have a car insurance policy. A wise idea in this situation is to consider the multi car discount these people could receive if they place the second vehicle and the first on the same car insurance policy.
Without a multi car policy, each person is managing their own policies with different car insurance companies. If they are paying for their car insurance on a monthly basis, they will have different due dates for their premiums every month. When it comes time for each person to renew their policies, they will do this at different times, too. They will have separate paperwork for each insurance company and different types of cover associated with their policies.
Make Life Less Complicated
Considering a multi car policy will not just give people living in the same household a discount, but it will also make their lives much less complicated. They have combined their lives by living together in the same house; they may also have the desire to combine other facets of their existence with car insurance being just one of those things.
When two or more people in a household take the time to place the second vehicle on the first vehicle’s policy, they receive a 10 percent discount with a lot of car insurance companies. They will pay one premium rather than the two or three they were previously paying. They will receive one bill and they will have one car insurance company to call when either one of them has a car crash.
Why People Refuse the Multi Car Discount
Placing all vehicles on one policy raises concerns for people, and this is why more car owners have not taken advantage of the multi car discount they can receive. They often believe that having to renew multiple vehicles at the same time can be costly. Car insurance companies help people with this extra cost by giving their clients the option of paying their premiums in monthly installments. This makes a multi car insurance policy much easier for people to afford.
The other worry comes from those who have been very good drivers and have not filed any claims in the past. They believe that they will lose their no claims bonuses if they are on the same policy as someone who has an accident and files a claim. This isn’t necessarily the case with most car insurance companies that offer multi car insurance policies. A multi car policy is like an individual policy in a lot of ways; the driving behavior of the other people does not affect other drivers on the policy.
Breakdown Multi Car Discount
Some car insurance companies give their multi car insurance policy holders a chance to purchase other types of cover for a multi car discount. One of those options is the Breakdown Multi Car discount. If they choose to add Breakdown cover to their policies, car owner receive a discount here, too, with some companies taking 45 percent off of the premiums.
How People Save with Multi Car Policies
The multi car policy gives car insurance companies another reason to reward their clients. As people renew their multi car policies, they are demonstrating loyalty to their companies and they can offer an even larger discount. The fact that a multi car insurance policy requires less work of the companies’ employees, they don’t have to charge these clients administrative costs. The companies are also very grateful for the increased business they receive from multi car policies, and this results in even more savings.
Applying for the Multi Car Insurance Policy Discount
If people are concerned that applying for multi car insurance policies are difficult, they can stop worrying about this possibility. They will be able to apply for these policies just as they will for separate policies. If they apply online, it will be even easier for them and fast as well.
Before applying for a multi car insurance policy, people will need to make sure their situations qualify for the policies at the car insurance companies they are researching. One household may have six vehicles to insure, but one car insurance company may not be able to accommodate this many vehicles. For the most part, insurance companies may only insure as many as five vehicles, so people need to make sure they can insure all six of their vehicles with the same company on the same policy.
Car Swapping May Not Be Allowed
Each person insuring a vehicle on a multi car policy must make sure they are driving the car for which they have been insured. Just because all vehicles are insured under the same policy, doesn’t mean that every person named can swap cars and be covered under the policy. In order to be able to drive all vehicles on the policy, this will need to be written into the policy but this will have the effect of raising the premiums.
Replacing an Old Car with a New One
Another important thing to consider is when people are trading one vehicle for another. They may wish to remain on the multi car policy, but they are going to have to ensure that the car insurance company can replace one vehicle for another.
Who Can Qualify to Be On the Multi Car Policy
Multi car policies do not require that the people living in the household be related to each other. They are not designated toward the typical nuclear family structure. With so many different types of households presently, several people can qualify for the multi car policy as long as these people are living at the same address.
What to Consider When Purchasing Multi Car Insurance
Everyone who is to be named on a multi car insurance policy will receive the multi car discount, but they aren’t necessarily going to have the lowest premiums. Car insurance companies use the same criteria to price multi car insurance policies as they do for their other policies. If it was an individual policy, the drivers would be charged a price based on their past history of filing claims in the past, for example; those who file claims lose the benefit of the no claims discount.
If every driver named on the multi car insurance policy has lost their no claims discount, the car insurance company will charge premiums accordingly. Therefore, people must consider their driving histories before they expect their multi car insurance companies to offer them significant savings. All of the other benefits of the multi car insurance policies will still apply to these people’s policies, so they may find that a multi car policy would be better for them in the long run.
Car owners don’t have to make a commitment to purchasing a multi car policy to compare quotes. Several well-known car insurance companies have multi car insurance policies for which they will give a discount, so it would be worth the few minutes it takes to obtain several quotes from these insurance companies. They may find that the multi car insurance policy will save them some money on their car insurance premiums and will also have the effect of making paying their insurance premiums less of a hassle.
Some more information on Multi-Car Discounts
Insurance companies often offer discounts to their customers. These discounts can come in the form of a No Claims Discount, a Multi-Car Insurance Discount, or a Multi-Person Car Insurance Discount. If you are looking to find the best rates on your UK car insurance, you will want to make sure that you take advantage of all of the discounts that are available to you.
Covering All of Your Vehicles under a Single Policy
Multi-Car Insurance discounts are available to people that own more than one vehicle. If your household has two, three, or more cars, you will be eligible for a multi-car insurance policy, and these policies can save you quite a bit of money each year on your premium. A multi-car insurance policy is actually a single policy that covers more than one vehicle. Instead of purchasing multiple policies, you will only have to manage one policy that will cover all of the vehicles in your household.
As Always, Save Money by Buying in Bulk
You could think of a multi-car insurance policy as buying your insurance policies in bulk instead of by the single. The same way that bulk shopping can save you money in other aspects of your life, it can also save you money on your car insurance. No matter how many vehicles you have registered to a specific address, you can find a multi-car insurance policy that will provide cover for all of your vehicles.
However, you should still explore all of your options when determining whether or not it is cost-effective to buy a multi-car insurance policy.
Since rates from insurance companies in the UK often differ substantially, you should shop for rates from different companies before you determine which one will offer you the most affordable multi-car insurance.
Factors to Consider when Purchasing a Multi-Car Insurance Policy
You will want to make sure to read all of the fine print in this type of policy as you would with any other car insurance policy. Examining your cover will help you determine exactly what is covered for each vehicle. If your family often shares vehicles, it is important for you to assess whether the policy protects you no matter who is driving the vehicle. While some of these policies will extend to cover multiple people driving any vehicle in the household, it is still good to make sure before you purchase a policy.
Another important consideration to make when purchasing your multi-car policy is the type of no claims discount that you will be eligible for. Will every member of the household be eligible for a no claims bonus? This is important because the no claims discount can save you and your family members a great deal of money over the long term.
Your policy should also have a provision that covers changing to another vehicle. If you are looking into switching vehicles, this is an important consideration to make. Another aspect that you should look at is the renewal dates on your insurance policy. Most insurance companies will incorporate all of the renewal dates into the same month, and this can make your policy exceptionally expensive during the month that the annual payment is due. If you decide to pay monthly, you will pay more over the term, but this may be more beneficial if it prevents you from having to pay the entire cost up front.
You may also want to ask your insurer about any other discounts that you may be eligible for so that you can find the most affordable policy that will cover all of the vehicles in your household.