If you have more than one car in your household, you may be wondering whether it would be a wise idea to shop for a multi car insurance policy. Will it work out cheaper, or could you end up paying over the odds? Keep reading this handy guide to find out.
What is multi car insurance?
Multi car insurance usually covers up to five cars at the same address. It usually gives you the same protection as standard car insurance, but at a discounted rate. It’s aimed at families with several cars and more than one driver, people who live in a house share and have their own cars, couples who have a car each, and individuals who own more than one car.
What’s good about multi car insurance?
As well as potentially getting 20% or more off your renewal price, multi car insurance allows you to complete only one application to insure several cars, and you’ll be given a single renewal date going forward.
You can schedule cars to join your policy or add them at a later stage, if their separate car insurance policies aren’t due for renewal yet. Some policies will allow students studying away from home to remain covered, but you’ll have to check your policy documents to see if that’s the case with your specific policy.
Top tips when getting multi car insurance
You may choose to have comprehensive cover for all of your vehicles or mix and match between comprehensive, third party and third party fire & theft cover.
In the past, comprehensive cover was the most expensive option because it offers the highest level of protection. These days, it can actually work out cheaper, so you may choose to have comprehensive cover for all the cars on your policy.
Before you take out any multi car insurance policy, you should shop around and compare not only the price but what is and isn’t included, as you need to make sure that the cover you get is adequate for your needs. It can be worth getting quotes for individual car insurance policies too, so you can check if a multi car insurance policy is the right option for you.
It can be worth spending a couple of minutes reading through your policy documents to check that you’re not at risk of losing your no claims discount if another driver on the multi car policy is involved in an accident, as this could cost you in the future.
If you like paying for your insurance in one go, getting multi car insurance means that you’ll have one large annual bill, rather than smaller bills whenever the individual policies are due for renewal.
Before deciding which type of policy to go for, you should always consider your personal circumstances and shop around for quotes to make sure you get the right protection at the right price.