Many of us have more than one vehicle in our household - whether it's a car each for you and your spouse, or two or more vehicles that you use personally such as a convertible car that you drive in the summer and a conventional vehicle for more practical daily use. With several vehicles in the household however, is it possible to save money on car insurance by combining them under one policy?
The simple answer is "yes" or at least in theory - thanks to a policy type known as multi-car insurance.
Multi car insurance is offered by an increasing number of UK providers including Admiral and Norwich Union. Some policies will allow you to insure up to five cars in one go - as long as they are registered to the same address. This means you could have a car each for your spouse, children or even a friend insured under the same policy as long as you all live together.
These policies can potentially save you money because you are effectively buying insurance in bulk. This loyalty is rewarded through cheaper premiums.
If you do opt for multi-car insurance then there are some important factors to consider:
Monthly payments
Renewal dates could be linked together which could make annual payments expensive. So ensure you have the option to pay monthly.
Named drivers
Are you allowed to drive more than one vehicle insured under the policy or only those you are a registered named driver for?
No claims discount
If one of you is involved in an accident do all of the drivers on the policy lose their no-claims bonus or just the individual who makes the claim?
Policy options
Ensure the policy options you choose are right for everyone.
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Posted By Mr. Blog Blog to INSURANCES MANAGER at 1/07/2009 01:20:00 AM
2 comments:
When you get your car insurance policy and compare your savings with this list to see if you are getting all of the savings you are entitled to, or print it out and use it when getting a new policy or obtaining an online car insurance quote.
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