All the things it’s essential to find out about a number of automobile insurance – Night Commonplace
All UK drivers must insure their cars. Not only is it a legal obligation, it is also an essential financial security in the event of an accident or theft of your car.
For families with several cars in the driveway and several drivers under one roof, it is possible to both save money and reduce the hassle of having several providers by taking out multi-car insurance for the entire household. Here's what you need to know.
How does the multi-car insurance work?
With multiple vehicle insurance, the main requirement is that all drivers live at the same address or that all vehicles are parked at the same registered address.
As a rule, you get the same functions with a multi-car policy as with a conventional car insurance that covers a single vehicle. Depending on the insurer chosen, a feature of several multi-car policies is that they offer customers discounts on their premiums. Usually 10% for each vehicle added.
Some policies can cover not only all vehicles at one address, but also close family members who live elsewhere. For example, a university student who does not live at home during the semester.
It is important to check the details of a policy before signing up. Some multiple car guidelines state that all drivers must live at the same address in order to qualify. Therefore, carefully review these terms and conditions.
Why choose multi-car coverage?
It is not only suitable for a family of drivers, but also a convenient way of taking out car insurance for friends with several cars in a shared apartment. It is also suitable for car enthusiasts and collectors who want to keep multiple vehicles under one roof.
What coverage is there?
With multi-car insurance, you have to choose the level of coverage for each driver and each car as with a standard policy. As usual, there are three variants: Liability, liability, fire and theft protection and fully comprehensive. Liability coverage is the minimum basic coverage you need to legally drive on UK roads, while fully comprehensive is the most comprehensive option.
Can I add extras to my policy?
Yes. It is possible to supplement a multi-car policy with additional cover elements that take a whole range of scenarios into account. You will usually have to pay an additional fee to attach any additional cover, including:
- Court costs
- Rental car
- Personal accident
- Spare key
- Driving on the continent
How do extension dates work?
If you already have separate insurance policies at your address for cars that end on different dates, this is not a problem. Your multi-car insurer coordinates the various extension dates and translates them into a comprehensive policy.
Each car will be added to the multi-car policy as soon as the insurance of the existing policy expires. Future extension dates are then usually based on the point in time at which the first vehicle was included in the multi-car policy.
What is a “Linked” Policy?
If several cars are insured in one policy, every driver is usually insured equally.
A “linked” policy, on the other hand, offers different levels of coverage and additional services for each car.
This may be preferable if, for example, a parent wants fully comprehensive insurance for their vehicle, but only third party liability, fire and theft insurance for their son or daughter's car. With this type of insurance, each policy has its own extension date.
Weigh up the advantages
If you want to insure several cars from the same household, a multi-car policy can often be cheaper due to the discounts available.
But don't assume that it is. When calculating premiums, insurers take into account a number of factors including the age and experience of each driver, make and model of the cars driven, and mileage and modifications.
The age of the driver, as well as the ranking of the car's insurance group, are two of the biggest factors that affect premium costs.
A higher risk motorist, such as an 18 year old driving a modified car that sits in a high insurance group, could therefore drive up the total cost of a multiple car listing for the rest of the drivers in the household. In this case, it may be cheaper for each driver to take out individual insurance.
Tips for Buying a Multi-Car Cover
Before you take out multi-car insurance, do some research. Use online comparison tools to weigh the cost of purchasing multiple individual policies against a single, overarching line of cover. Don't forget to consider the discounts of the multi-car option and ask yourself how much you would estimate each year for a single extension call versus several with potentially different vendors.
When searching for offers, make sure you are comparing like with like. It makes no sense to weigh an offer for pure liability insurance with one for fully comprehensive insurance, which contains a lot of additional services.
Advantages of multiple vehicle insurance
- Can be cheaper than buying separate policies thanks to discounts
- Easier to deal with just one insurer instead of several providers
- Paying with a provider should be easier
- It's more convenient to make a claim by dealing with just one set of paperwork
- Easier renewal process as all data is lined up
- Covers family members living outside the home, e.g. B. Students
- Allows individual drivers to build their own no-claims bonuses despite being grouped
Disadvantages of multiple vehicle insurance
- Depends on insurer, but the number of cars insured could be limited to five or six
- Not always cheaper. One driver's bad record could add to the cost of everyone else on the policy
- With a linked policy, one driver's entitlement could drive up the premiums for everyone else at the time of renewal
- Coordinating appointments for all drivers in a household could result in a larger one-off bill at the time of the extension. Separate policies can be staggered throughout the year.