In the UK, just about every household has access to at least one car. A majority, in fact, have access to two of them – one for each adult. In the UK, it’s a legal requirement that all drivers be insured. But if you’re looking to save on running costs, then you might elect to invest in a single insurance policy that covers every single car. Here, let’s take a look at multi-car insurance, how it works, and whether it’s worth it for your circumstances.
What is multi-car insurance?
With multi-car insurance, you’ll be able to cover every car in your household under the same plan. This tends to make things a lot more straightforward than if you’d covered them all separately. Most insurers will allow you to cover only a limited number of cars, but for most households the limit is more than generous enough.
How does it work?
You might wonder what happens when your cars are set to renew at different times. The answer is usually that you’ll be given temporary, short-term insurance on one car to make up for the discrepancy. Then, when both cars are set to renew, the real multi-car insurance kicks in.
Is Multi-car insurance cheaper?
In most cases, multi-car insurance will tend to work out cheaper than if you’d opted for separate insurance, but it’s always worth shopping around to see exactly what sort of discount you can get. It might be that, because of your particular circumstances, insurers will end up charging you more for a multi-car version of the same insurance product. So, be sure to use a price comparison site and determine what your options really are.
Is Multi-car insurance right for you?
There are a few situations where multi-car insurance might not be appropriate for you.
For example, one of the drivers named might be considered higher risk than the other. They might be a particularly young driver who has only recently qualified. They might be a driver with a poor driving record. In these cases, the risk will tend to spread from one driver to another, resulting in a higher premium.
Certain vehicles will benefit from different kinds of insurance. If you’ve made special modifications to your car, or it’s a classic, then you might investigate getting insurance that’s tailor-made. That way, if you do need to make a claim, you’ll have the peace of mind that comes with specialised insurance.
Beyond this, the cost of your multi-car policy will tend to be informed by the same kinds of considerations as any other kind of policy. Your age, location and driving history will all be used to determine your risk. If you can get b