Some car insurance companies offer incentives to potential policy holders, as well as to customers already using their company for insurance cover such as having more than one car insured on their policy. Having more than a single car listed on your policy is what is meant by the term ‘multi car insurance’. These policies typically offer discounts on your monthly premiums, if you use the same company to insure both vehicles. This can save you money over the length of your policy or the lives of your cars, making your premiums far more affordable.
Finding a Multi Car Insurance Provider
Tracking down a provider for this method of insurance is often not as simple as it might sound. Many car insurance providers now have a strong online presence both through their own websites and through comparison sites. Some of these quote calculators allow you to compare premiums for multi-car insurance but, sometimes, you may need to speak to a member of staff to get a multi-car insurance quote or set the policy up.
Multi Car Discounts
Whilst the amount of discount varies from company to company, this may be anything from 5% to 25%. If the insurance company that you are looking into is advertising a discount for multiple cars, you will probably know ahead of time how much you can expect to save. Any discount will depend upon a number of factors such as the make and model, condition and features of your cars.
Things to Take into Consideration
When searching for multi car policies, there are some factors that need to be taken into account. Make sure to ask the provider whether everyone on the policy will lose their discounts for no claims if one person is involved in an accident. You want to make sure that everyone is not punished for one person’s mistake. Also ask about adding more cars or more drivers in the future. If you have teenagers who will be driving in just a few years, you may want to add them to your policy at that time to avoid having to shop around all over again.
Check on the renewal dates that the company offers. While this might not seem like a big deal, some companies will not allow you to move the renewal dates for each car you are insuring to the same time each year. Having these dates spread over the year can make renewal more expensive, not to mention the bother of having to repeat everything two, three, or more times per year. The whole point of having a multi car insurance policy to begin with is to save time and money.
Premium Payment Schedules
Decide how you want to handle your premiums. Many companies offer you a range of decisions, whether you feel that you will be able to better handle monthly premium payments, every six months, or once per year. Keep in mind that a multi car policy may mean that your premiums could be quite a bit higher than for a single car. An annual or bi-annual payment may end up being a large amount of money, and while it can be more convenient to get many months of insurance paid up at once, a monthly payment schedule might be easier to pay.