Finding The Best Multiple Car Insurance Policy

Using Multiple Car Insurance Policies

Do you and your spouse have separate cars? How about your grown-up children? You might even have an additional bigger car or van which you use for family outings. Overall, there could be two, three, four, five or even more cars parked outside your home.

Did you know that you can actually take advantage of a multiple car insurance policies if more than one vehicle is registered in the same address? Instead of paying an arm and a leg for individual insurance plans for all your vehicles, you only need to pay for one multiple car insurance policies. Rather than having to keep up with several due dates, you only need to remember one due date for that lone car insurance plan. More importantly, you can take advantage of great discounts with multiple car insurance policies, which will save you a lot of money in the long run as compared to paying for individual insurance plans. 

How Does A Multiple Car Insurance Policy Work?

To get you started, here are some conditions that need to be met before you can take advantage of a multi-car insurance policy:

  • The minimum number of cars that you can insure is two, while the maximum is five. 
  • All vehicles need to be registered under the same address. 

Naturally, you will take advantage of that one multi-car insurance plan under the same insurance provider. Think of it as getting bulk discounts when buying big items on sale in the supermarket. Since you are sending more business their way, you will be given discounts by the insurance company. The way that this type of car insurance works is actually the same as regular car insurance. The only difference is that you will be given discounts because of the multiple vehicles that you are insuring under the same policy. 

How Cost-Effective Is A Multiple Car Insurance Policy?

Remember that not all multi-car insurance plans can save you money. It still depends on the number of drivers using the number of cars that you wish to insure. The model and make of each car is another factor that you have to take into account.

To give you an idea about how you can determine whether an individual or a multi-car insurance plan is more effective, here is a quick sample computation.

Cost Of Multiple Car Insurance Policy

  • Total Cost = Package Price (for cars 1, 2, 3, 4 and 5) 
  • Cost Of Individual Car Insurance Plans 
  • Total Cost = Car Insurance Plan 1 plus Car Insurance Plan 2 plus Car Insurance Plan 3 plus Car Insurance Plan 4 plus Car Insurance Plan 5 

Let us say that you are insuring three family saloons, one SUV and one mini-van. The cost of insuring the SUV individually may be a bit high. But when you combine all five vehicles under one multi-car insurance plan, you might save a significant amount of money. Just to make sure that the multi-car insurance plan is the more cost-effective option, go comparison shopping. Add the cost of insuring the cars individually and compare it with getting a multi-car insurance policy, then see which one will cost you less. 

Additional Tips For Multiple Car Insurance Plans

Aside from the main costs, there are other things that you need to remember when looking for multi-car insurance plans. Always ask about the No Claims Bonus discounts should you decide to add a new car to the policy, especially if you have not yet reached the five car maximum. When one driver files a claim against the policy, what happens to the other insurance policyholders?

You might also want to check on the renewal dates. If your main reason for getting a multi-car insurance plan in the first place is to integrate the renewal dates and not have to keep up with varying due dates for the premiums, then this is something that you need to ask about right away.

All in all, information is your number one ally when looking for financial products like car insurance plans. If you live in a household where there are more than two cars parked in the garage, you definitely need to look into the possibility of saving money with multiple car insurance plans.



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