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Before getting behind the wheel, the one thing that you should not be without is a car insurance plan. Also called auto insurance or motor insurance, this is an insurance plan purchased for cars, trucks, motorcycles and other vehicles. The main purpose of an insurance plan for cars is to provide the owner with financial protection against physical damage or bodily injury as a result of road mishaps. It was during the 1930s that the UK government introduced a law which requires every driver to have at least a third party insurance for possible injuries caused by car accidents. If you are driving on a public highway, it is an offence to not have a car insurance plan.
A Multi Car Policy: The Basics
Now, there are instances when one household would have several cars in the garage. If you have more than one vehicle that needs to be insured, just imagine how much you would have to spend for individual car insurance premiums. Not only that, but you would usually have to monitor the different due dates that the insurance premiums are due.
Instead of having to pay for car insurance plans individually and having to keep up with different due dates, you can opt for a multiple car policy instead. This is something offered by car insurance plan providers in the UK. To learn more about how a multi-car policy works, here are a few quick facts about it.
A multi car policy allows you to insure two to five vehicles under the same policy. One condition that needs to be met is that all vehicles should be registered to the same address. This means that your car, your spouse’s car and your children’s vehicle can be insured under one policy as long as they are all registered at your family address. There are car insurance companies which allow multi car plans to be created not just for your family members but for your friends as well. Multi car policies are similar to buying any type of service or product in bulk where you are given appropriate discounts. Insurance companies can afford to offer such price cut-offs because you are essentially making their administration process simpler, while also bringing them more business.
Considerations When Buying A Multi Car Policy
After learning a few basic facts regarding multi car insurance policies, what are the things that you need to watch out for when getting one? Similar to individual car insurance plans, there are certain multi vehicle policies which are better than others in terms of coverage. The rule of thumb to follow when looking for car insurance plans is The more comprehensive, the better. But are there actual comprehensive multi car policies out there which would not cost you an arm and a leg?
What you need to do is make a comparison of the rates first. For example, if you have four cars in the house, calculate the total amount when getting individual insurance plans for them. Add the premiums for cars 1, 2, 3 and 4. Now, go online and look for rates for multi car insurance policies. You will be given a quote based on the model and make of the four cars that you are trying to insure under one package. Is the rate less than the total for the individual policies? If yes, then you will definitely be saving money with the multi car insurance plan. If it costs more than the separate policies then obviously you might as well get standard policies for four cars, since your main goal is to save money with bulk insurance in the first place.
You should also take into consideration other factors like who is covered for which part of the insurance, whether the offer comes with a no claims discount, what the policies are for changing or adding vehicles and what the renewal dates are.
When looking for financial plans like car insurance, information is definitely your ally. By doing a bit of research and going comparison shopping, you can decide whether a multi car policy is the best way to go when insuring two or more vehicles which are registered under one household.
