If you’re a family with multiple drivers in your household, finding the most efficient and affordable car insurance is important, especially if there’s several cars you need to insure.
In light of this, we’ve put together this guide for you and your family, to show you how best to approach your car insurance. In short – the answer lies within multi-car insurance.
Read on to learn what a multi-car insurance policy is, and why it can be the best option for you and your family.
What is a multi-car insurance policy?
A multi-car insurance policy is a specific type of insurance designed for drivers who own multiple cars, and need coverage for each one.
With standard insurance, you’d need to take out a policy for your vehicle, and if you had more than one car that needed insurance, this would mean multiple policies at once.
However, getting insurance for multi car is a much smoother and more manageable process, since you gain the same coverage needed for each vehicle, except each one is covered under the same policy, instead of different ones.
How does this work for a family?
If you and your family want to take out car insurance, this policy can be the best option for you – you just need to make sure you abide by a few finer details in regards to the policy.
The number of cars you can add to a multi-car insurance policy can vary from insurer to insurer, but the general limit is usually capped at four cars. This means if you and your partner have vehicles, as well as your children, then you can potentially benefit from this policy.
When it comes to adding these cars to your policy, it’s important to be mindful of a few things:
- The cars included on your policy must all be registered in your name. Let’s say your child buys a new car that’s registered in their name, and wants to include this on your policy, the car would need to be re-registered in your name to be applicable for multi-car insurance.
- You also need to ensure each car is registered to your address. This means even if you have a car registered in your name, but it’s being used by a family member in another state, this will not be allowed to exist on the policy.
- Any company cars cannot be included on your policy, even if you own them, since they’re registered in the company’s name. Leased cars, although not technically fully owned by you, can be added to the policy if they’re registered in your name, but contact your provider to discuss the specifics if you’re unsure.
- If your car is being used by multiple family members, many providers can add up to seven additional drivers for your policy. This way, you can have the car registered in your name, but family members can still drive them if necessary, and be covered whilst doing so.
You can easily customize the coverage for each car included on your policy, so this can be tailored to each of your family’s needs. For example, if you or your partner has a very valuable car that’s used most often, you can give it all the extra coverage you feel necessary. With less frequently used cars, such as those your children might use, you can add the basic coverage and avoid paying unnecessarily.
And to top everything off, one of the biggest benefits of multi-car insurance for your family, is that every car added to the policy can receive discounted premiums.
Therefore, rather than taking out individual policies for each family member’s car, add them all under one multi-car insurance policy – abiding by the terms and conditions – and start saving money on every car you own.