Multi-Car Insurance: Have you tried it?

Wednesday, May 7th, 2014 insurance being ever so competitive insurers are continuously evolving products to win market share. In recent years we have seen the multi-car type policy also known as Home fleet become more widespread.

Our Home fleet insurance offers much flexibility with competitive premiums for three of more vehicles.

The key drivers for taking out a multi-car insurance policy are:

  • Multiple discounts
  • Multiple different type vehicles
  • Convenience of all vehicles under one policy
  • One renewal date
  • One renewal premium
  • No claims bonus is earned for each driver
  • Claims only affect the driver involved

The multiple discounts are given as it is cost effective for an insurer to hold one policy rather than say two, three, or four for the same client.

The policy also allows different vehicle types to be insured so you can ‘mix and match’ vehicles. For instance a tradesman can insure their commercial vehicle/s, their private car/s, and their motorcycle/s.  Also many families now have multiple vehicles at the same address so parents and children can share the same insurance policy whilst making financial savings.

Having all of your vehicles insured on a multi-car/Home fleet policy offers the added convenience of the same renewal date, the same insurer which can assist in claim handling, and one insurance premium.

These policies offer each named driver the opportunity to earn their own no claim bonus on their own specified vehicle.  So in future years should you need to provide evidence of no claim bonus to a new insurer (if you came away from the multi-car policy), this would be provided ensuring you keep up your entitled discounts.

Another benefit is that if a claim is made it will only effect that drivers discount and not the overall policy discount. This is beneficial as the other drivers under the policy are not being penalised financially for one driver’s misfortune, and they would therefore be entitled to their no claim discount.

To summarise this policy is suitable for families with multiple vehicles living at the same address, trades people with commercial vehicles and private cars, and also those owners with motorcycles looking to combine all their motor insurances.