If you are a vehicle owner who has more than one car you would like to insure, or you live with another vehicle owner, you may want to look into multi-vehicle car insurance. This type of car insurance gives you the opportunity to hold one policy that includes all of your vehicles, rather than a separate one for each.
So what do you need to know?
What is multi-vehicle car insurance?
Multi-vehicle car insurance is not a separate form of car insurance. Instead it is the ability to bundle several vehicles into a single policy offered by an insurer. To qualify for this type of insurance car owners usually only need to live at the same address. For example it could be used by:
- A couple with multiple vehicles.
- A single person with multiple vehicles.
- Friends or relatives who live at the same address and collectively have more than one vehicle.
Many people find that multi-vehicle car insurance offers potential savings and simplifies their insurance paperwork. However it may not be the right move for everybody.
What are the pros and cons?
There are a number of factors to weigh up when considering whether multi-vehicle car insurance is right for you.
- There is a single set of paperwork and one renewal date for several vehicles. This makes the insurance process simpler.
- In most cases new drivers and cars can be added at any time.
- An insurer may offer discounts for more vehicles.
- You have to prepare for one very large insurance bill every year.
- The discounts available may still not make a multi policy better value.
- Your premium will be combined with the other drivers on the policy. This may make you a bigger risk in the eyes of insurers.
What should you consider before getting multi-vehicle insurance?
There are several factors that may impact whether multi-vehicle insurance is the right choice for you:
- Years of driving experience. If you are a relatively young driver you may still have higher insurance premiums so having all your vehicles on one policy won't necessarily be a sensible option.
- What type of vehicles do you own? If all your cars are around the same value then you can expect matching premiums. However if you have one top-line car this will likely put your premiums up for the whole policy.
If you are looking for flexible and affordable car insurance that protects your vehicle, get in touch with Trans Pacific Assurance Limited (TPAL) today.