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Finding the best multi car insurance policy will mean searching and comparing all the options in the quest to find the one that best meets with your requirements.  Multi car insurance will financially protect the vehicles of those living at the same residence under one umbrella policy. The choices of the residents include the naming of the drivers, level of protection and date of renewal will all impact the final price that you are quoted by brokers. 

What is multi car insurance?

Multi car insurance is an umbrella policy where as many as 6 vehicles can be protected with motor vehicle insurance. The terms of this type of policy include;

  • All vehicles must be registered to the same address. The owners can be family members and friends.
  • Between 2 and 6 vehicles can be listed and protected. Some insurance firms set the maximum number of vehicles that can be covered at 5.
  • As many as 2 drivers can be named per policy.
  • The policies must either name the primary driver or be covered with a vehicle policy where anyone can legally operate it.
  • Not all of the vehicle policies have to be at the same level of protection.
  • All of the policies can have the same renewal date or different ones.

What is the difference between personal policy and a vehicle policy?

A personal policy has a primary driver named in it. It can also have a secondary driver named.

A vehicle policy is where the vehicle is named in the policy and not a driver. This makes it possible for anyone who is authorized to drive the vehicle to be covered with insurance.

Can having a multi car policy save the owners money?

The answer is it should as most insurance firms will discount the premiums with a 10% to 15% off with each additional vehicle that has a new policy taken out. However, always get individual quotes for a proper comparison.

Do all of the individual policies have to be the same under a multi car insurance umbrella?

No, the level of financial protection is determined by the vehicle owner. Each vehicle can be covered with the same level of protection or each one can be different.

Is it always cheaper to have a multi car insurance policy?

In most instance yes, but not always. Each driver’s premium is determined by their risk factor. High risk drivers include;

  • Young persons under the age of 25
  • Elderly drivers over the age of 74
  • Convicted criminals
  • Drivers with road violations or tickets
  • Drivers who have been at fault in vehicle accidents in the past

By listing a driver who is considered high risk in a policy, the premiums will be higher than for a low risk driver. This is for both listing them as a primary or secondary driver which will raise the cost of the premium.

The multi car insurance policy is made to help lower the costs of insurance for families and those living together who have more than one vehicle. However, as previously mentioned in some cases it can be cheaper to taking out traditional one car one policy cover. The vehicle protected must be for personal use and not used in a business and can be cars, trucks, vans, motorcycles and scooters. Business multi fleet cover and multi van insurance is also available, but as it is for business use it will work out more expensive. Getting access to multi car insurance quotes will be step in find the best deal for you and your mini car fleet.