How to find the best multi-car insurance

·6-min read
 (Unsplash)
(Unsplash)

Multi-car insurance allows families, or just members of the same household, to add several cars to one single policy, cutting down on paperwork and potentially saving money in the process.

But what are the best multi-car insurers? Based on some key criteria we’ve identified what we believe to be the five best, below.

Our choices are based on key criteria, more details of which you can find in our methodology section.

Admiral - 5/5 stars

Price: 5/5

Max no. of cars: 10+

Cars need to be registered at same address: No

Pros

  • Least expensive policy

  • Over 10 cars max limit

  • Cars can be registered at different addresses

Cons

  • Policyholders must all be family

Our Verdict

Admiral provides the least expensive multi-car insurance cover, allowing up to over 10 cars to be added to the policy.

Diamond - 5/5 stars

Price: 4/5

Max no. of cars: 10+

Cars need to be registered at same address: No

Pros

  • Inexpensive policy

  • Over 10 cars max limit

  • Cars can be registered at different addresses

Cons

  • Not the cheapest policy available

Our Verdict

Diamond provides inexpensive multi-car insurance cover, allowing up to over 10 cars to be added to the policy.

Elephant - 4.5/5 stars

Price: 3/5

Max no. of cars: 10+

Cars need to be registered at same address: No

Pros

  • Over 10 cars max limit

  • Cars can be registered at different addresses

Cons

  • Cheaper policies are available elsewhere

Our Verdict

Elephant offers reasonably-priced multi-car insurance cover, allowing up to over 10 cars to be added to the policy.

Bell - 4.5 stars

Price: 3/5

Max no. of cars: 10+

Cars need to be registered at same address: No

Pros

  • Over 10 cars max limit

  • Cars can be registered at different addresses

Cons

  • Cheaper policies available elsewhere

Our Verdict

Bell offers reasonably-priced multi-car insurance cover, allowing up to over 10 cars to be added to the policy.

LV= - 3.5 stars

Price: 2/5

Max no. of cars: 6

Cars need to be registered at same address: Yes

Pros

  • Good range of risks covered as standard

  • Six cars max limit

Cons

  • All vehicles must be registered at same address

  • Expensive

Our Verdict

LV= is one of the pioneers of multi-car insurance so has deep experience in this field

How does multi-car insurance work?

Multi-car insurance enables you to insure two or more cars on the same policy with a single insurance provider. This means there will only be one renewal date and one batch of paperwork, reducing household admin. Discounts are also available for every vehicle you insure.

What are linked multi-car insurance policies?

Linked multi-car insurance policies are different in that each car has a separate policy with its own renewal date. However, the insurer will still offer a discounted premium for each car.

Who qualifies for multi-car insurance?

Some policies specify that drivers must all live at the same address while others also cover individuals who live elsewhere, for example, a university student who is living away from home during term time.

As always, check terms and conditions of the policy carefully so you know what you are signing up to.

Benefits of multi-car insurance

  • Can be cheaper than buying separate policies thanks to discounts

  • All policy dates are aligned which is easier to manage

  • Can cover family members living away from home, such as university students

  • Each individual driver is still able to build up their own no-claims bonus.

Disadvantages of multi-car insurance

  • The number of cars covered could be limited to five or six

  • Doesn’t always work out cheaper. One driver’s poor record could increase the costs for everyone else on the policy

  • Aligning dates for all motorists in a household will result in a bigger one-off payment at renewal. It may be easier to budget for separate policies with their own renewal dates throughout the year.

Is multi-car insurance right for you?

If you want to insure several cars belonging to the same household, a multi-car insurance policy can often work out cheaper due to the discounts available. Discounts depend on your circumstances and vary according to the insurer but between 10% and 20% is possible.

Don’t always assume it’s cheaper, however. To calculate premiums, insurers take a range of factors into account, including the age and experience of each driver, the make and model of the cars being driven, plus mileage and modifications.

As always, a driver’s age, as well as the car’s insurance group ranking, are two of the biggest factors to impact the cost of premiums.

A higher-risk motorist, such as an 18-year-old who drives a modified car that sits in a high insurance group, could therefore push up the overall cost of a multi-car quote for the rest of the drivers in the household. In this instance, it might work out cheaper for each driver to take out individual insurance policies.

Frequently Asked Questions

Which drivers might suit multi-car insurance?

Most commonly, a family of drivers living at one address (and in some cases, more than one address). Multi-car insurance could also present a suitable way for friends living in shared accommodation with several cars to arrange their car insurance. Equally, it could suit car enthusiasts and collectors who keep several vehicles under one roof.

What cover levels are available?

With multi-car insurance, you can choose the cover level and specific optional extras you’d like for each car. For example fully comprehensive cover, third party, third party, fire and theft.

Multi-car insurance will cover some eventualities as standard. For example, mis-fuelling, accidental damage and driving in Europe. Others, such as hire car, legal expenses and breakdown cover, can be added per car as extras for a fee.

How many cars does it cover?

It depends on the insurer but many cover from two to 10 or more cars. Others cap the number at five or six. In some cases you may be able to add more drivers than cars, say 6 cars and 12 drivers, on the same multi-car policy.

How can I transfer policies ending on different dates?

If you’ve got separate insurance policies for cars at your address which are due to end on different dates, your multi-car insurer will coordinate the various renewal dates and transfer them to one overarching policy.

Each car is added to the multi-car policy once the insurance on its existing policy comes to an end. Renewal dates going forward will then typically be based on the time the first vehicle was added to the multi-car policy.

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