Multi-car households are common in the United States and the United Kingdom. Whether it is about husbands and wives driving separate cars or one owner having different primary and family cars, all the cars need to be insured.
The good thing is those multi-car households are eligible for special discounts from insurance companies and can enjoy various benefits.
The car insurance companies offer a special multi-car insurance policy to multi-car households. The multi-car insurance policy combines all the cars registered in one address under one policy. Usually, most of the cars and drivers can get multi-car insurance policy if all the cars require a similar policy.
For example, if you have one prestigious car and one regular saloon car, then you may not be eligible for a multi-car insurance policy. But, if you have two saloon cars, then you can get a discounted multi-car insurance policy.
Here are four secrets that you will not want to know about multi-car insurance.
1- The Coverage Does Not Need to be Same on All Vehicles.
It is a general impression that coverage for all vehicles on the multi-car insurance policy should be the same. But, it is only true for liability coverage and uninsured motorist coverage. These two basic coverages need to be the same for all vehicles, but you can vary the other coverages.
For example, you can buy a comprehensive insurance policy for one vehicle and keep the basic third party liability coverage for the other.
2- The Ownership of All Cars Does Not Need to be Same.
Can you get a multi-car insurance policy discount if the other car is owned by a family member?
Yes! Definitely, you can!
Majority of the car insurance companies in the UK offer multi-car insurance discounts to the cars owned by family members. For example, you have an adult child living with you who owns a car. You can get both of the cars insured from the same carrier in a multi-car insurance policy if the company offers one.
So, the ownership of the cars does not need to be the same.
3- The Cars Must be Registered at the Same Address.
Another of the secret that most of the people do not know is the relevance of registration address in the multi-car insurance policy.
As a rule, all of the cars that are insured in a single policy must be registered at one address.
If you and your adult child live at the different address, you cannot get a multi-car insurance policy, or for that matter, any family member living at a different address cannot be added to the multi-car insurance policy.
4- You Can Get Additional Benefits Apart from Insurance Discounts.
Is the multi-car insurance policy discount all that you get when you signup for one? Most likely No!
The insurance companies prefer customers buying more than one policy from them or insuring more than one car in a policy.
So, you are likely to get additional benefits such as stacked coverage. For example, if you have two cars insured in one policy against $10,000 coverage for one, the stacked coverage will be double. It means that if you have no claims on one car and $15,000 claim on the other, the insurance company will pay the full amount.