Multi-Vehicle Car Insurance Policies

What is a multi-vehicle car insurance policy?

Multi-vehicle car insurance covers two or more vehicles under the same policy. Each vehicle is rated individually and the level of cover can vary between cars, but there is only one policy. So there’s only one bill. That helps cut down paperwork and in some cases can earn the insured drivers a discount. 

How much could you save with a multi-car policy?

It depends on a whole range of factors, including the age of the drivers and their driving history. You’ll also need to check with the insurer to see if a discount is available, as not all insurers offer multi-car policies.

Who could get multi-vehicle car insurance?

Generally, if you are an individual or a group who share a residential address with more than one car between you, you may be able to consider a multi-vehicle car insurance from a provider. 

Multi-vehicle car insurance may be useful for: 

• Individuals who have more than one car for themselves. 
• Families who have more than one vehicle. 
• Friends who live together and have more than one vehicle. 
• Parents who are happy to pay for their adult child’s car insurance (thanks Mum or Dad!)

Keep in mind if parents are wanting to pay for their adult child’s car insurance through a multi-car policy, the children will still need to live at home at the same residential address.

How many cars can you have on a multi-vehicle car insurance policy?

This can vary between different insurance companies. Some insurers will let you add multiple cars on a single policy, but other insurers won’t offer it as an option at all. This is why it’s best to speak to the insurer and find out before you commit to anything.

Helpful Tip:

If you’re someone who likes to have a few rides in the garage then a multi-car policy can be a good way to save some money. Just make sure you keep your insurer informed when you buy or sell cars.

Toby Hagon

Motoring Journalist

What are the pros and cons of multi-vehicle car insurance policies?

Pros

• Ease of administration: A multi-vehicle car insurance policy usually means less paperwork, since you only have to deal with one car insurance policy rather than multiple. 
• Price: Your insurance might work out cheaper with a multi-vehicle policy. However, this could vary between each car owner on the policy; so you’ll want to compare it against single-car policies to see which one’s cheaper. 
• Flexibility: Some insurers will still let you select the level of cover you want for each vehicle and how much you’ll pay as an excess—the same options you’d get for a single-car policy!

Cons

• One large bill: Because all vehicles will be under one policy there will be just one single premium renewal notice.  Given you’ve got multiple cars on there, it is likely to be a big bill! It also means someone within the household (looking at you Mum!) will need to take responsibility for paying it on behalf of all the drivers covered. 
• Removing drivers: If one person or vehicle is removed from the policy, then it could also affect the premium.

What are some other ways to reduce premiums?  

Even if you don’t receive a multi-vehicle discount, there are several other ways you may be able to help bring your premiums down depending on your circumstances and the policy. Here are some examples: 

• No claims discount: Hopefully, over the years, you’ll accrue a no claims discount. The exact discount can vary between insurers who offer it, so check it out. 
• Listed drivers: Be aware that listing young drivers on your policy can bump up your premium with some insurers. You can probably save by restricting drivers to over a certain age. 
• Garage your car: A car which is securely garaged at night is safer from theft and other damage, and in some cases will attract a lower car insurance premium. 
• Low mileage: If you’re driving less, you could be paying less, check out low mileage or ‘pay as you drive’ style policies.  
• Usage: You may get a cheaper premium if you don’t use your car for business and just drive for pleasure.  
• Online discounts: Some insurers may offer a discount if you complete your purchase online.

Find a policy fast, with iSelect

At iSelect, while we don’t currently offer multi-vehicle policies, you can get a quick, easy comparison online with iSelect’s car insurance comparison tool help you compare policies from our range of insurers.