Insuring multiple cars can be expensive, however, there are a range of different ways to help you cut down the cost.
The numbers of drivers with more than one vehicle has increased drastically – one report from LV showing the amount of two-car, UK households went up by over half a million in just one year (2016-2017).
With so many people in the UK owning multiple vehicles, here are some effective ways to cut down on insurance costs:
Utilise Named Drivers
Adding a named driver can help you save money on your insurance. A named driver is someone who has been insured to drive your vehicle. This person will have the exact same cover as the main driver on the insurance.
Adding a named driver, such a parent or guardian, can help to lower the cost of insurance, as it suggests to the insurer that a safer, more experienced driver will now be sharing the vehicle. From this, the insurer will also assume you spend less time driving, as the vehicle is shared, lowering the chances of an accident from happening.
Use a Black Box
You can also make insurance cheaper by installing a black box into your cars. A black box will track the way you drive, monitoring how well you brake, how much you speed and how you take corners.
Insurers will use the information recorded by the black box and offers drivers a premium based off of how they drive. Therefore, if you drive safely you can lower the price of your insurance.
Take Out Multi-Car Insurance
Multi-car insurance can also significantly reduce the cost of insuring multiple vehicles. Multi-car policies will often offer discounts for each car you add, which can lower the overall price by quite a large amount in comparison to insuring your vehicles individually.
All vehicles covered on this type of policy can usually only be for private use. Therefore, those who drive a car, van, or other type of vehicle for work will not be able to add this onto their multi-car insurance. For this, fleet insurance may be the best option.
Take Out Fleet Insurance
Fleet insurance can help those who use multiple vehicles for work save on insurance costs. Fleet insurance is a type of cover for vehicles that are used for work purposes. This is typically taken out by companies, and is able to cover an impressive number of vehicles (sometimes up to 500).
Taking out fleet insurance will most likely be cheaper than taking out separate cover for each of your work vehicles.