If you have more than one vehicle within your household, whether this be cars, vans, motorcycles or even a luxury motorhome for your weekend travels, you may be considered as running a fleet of vehicles. Insuring all these vehicles under separate policies can prove to be extremely pricey, as well as confusing! It would make more sense to insure the vehicles under one policy. Good news, family fleet or multi-car insurance does exactly this, helping you cut your costs and giving you the ability to manage each car easily.
Keep it in the family
So, what is family fleet insurance? It works the same as standard insurance cover, however you take out just one policy for your family which will cover several vehicles. As you are insuring multiple cars, your insurance provider may even include a discount on your premium, and this could be up to around 20% off what you would have otherwise spent, had you insured your vehicles under separate policies. Discounts will vary according to your insurer, so it is a good idea to do some research and comparisons to get the best price available.
Typically, between two and five vehicles will be covered under a family – fleet or multi-car policy. However, it is important to note, that the more vehicles on a policy, the higher your discount. The vehicles under the policy will need to be registered to the same address, but the good news is they can include all vehicles within your family, apart from a commercial or company vehicle.
One positive of having a family-fleet insurance policy, is that the cover provided can be very flexible. To give you an example, if you regularly travel abroad in one vehicle, but not another, you can opt to cover just the one vehicle for travelling abroad. If you have several vehicles with different values, ensuring them under one level of cover may not be cost effective. With a family-fleet insurance policy, you can choose to opt for third party fire and theft for a car with little value, and comprehensive cover for a car that is more expensive. You will also be given the ability to apply different excesses to different vehicles.
Any named driver can be covered under a family-fleet insurance policy and the good new is, drivers do not need to be family members. If a family member lives at a different address, perhaps a child that is away studying at college or university, some insurance companies will allow them to be added to the policy. When it comes to no claims bonuses, named drivers on the policy are usually allowed to accumulate their own no claims, enabling them to acquire a no claims discount to use in the future when taking out their own separate policy.
Points to Consider
Although there are many benefits of a family-fleet or multi-car insurance policy, it is worth noting that some insurance providers aren’t keen on adding young or new drivers to the policy. This is because they carry a higher risk as they are less experiences drivers. You should check with your insurance provider the minimum age before taking out any policies. Although most insurance providers allow names drivers to build up a no claims bonus, it is worth checking the small print, as it might mean you have to stick with the same insurer to benefit from any no claims discounts you have achieved.