Martin Lewis gives advice on whether to get multicar insurance
Speaking on last night’s Martin Lewis Money Show, he urged drivers to only consider multi-car cover if they were on individual policies at the moment. He warned insurers should “put more effort” into winning more customers meaning road users could save thousands by making the simple change.
However, for those already on a multi-car policy, ditching this in exchange for individual agreements could work out for the best.
He said: “To multi-car or not to multi-car that is the question. There’s no rule here. The best I can come up with is this.
“If you’ve got multi-car always check individual quotes for each car in the comparison first, if you’ve got separate policies check multi-car first.
“That’s because they put more effort into winning new customers so the reverse of whatever your doing tends to be the best.
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“Lots of people say ‘I can’t get multi-car because my cars have different renewal dates’, nonsense.”
He added: “Multi-car doesn’t tend to be included on comparison sites though so do it yourself.
“Admiral, Aviva and LV are the main ones or you can just ask your existing insurer.
“’If I bring another car to you, will you give me a discount’ and there’s a whole range of them there that do it.”
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A viewer tweeted the show warning multi-car cover was “dearer” than going into one-off deals.
He claimed his costs had dropped from £2,600 to just £1,400 when he secured three separate policies for his vehicles instead of bundling them together.
Martin responded: “That’s the reverse success I’m talking about.
“I have to say I get messages the other way as well where multi-car saves enormous amounts of money.
“Sorry it’s so much trial and error but knowing to spend time on it can really pay when it comes to car insurance.”
According to LV, multi-car insurance is a convenient way to ensure up to six cars all from the same address are all covered.
Although all the vehicles are registered on the same policy, each car has its own level of cover.
LV said another benefit was convenience with the whole household covered in one agreement making things much more straightforward.
LV adds drivers will build up individual no claims bonuses on their cars meaning if one car has an accident not everyone is affected.
They say drivers would usually be offered a discounted price for taking out a policy on more than one car.
Admiral Insurance also claims multi-car insurance can save you money but warned in some circumstances this may not be the case.
They urge drivers to make sure they get separate quotes first before agreeing to multi-car to make sure they are not missing out on cheaper costs.
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