Multiple cars to insure? Here’s how to go about it
With international (and often domestic) travel off the table, more and more Aussies have been investing in cars. In fact, the purchase of vehicles rose a considerable 31.8% last year, that’s according to the Australian Bureau of Statistics.
If you live in a share house or at home with your parents, your household may even have multiple cars. In 2016, analysis from .id (Informed Decisions) showed that over 30% of Australian households own two or more vehicles. In light of these statistics, it’s no wonder insurance providers these days offer cover for multiple vehicles at once.
So who qualifies for multi-vehicle car insurance?
Typically any cars registered at the same address will qualify for a multi-car insurance policy. This could include:
- A family with more than one car
- A share house where more than one occupant owns their own car
- A single person with more than one vehicle
- A couple who own a car each
- Friends or relatives who live together and own multiple cars.
Perks
If you fit one of these scenarios, the good news is that you can take out a multi-car insurance policy at any time. Possibly the biggest perk of having multiple cars on the same policy is that you will usually receive a discount. This is because you are essentially bringing more business to the insurance provider.
On top of this, even though the cars are listed under one policy, most insurance companies will allow you to keep your individual claims history records. This means you should usually be able to keep your no claims bonus intact.
Drawbacks
There are a few drawbacks to throwing your lot in with a number of other drivers, however. Namely that if any of the group has a poor driving record, your insurance premium may be higher. The same goes for if someone owns a particularly pricey set of wheels.
One other thing to remember is that if you choose to pay annually, you will have a pretty big bill to deal with once a year.
What happens if someone has to claim?
If a member of the group does have to make a claim, there’s a chance that the insurance premium will go up for everyone. That is depending on the nature of the claim - whether it is in relation to an at-fault incident or not.
The good news is that the claims history of each individual will not be affected. Only the claims history of the driver who made the claim will be altered.
To combine, or not to combine?
Your relationship with your fellow car-owners and whether or not it makes economic sense, will probably determine whether or not you take out a multi-car insurance policy. If you live in a share house and you only have a six month lease, you may prefer to go solo. Or, if you live with family members and you trust that they are all safe drivers, it may be worth it for the discount.
Some insurance providers that offer multi-car insurance are:
- GIO
- Poncho Insurance
- RACV
- RACQ
Head to Mozo’s compare car insurance page to review more policies on offer in Australia. Or if you’re still absorbing all the useful information in this article, scroll down for a quick peek at some comprehensive car insurance plans on offer below.
Compare comprehensive car insurance - rates updated daily
Gold Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $1,850
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount Up To 15%
Gold Comprehensive Car Insurance
Get award winning Car Insurance. Save 15% ^ on your first year’s premium when you purchase a new policy online. Budget Direct offers tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service, and get a hire car following a theft.
- New car if written off
- Yes - within 2 years or 40,000 kilometres of original registration, whichever comes first
- Rental car after theft
- Yes - Up to 14 days, max $1,000 total.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days for at fault accidents.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $40 on every windscreen claim for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers under 24, $600 for unlisted drivers, $500 for inexperienced drivers over 24.
- Roadside assistance
- Optional Extra
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Budget Direct Gold Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $1,850 (varies By State)
- Agreed or market value
- Agreed Or Market
Available discounts
- No Claim Discount
Comprehensive Car Insurance
Get on the road with car insurance you can depend on. Now with up to 30,000 Qantas Points when you join by 2 May (points awarded will be based on your premium). T&Cs & eligibility apply.
- New car if written off
- Yes - within 2 years and 40,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days, max $1,000
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $40 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers aged 21 to 24 inclusive, $600 for unlisted drivers, $500 for inexperienced drivers.
- Roadside assistance
- Optional Extra
- Other benefits
- Earn up to 30,000 Qantas Points when you sign up by 2 May 2021. Points earned depend on the amount spent on your premium. Points earn thresholds and T&Cs apply.
- Other restrictions
- -
Read our Mozo Review to learn more about Qantas Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $300 - $2,550
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount $75
Comprehensive Car Insurance
Flexible, great value comprehensive car insurance for every-day Australians. Option-up your cover to suit your needs. And our $75 online discount makes the choice even easier. Winner of Mozo's Exceptional Value Car Insurance 2020.
- New car if written off
- Yes - within 3 years and 60,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
- Modifications
- Automatically covered.
- Young driver excess imposed
- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about QBE Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- No
- Choice of excess
- $800 - $2,000
- Agreed or market value
- Agreed
Available discounts
- No Claim Discount
Comprehensive Car Insurance
Stella are changing the tune on car insurance, offering car insurance made especially for women. Features include no claim reward, new car replacement, customise your policy and more. Enter your car rego and get a quick quote online.
- New car if written off
- Yes - within 3 years and 60,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $0 on every windscreen claim for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for listed drivers under 25. $1,600 for unlisted drivers under 25
- Roadside assistance
- Optional Extra
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Stella Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes
- Choice of repairer
- No
- Choice of excess
- $800 Flat Excess Fee
- Agreed or market value
- Agreed
Available discounts
Comprehensive Car Insurance
Easier, better, smarter car insurance. Say g’day to Poncho. They've taken the complicated out of car insurance and created a new route that's simple, u-turn free and keeps you in the driver’s seat. No cancellation fees, 24/7 online claims service and a policy that works just like a monthly subscription.
- New car if written off
- Yes - within 15,000km of original registration
- Rental car after theft
- Yes - Up to 21 days, max $80 per day
- Rental car after accident
- Yes - Up to 21 days, max $80 per day
- Windscreen cover
- Yes - $0 windscreen excess
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- No additional excess for young drivers. $3,000 for unlisted drivers
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Poncho Comprehensive Car Insurance
^See information about the Mozo Experts Choice Car Insurance Awards
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