Multiple cars to insure? Here’s how to go about it

A green, blue and red car parked side by side.

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.

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