Insurance and two cars...

cHk4 · 22 May 2016 at 12:46

So I literally know nothing about this so I thought I'd ask you friendly lot!

So I currently have a car I use every day, I pay monthly for this and it's a stupid amount (£1404 over the year.)

I'm getting a new car which for the year is £700. I kind of want to keep the other car insured to use for a run around with dogs and for practical reasons. What is going to be the best way about getting insured on both cars for cheaper than paying £700 for the year and then £117 a month for my other car? I hope that makes sense.

Thanks

muon · 22 May 2016 at 12:49

First of all stop paying monthly unless you really can't afford to pay it upfront. Some insurers will be charging you a ridiculous amount to do that.

Otherwise find get the cheapest quotes individually. Any of the comparison sites.

Then check all the multicar offers around.

Lot's of major brands if you google multicar insurance

https://www.google.com/search?q=mul.....69i57j0l5.2373j0j7&sourceid=chrome&ie=UTF-8

Admiral, Direct Line, Churchill, Aviva, LV, AXA, RAC etc.

chroniclard · 22 May 2016 at 13:02

Had Admiral Multi car for a few years and its slightly cheaper than doing them bother separately. Though we dont pay monthly and the insurance is significantly cheaper than yours (£500 for both cars).

joeyjojo · 22 May 2016 at 16:45

As above paying monthly is like taking a 25%+ APR loan (some are into the 40s and 50s percent :eek:

). Better to get a 0% credit card and pay it off monthly yourself if possible.

Other than that have a look at the multi-car section on my fave reference:

http://www.moneysavingexpert.com/car-insurance/#BBfive

tldr: do the usual searches for separate policies AND mutli-car (it's a faff but the only way to get the best deal) PLUS Admiral, Aviva, Churchill, Direct Line, and Privilege (as they're not on the comparisons but they do offer multi-car discounts).

cHk4 · 22 May 2016 at 18:20

Ok thank you guys, two things then what happens if I cancel my monthly insurance do they charge me for that? Same with if I buy a years worth what happens then do I get refunded on the remaining months? Never mind saw the link joey will take a look.

Thanks

muon · 22 May 2016 at 18:53

cHk4 said:
Ok thank you guys, two things then what happens if I cancel my monthly insurance do they charge me for that? Same with if I buy a years worth what happens then do I get refunded on the remaining months? Never mind saw the link joey will take a look.

Thanks

It depends on the insurer and whether you have claimed this year.

If you have made a claim this year, then even if you cancel, the entire amount is due. So you will have to pay the remainder immediately on cancellation. So you may as well finish the year.

If you haven't claimed, then most insurers will charge you the prorated amount so far in the year plus a cancellation fee (normally ~£50).

So it's not simply a case of getting the insurer to stop taking monthly payments as there is a matter of the cancellation fee. However, you probably paid 2 months upfront at the beginning of the year and so you might be due a partial refund from that. Therefore, it just depends on how the maths works out. It will be anything from a small refund to paying the full cancellation fee.

If you are nearing the end of the year, then it may be worth continuing the policy to get an additional year of no claims. However, that additional year might not actually bring your premium down that much, in which case just leave as you are being ripped off for paying monthly and other insurers might be significantly cheaper.

Evo8 · 22 May 2016 at 20:00

I'm with Admiral on a multi car policy and they mirror my NCB over both the cars so that helps.

Insuring 2 cars it still big bucks though, I'm trying to find a car that fits both my needs in the 1 car but it's near impossible.

jbs · 22 May 2016 at 20:16

Evo8 said:
I'm with Admiral on a multi car policy and they mirror my NCB over both the cars so that helps.

Insuring 2 cars it still big bucks though, I'm trying to find a car that fits both my needs in the 1 car but it's near impossible.

Although just a bit of advice, mirroring a NCB on a second car does not always mean a saving. I am buying a second car and got several quotes. The cheapest quote from the companies that will mirror my NCB (of 13 years) quoted me £900 per year for the 2 cars. Direct Line, which would not mirror my NCB gave me a quote of £420 for both cars. Make sure you shop around.

Freakbro · 23 May 2016 at 07:56

I didn't find Admiral that cheap on their multi-car deal and went with Hastings who mirrored my NCB on the second car and worked out about 50% cheaper.

Also after the first year I know with Hastings the mirrored NCB becomes 'real' and I can now go anywhere and get separate quotes using full NCB on both.

Demon · 23 May 2016 at 08:08

Although I'm with admiral with a multicar policy, every year I have to do the dance of going on an insurance comparison website, get quotes for each car, often find individually I can get quotes with Admiral for less than their multi-car renewal price, phone up, give them the quotes and the cheapest price listed by other companies, and so far for the last 5 years, they've got somewhere close to the cheapest prices after 30 minutes on the phone.. I have found Admiral to be quite reasonable, we put the MRS as the the owner of the second car, just to start building her no claims, and they still mirrored my full no claims over since it's on a multicar..

For example, last year, my renewal quote for both cars was ~£540, just 30 minutes on the phone and that was down to ~£350 for both.. (CX5 / Beetle Cab)..