Multi car/ Multi driver insurance pitfalls?
Discussion
I've had a Multi-Car policy for years, with only me and my own 3 cars on it.The renewal for my 21 year old daughters Mini has come round, and the same company have come out cheapest for her car, as I'm now comfortable for her to not have a black box. When I rang up to buy, they tried massively hard to get me to add her to my own multi car policy. I don't know what the saving would be at this stage, but her own renewal is £550 on 8K miles a year... so maybe a couple of hundred quid saving?.
They claimed that both of us would have our own no-claims,if she had an accident it wouldn't affect mine,and my section of the policy wouldn't increase at renewal only hers,and it wouldn't matter that her home address isn't mine.If added now,although my policy only had 8 months left, she would gather a full year NCD giving her 5 years, however I would assume that would only apply if we stayed with this company, and if she moves she stays at 4 years which means she's wasted 8 month or so of NCD.
It appears to have all moved on since I first did multi car policies,so what are the pitfalls with the scenario above? What's in it for them? Is it purely that the insurance company hope that you blindly renew and don't notice the annual creep, and they then may get a later of grab any personal insurances she needs like travel/ house etc?
My gut feeling is to still have her own policy until at least 12 months time when she's the got a genuine 5 years NCD for herself, but I'm wondering is I'm missing something else, good or bad.
Appreciate any thoughts...
They claimed that both of us would have our own no-claims,if she had an accident it wouldn't affect mine,and my section of the policy wouldn't increase at renewal only hers,and it wouldn't matter that her home address isn't mine.If added now,although my policy only had 8 months left, she would gather a full year NCD giving her 5 years, however I would assume that would only apply if we stayed with this company, and if she moves she stays at 4 years which means she's wasted 8 month or so of NCD.
It appears to have all moved on since I first did multi car policies,so what are the pitfalls with the scenario above? What's in it for them? Is it purely that the insurance company hope that you blindly renew and don't notice the annual creep, and they then may get a later of grab any personal insurances she needs like travel/ house etc?
My gut feeling is to still have her own policy until at least 12 months time when she's the got a genuine 5 years NCD for herself, but I'm wondering is I'm missing something else, good or bad.
Appreciate any thoughts...
Sorry can’t help but commenting to see what the outcome is.
My personal thoughts (nothing to back them up)
They will never do anything for you the customers benefit. It will only ever benefit them in some way.
A) Maybe less administrative cost.
B) Like you say your personal data to move around there sister companies come life, medical, business,, mortgage time.
C) A way to force you to be loyal and stay with them as other companies won’t recognise the NCB from them.
D) Perhaps despite what they promise you they will stiff you at renewal if the other policy member has an accident.
E) It makes it difficult to unravel yourself from there policy. With them you could for example have 10 years no discount applied to all 3 cars in your policy. If you then choose to separate them out do they give you ten years for each car or just 10 years in total. So instead of having 10 years NCB for each car (30 total) you end up with 3, 3, 4 for example (10 total).
I just can’t see them doing it for your benefit.
My personal thoughts (nothing to back them up)
They will never do anything for you the customers benefit. It will only ever benefit them in some way.
A) Maybe less administrative cost.
B) Like you say your personal data to move around there sister companies come life, medical, business,, mortgage time.
C) A way to force you to be loyal and stay with them as other companies won’t recognise the NCB from them.
D) Perhaps despite what they promise you they will stiff you at renewal if the other policy member has an accident.
E) It makes it difficult to unravel yourself from there policy. With them you could for example have 10 years no discount applied to all 3 cars in your policy. If you then choose to separate them out do they give you ten years for each car or just 10 years in total. So instead of having 10 years NCB for each car (30 total) you end up with 3, 3, 4 for example (10 total).
I just can’t see them doing it for your benefit.
Providing the policy for your daughter is in her own name etc then not sure how you lose providing you accept that next years renewal will no doubt go up but no doubt that would be the case anyway.
I’m not sure it’s really a multi car policy as different insured so think your role is more of an administrator.
If it’s Admiral then they have been doing this for quite a while and yes expands their customer demographic and other insurance up sell capabilities.
If you’re happy with them then saves her money this year anyway.
I’m not sure it’s really a multi car policy as different insured so think your role is more of an administrator.
If it’s Admiral then they have been doing this for quite a while and yes expands their customer demographic and other insurance up sell capabilities.
If you’re happy with them then saves her money this year anyway.
Wife and I had Admiral multicar policy for our two cars for a few years, we were main driver for one of the two.
When she had to make a claim driving my car it got a bit tedious as each of the next few years when renewing I had to state for my policy that a named driver had had an accident in my car, and for her policy that she'd had an accident in another vehicle. Every year I'd get a threatening letter a few weeks after renewal trying to hike the premium and demanding to know why I'd only declared one accident when on their records they had two accidents involving the same car on the same day. Always sorted after a quick phone call, amusing but annoying.
TLDR: if you're going to crash, make sure yoi crash your own car if you have multicar insurance.
When she had to make a claim driving my car it got a bit tedious as each of the next few years when renewing I had to state for my policy that a named driver had had an accident in my car, and for her policy that she'd had an accident in another vehicle. Every year I'd get a threatening letter a few weeks after renewal trying to hike the premium and demanding to know why I'd only declared one accident when on their records they had two accidents involving the same car on the same day. Always sorted after a quick phone call, amusing but annoying.
TLDR: if you're going to crash, make sure yoi crash your own car if you have multicar insurance.
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