According to new research by Admiral, 20 per cent of UK homes now have three or more cars. And this figure is likely to rise as a third of households also have three or more people with a driving licence living in them.
MultiCar is a new type of car insurance policy from Admiral that has these households in mind. It enables two or more cars to be insured on the same policy and so get a discounted premium. In fact the more cars on the policy; the bigger the discount.
This could prove exceptionally useful in the future as Admiral’s research reveals the increasing trend of homes with more than one car.
While the two-car household has been commonplace for many years now, a newer phenomenon is the multiple-car household. Admiral managing director, Sharon Clarke, explains one reason for this: “More and more young people are living with their parents because they can’t afford their own home. They value the freedom their own car provides, so you end up with Mum, Dad and one or more of their kids all driving their own cars.”
Admiral’s research also suggests that some Mum and Dads are very generous indeed. In 22% of multiple-car households, one person pays for all the car insurance.
But MultiCar isn’t just for generous parents, any household with more than one car can save money and cut down on the hassle of having to renew their insurance with several companies at various times of the year. The more cars they put on cover, the bigger the discount. This is because Admiral can price its premiums far more accurately and competitively when more than one car is being covered.
What makes it unique is that Admiral MultiCar will unite the renewal date for all the cars on cover. For example, if three cars are set up on a MultiCar policy in April, but two of the cars aren’t due for renewal until later in the year, they will join on the policy on that date. All three cars will then renew again April next year, but all of them will have earned one year No Claims Bonus.
Issue date: 30-03-06
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