Approximately one in three households now have more than one car, some households have even more.
Admiral, the insurance provider, has had a popular MultiCar policy out for a while now that permits up to five vehicles registered to the same household to be insured on a single policy. They state that by using this type of policy, households can typically save up to 23% on premiums.
There are of course, many multi vehicle insurance providers out there and plenty prepared to quote premiums for those lucky enough to own more than the five Admiral are prepared to cover.
To keep premiums at a reasonable level however, you need to think a little “outside of the box” and consider:-
1. Restricting the number of drivers
2. Ensure all vehicles are stored securely
Basic yes, but by extending this thinking, you will hopefully realise that it is not necessary to insure all of your vehicles on a comprehensive basis.
As long as all cars are stored securely when not in use and there are fewer drivers than the number of cars being insured then it would not be unreasonable for an insurer to cover any of the vehicles on a comprehensive basis whilst they are being used.
You then request cover reverts to Third Party Fire and Theft (or even Fire and Theft only) when they are not in use and in storage.
There are of course many other factors that could affect an insurers decision but Lloyds syndicated car insurers are generally more flexible than composite insurers and may be more prepared to consider this sort of arrangement so you may need to approach a broker/intermediary rather than an insurance company direct in order to secure the best rates.