With the cost of car ownership on the increase over the last few years and the squeezing of the average household budgets, it’s a rare occasion when a new incentive comes around that can potentially give you cost savings. Fuel prices have been on the up over the past few years, with the cost of a barrel of oil and wholesale prices rising and falling with the changing middle east political climate. However there is a respite on the horizon with a welcomed price war on the UK supermarket forecourts. But what are the other ways of reducing your automobile costs?
One of the main outgoings is car insurance and with predominant premium increases for younger and speeding drivers, everyone feeling the effects in the pocket. Some of the factors to blame on the increases are the number of occurrences of drivers being caught phone texting, playing games and chatting on smart phones. Underwriters of motor insurance are having to factor in these scenarios into the monthly charges. Speeding offences will also herald a 10-15% increase in premiums depending on your age. It’s proven that these types of indiscretions are more likely to cause an accident than drugs or drink driving. A typical quote for a driver under 21 for an insurance group 5 car can leave you in shock with a triple figure quote. With the economic situation in the UK, insurance providers are having to get creative in offering more flexible packages. It’s hard not to have noticed the influx of companies offering multi car insurance with the ubiquitous TV advertising campaigns. So who can benefit from this?
Multiple vehicle insurance is designed to accommodate households with more than one car to join up and unify their car insurance into one policy, thus receiving a discount and a number of additional incentives. Some of the top car insurance providers like Admiral, Aviva, Churchill and Direct Line are competing aggressively in trying to allure consumers into signing up with loyalty incentives built in for repeat renewals. If you have 2 or more cars on your drive with multiple drivers, the claims of up to 33% savings are not uncommon.
Whatever your situation, it certainly pays to shop around and compare car insurance quotes. Frank Mewer from multicarcompare is quoted as saying “Car insurance can be daunting with all the options and packages available, but be sure to read the small print and policy details before committing to switching insurance provider.” Whether multi-car insurance is the best option for you will depend on your circumstances, but managing all your policies under one roof certainly appears easier on paper, and with a small discount can be an attractive proposition when purchasing online.