EV Multi Car Insurance

EV Multi Car Insurance is rapidly growing in the UK as electric cars continue to take centre stage on our roads.

Electric Multi Car Insurance helps households that own multiple electric vehicles. This bespoke insurance option allows you to consolidate your insurance policies for several EVs under one household, simplifying policy management while potentially offering substantial savings for multiple electric cars.

As we explore multi car insurance for electric cars, we will review how multi car insurance works, the advantages it offers to EV owners, and the critical aspects to consider when comparing quotes. This guide will look at the criteria for eligibility, and the distinct considerations that come into play with electric vehicles.

Additionally, we’ll address essential questions about the relationship between policyholders and vehicle registration, and the requirements for vehicles to be registered at the same address.

Multiple electric cars on charge

What Is EV Multi Car Insurance?

Multi-car insurance is a policy designed to simplify the lives of those who own more than one electric car. Instead of juggling multiple insurance policies, each with its renewal dates, terms, and conditions, Multi Car Insurance consolidates the coverage for all of a household’s EVs into a single policy. This is particularly suited to families or individuals in the UK who own multiple cars, making policy management more straightforward and often more cost-effective.

EV Multi Car Insurance should offer a policy structure that not only covers multiple vehicles but also considers the specific needs and characteristics of electric vehicles, such as battery coverage, home charging equipment, and the potential for higher repair costs due to specialised technology.

The key benefits of Multi Car Insurance include:

  • Simplified Management
    With all vehicles covered under one policy, there’s only one renewal date to remember, and all policy information is centralised, making it easier to manage.

  • Potential Cost Savings
    Insurers often offer discounts for insuring multiple vehicles under one policy, recognising the lower administrative costs and the loyalty of customers insuring more than one car with them.

  • Tailored Coverage
    Policies can be customised to the needs of each vehicle and driver, ensuring that coverage is adequate for each car’s use, whether it’s for commuting, leisure, or as a secondary vehicle.

  • Convenience
    Adding or removing vehicles from the policy is generally straightforward, providing flexibility as the insured’s vehicle ownership changes.

How Does Multi Car Insurance Work?

The multi car insurance model is designed to provide convenience and potential savings for those insuring more than one car. However, not all multi car insurance policies are structured in the same way. Broadly, there are two main types of Multi Car Insurance policies: Linked Multi-Car Policies and Multiple Car Cover on One policy.

Linked Multi Car Policies

Linked multi car policies offer a flexible approach to insuring multiple vehicles under the same household. Here, each car is insured separately but under the umbrella of a single multi-car policy. This structure allows for each policy to have different levels of cover, benefits, and add-ons tailored to each vehicle’s needs and the drivers’ requirements. For instance, you might choose a comprehensive policy with EV breakdown cover and legal expenses for one car, while opting for a more basic third-party fire and theft policy for another, perhaps driven by a less experienced family member like a teenager.

One of the key features of linked multi-car policies is the flexibility in policy start and finish dates. Each vehicle’s insurance can be renewed at different times, which can be particularly useful for managing cash flow or aligning with vehicle purchase dates. However, this means you’ll need to keep track of multiple renewal dates, albeit within the simplified framework of a unified policy provider.

Multiple Car Cover on One Policy

For those seeking simplicity, Multiple Car Cover on One Policy is a good solution. This model consolidates the insurance for all of a household’s cars into a single policy, with one set of paperwork and a unified renewal date. It ensures that the cover is synchronised across all vehicles, making policy management easier.

Typically, the coverage under this type of policy is the same for every vehicle and driver. Make sure you check the paperwork to confirm that the cover meets all drivers’ and vehicles’ needs.

Compare Multi Car Insurance Quotes

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How to Compare Multi Car Insurance Quotes

When comparing multi-car insurance quotes for EVs, there is a range of options available, understanding how to effectively compare these quotes is essential for anyone looking to take out this cover, here’s how to effectively compare multi cover quotes:

  1. Determine Your Coverage Needs
    Before diving into quotes, clearly define what each of your vehicles, and their drivers, require in terms of coverage. For EVs, consider specific needs such as battery coverage, roadside assistance for electric vehicles, and coverage for charging equipment. This step ensures that you compare quotes on a like-for-like basis, focusing on policies that meet your precise requirements.

  2. Gather Quotes for Both Policy Types
    Get quotes for both linked multi-car policies and multiple car cover on one policy. This dual approach allows you to see which configuration offers the best value for your specific situation, considering the number of vehicles, their types (especially for households with a mix of EVs and conventional vehicles), and the varied needs of different drivers.

  3. Compare Coverage Details
    Look beyond the insurance premium to understand what each policy covers. This includes excess, limits, and exclusions, particularly those relevant to electric vehicles. Some policies may offer lower premiums but have significant gaps in coverage for EV-specific needs, making them less valuable in the long run.

  4. Evaluate Flexibility and Convenience
    Consider how the policy aligns with your lifestyle and preferences for managing insurance. For example, if having a single renewal date is important to you for simplicity, multiple car cover on one policy might be preferable. Conversely, if you value the ability to customise coverage and renewal dates for each vehicle, linked multi-car policies could be more attractive.

  5. Check for Discounts and Incentives
    Insurers often offer discounts for multiple vehicles, but the size and availability of these discounts can vary. Additionally, some insurers may offer incentives specifically for electric vehicles, such as reduced rates for low-emission cars or discounts for a blackbox EV insurance policy. Make sure to factor these into your comparison.

  6. Read Reviews and Assess Customer Service
    Read reviews and testimonials to gauge the insurer’s reputation for handling claims, customer support, and overall service. A lower premium might not be worth it if the insurer has a poor track record with customer satisfaction.

  7. Consider the Impact on No Claims Bonus
    Understand how each policy treats the no claims bonus (NCB). Some multi-car policies allow individual drivers to earn and retain their NCB, while others might have restrictions. The NCB can significantly impact your premiums over time, so consider how each policy’s approach to the NCB aligns with your long-term insurance strategy.

  8. Use Comparison Tools and Broker Services
    Use online EV insurance comparison tools and consider consulting with an insurance broker. These resources can help you navigate the complex landscape of multi-car insurance, providing insights into the nuances of policies that might not be immediately apparent.

MORE> Car Insurance Providers Not On Comparison Sites

How Many Cars Can You Have on a Multi Car Policy?

In the UK, the typical Multi Car Insurance policy allows you to insure around 5 or 6 cars under a single policy, which is more than enough for most households. The number of cars covered can vary significantly between insurers, with some offering the capability to cover even more vehicles depending on the policy’s terms and conditions.

Additionally, these policies are designed to accommodate multiple drivers, with the capacity to include up to around 12 drivers. 

Ensure that the coverage provided by the Multi Car Insurance policy meets the needs of each vehicle and driver. This is especially important for EVs, which may require specific coverage options related to batteries, charging equipment, and other unique aspects of electric vehicles.

Who Offers Multi Car Insurance Policies?

In the UK, a wide range of insurance providers offer multi-car insurance policies. The market for multi car insurance is pretty competitive, with insurers vying to offer attractive packages that include flexible coverage options, discounts for multiple vehicles, and tailored benefits for electric vehicles.

The Best Multi Car Insurance Providers in the UK

Here are some of the best insurance companies in the UK known for offering Multi Car Insurance policies:

  • Admiral: One of the pioneers of multi car insurance in the UK, Admiral offers significant discounts for each car added to the policy, allowing for a mix of vehicle types, including EVs, and tailoring coverage to each vehicle’s needs.
  • Aviva: Aviva’s MultiCar Insurance allows customers to insure up to five vehicles under one policy, with the promise of a discount for each car added. They offer a range of cover options that can be customised for each vehicle, making Aviva best for families with diverse insurance needs.
  • Direct Line: With Direct Line’s MultiCar Insurance, families can benefit from discounts when they insure more than one car with the company. Direct Line offers flexibility in cover and the ability to manage all insured vehicles under one account.
  • LV=: LV= offers a multi car insurance policy that allows you to insure up to six cars and 12 drivers on one policy, providing a discount for each car added. They also offer a range of cover options suitable for different vehicle types, including EVs.
  • AXA: AXA’s MultiCar Insurance is designed to simplify managing multiple cars, offering a single renewal date and a discount for each additional car insured. Their policies are customisable, with various add-ons available to meet specific needs.
  • Tesco Bank: Tesco Bank provides Multi Car Insurance with discounts for each car that’s added to the policy. Coverage options are flexible, allowing for different levels of protection based on the driver’s needs and vehicle type.

Is Multi Car Insurance Actually Cheaper?

The short answer is that multi-car insurance can be cheaper, depending on various factors related to your vehicles, their drivers, and how you use them.

One of the most straightforward ways Multi Car Insurance can save money is through volume discounts. Insurance providers often offer reduced rates as an incentive for customers to bring all their vehicles under one policy. The logic is simple: insurers benefit from increased business per customer and lower administrative costs, and they pass some of these savings back to the policyholder.

Handling one policy for multiple vehicles reduces the insurer’s administrative burden – a saving that can also be passed on to the customer.
 
Insurers assess risk when determining premiums. A household with several drivers and vehicles might present a diversified risk portfolio, especially if the vehicles have different uses, or the drivers have varying levels of experience and risk profiles, for example over 60s insurance is typically a lot cheaper than young drivers insurance. This diversification can sometimes lead to lower overall premiums, as the risk is spread out across multiple vehicles and drivers.

Gridserve EV charger with multpile EVS on charge in the foreground

Why Is Insurance Cheaper with 2 Drivers?

Insurance can be cheaper with two drivers if one is considered lower risk, such as having a longer, clean driving record. This can balance the overall risk the insurer perceives, potentially leading to lower premiums. Insurers view policies with multiple drivers as diversified risk, especially when drivers have varying levels of experience and risk profiles. Essentially, the presence of a lower-risk driver on the policy can offset the higher risk associated with the other, leading to reduced rates.

Can I Use My No Claims on 2 Cars?

No, typically you cannot use your no-claims bonus (NCB) on two cars simultaneously. The no-claims bonus is generally applied to a single insurance policy at a time and is linked to the policyholder, not the vehicle.

This means that if you have earned an NCB on one car, you cannot transfer or replicate that discount onto a second car’s insurance policy at the same time. However, some insurers offer special provisions where you can mirror your NCB on a second car, but this often comes with certain conditions and may not be as beneficial as the original NCB. Always check with your insurance provider for their specific rules and options regarding the NCB on multiple vehicles.

Does the Main Driver Have to Be the Registered Keeper?

The main driver does not need to be the registered keeper of the vehicle, but insurers often prefer or require that the main driver and the registered keeper be the same person. The main driver is the person who uses the car most frequently, while the registered keeper is the person who is responsible for the car in terms of official communications from the authorities, such as parking tickets and speeding fines.

Some insurance companies may allow the main driver to be different from the registered keeper, especially in situations where the car is owned by a parent but primarily driven by a young adult living at the same address, or in company car scenarios where the vehicle is owned by the business but driven by an employee. 

It’s essential to be honest with the insurance company about who the main driver is to avoid the risk of “fronting” – a form of insurance fraud where a lower-risk driver (often a parent) is falsely listed as the main driver of a car to reduce the insurance premium, despite the car being primarily driven by a higher-risk driver (often a young or inexperienced driver).

Fronting is illegal and can lead to policy cancellation, refusal of claims, and difficulty obtaining insurance in the future.

Do You Have to Be at the Same Address for Multi Car Insurance?

For multi car insurance policies, most insurers require that all insured vehicles be registered at the same address. This requirement is based on the premise that Multi Car Insurance is designed to serve households or individuals living together, offering the convenience of a single policy for all vehicles at that location.

However, there are exceptions and variations to this rule depending on the insurer. Some insurance companies may offer flexibility for policies that cover family members living at different addresses, such as children living away at university or relatives residing at another location, but these are generally special arrangements and might come with specific conditions or slightly different terms.

The Pros and Cons of Multi Car Insurance

Like any financial product, multi car insurance comes with its own set of advantages and disadvantages. Here’s a look at the pros and cons of opting for Multi Car Insurance:

The Pros of Multi Car Insurance

  • Simplified Management
    One of the most significant advantages is the convenience of managing just one policy for multiple vehicles, making it easier to handle renewals, payments, and any claims that might arise.

  • Potential for Savings
    Many insurers offer discounts for insuring multiple vehicles under one policy. The more cars you add, the greater the potential savings, making it a cost-effective option for families or individuals with several vehicles.

  • Customisable Coverage
    Although it’s one policy, coverage can often be tailored to each vehicle’s needs and each driver’s requirements, ensuring that you’re not paying for unnecessary extras.

  • Unified Renewal Date
    Having a single renewal date for all vehicles can help in budget planning and reduce the risk of accidentally allowing a policy to lapse.

  • Flexibility
    Adding or removing vehicles from the policy is generally straightforward, offering flexibility as your vehicle ownership or household needs change.

The Cons of Multi Car Insurance

  • Varied Coverage Needs
    In some cases, the needs of each vehicle and driver may vary significantly, making it challenging to find a one-size-fits-all policy that’s cost-effective and meets all specific requirements.

  • Potential for Higher Premiums for Some Vehicles
    High-performance or luxury electric vehicles that sit in high ev insurance groups might raise the overall premium, even if other cars in the policy are modest. The risk profile of each car impacts the overall cost.

  • Individual No Claims Bonus (NCB) Impact
    While some policies allow each driver to earn and maintain their own NCB, a claim made on one vehicle could potentially affect the premiums for all vehicles on the policy, depending on how the insurer calculates risk.

  • Limited Insurer Options
    Not all insurers offer multi car insurance, which might limit your options, especially if you’re looking for insurers who provide the best car insurance coverage specifically for EVs or have excellent customer service ratings.

  • Address Limitations
    Most Multi Car Insurance policies require that all insured vehicles be registered at the same address, which might not suit everyone, especially families with members living at different locations.

The Final Word on EV Multi Car Insurance

As more families and individuals in the UK opt for electric cars, the availability of insurance solutions like Multi Car Insurance for EVs is increasingly important. This tailored approach not only simplifies the insurance process for households with multiple vehicles but also offers potential cost savings and the convenience of managing just one policy.

Be sure to look for multi-car insurance policies that cater specifically to EVs, offering coverage options and benefits that align with the specific needs of electric cars. That way EV owners do not have to compromise on coverage or pay for unnecessary extras.

The key to finding the best multi car insurance policy lies in thorough research and comparison. Understanding the specific terms, benefits, and limitations of each policy is crucial to ensuring that you get the coverage that best suits your needs at the most competitive price. This includes considering how the policy addresses EV-specific concerns, such as battery coverage and damage to home charging equipment, as well as how it fits with the broader needs of your household.

MORE> Is It Difficult to Get Insurance for Electric Cars?
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