Multi-Car Insurance

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, updated on February 15th, 2024       

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Car Insurance Banner

Looking to insure multiple vehicles at once? Multi-car insurance is a solution for households with multiple vehicles, offering convenience and potential cost savings. With multi-car insurance, you can insure all your vehicles under a single policy, simplifying the insurance process and potentially reducing your premiums.

If you're ready to explore your car insurance options, you can compare quotes online today to find cover that works for both your needs and budget. 

What is multi-car insurance and how does it work?

Multi-car insurance is a type of insurance policy which allows you to insure multiple vehicles under a single policy. Under this type of insurance, you can streamline the insurance process by managing all your vehicles' coverage in one place. In terms of how many vehicles you may be able to cover, this can vary from two to as many as ten, depending on your insurer.

When you opt for multi-car insurance, you’ll typically receive a discount on the premiums compared to insuring each vehicle separately. The exact discount may vary depending on the insurance provider and the number of vehicles you insure but may range from 5% up to as much as 15% in some cases. This may mean your car insurance premiums are cheaper overall.

Each car on the policy retains its own coverage details, such as the level of coverage, excess and any additional optional extras you choose. For instance, you may have a different excess on your brand-new four-wheel drive than you would on your child’s older hatchback. However, it's also important to note that each vehicle on the policy will have its own risk factors, such as the driver's age, driving history and vehicle specifications, which can affect the overall premium.

It's important to note that not all insurers offer multi-car policies. Because of this, it's worth comparing quotes from different insurers to see if there are any policies available that are suited to your needs.

Who can take out a multi-car insurance policy?

In Australia, multi-car insurance policies are available to a variety of individuals. The eligibility criteria for taking out a multi-car insurance policy may vary slightly among insurance providers, but you’ll generally need to be living at the same residential address to take out this type of policy. Some of the individuals and groups who can take out an insurance policy for multiple cars include:

  • Families: families living under the same roof with multiple vehicles can opt for multi-car insurance to cover all their cars under a single policy. This can simplify the insurance management process when it comes to both parents driving each car, as well as any children who are learning to drive or have their full licence.
  • Couples: couples who own more than one vehicle can also consider multi-car insurance. It allows them to insure both their cars under a single policy and list each other as the secondary driver on each vehicle.
  • Shared households: individuals living in shared households, such as roommates or friends, who collectively own multiple vehicles can also explore the option of multi-car insurance.
  • Individuals with multiple cars: even if you’re the only driver in your household but have multiple vehicles registered in your name, you may look at taking out a multi-car policy.

It's important to note that each insurance provider may have specific requirements and limitations regarding the number of vehicles, driver qualifications and relationship between policyholders. It's advisable to check with your insurer to determine the eligibility and suitability of a multi-car insurance policy based on your specific circumstances.

What are the other potential discounts available with car insurance?

Having multiple vehicles isn’t the only way to secure a discount on your car insurance policy. Some of the other car insurance offers which may apply to you include:

  • No-claim bonus: this discount is awarded to policyholders who haven’t made any claims during a specified period. The longer you go without making a claim, the higher your no-claim bonus becomes, potentially leading to lower premiums.
  • Loyalty discounts: some insurers may offer discounts to customers who’ve been loyal to their company over a certain period. These discounts may increase over time, providing further savings.
  • Policy bundling discounts: if you have multiple insurance policies with the same provider, such as car insurance and home insurance, you may be eligible for a discount. Insurers who offer a range of different products will often advertise discounts when taking out more than one with them.
  • Online purchase discounts: many insurers offer sign-up incentives to new customers who purchase their policy online. This may be a certain percentage off your premium for a set period, such as 12 months. When comparing offers such as these, it’s important to determine whether the short-term discount is worth it in the long run.
  • Safety discounts: vehicles equipped with certain safety features, such as anti-lock brakes or car alarm systems, may qualify for discounts as they’re considered safer to insure. This may also apply if you’re parking your car in a garage or have gone an extended period without any accidents or road offences.
  • Low usage discounts: if you don’t drive your vehicle much, such as if you take public transport to and from work, you may qualify for a lower premium, as your time on the road (and therefore your exposure to a potential accident) is reduced.

Types of car insurance you can choose from

The pros and cons of multi-car insurance

PROS

Policy discounts

One of the main advantages of multi-car insurance is the potential for cost savings. Depending on the vehicles you’re insuring and the drivers you may be sharing your policy with, you may benefit from cheaper premiums overall.

Convenience

Managing multiple vehicles under a single policy can simplify the insurance process. Instead of dealing with multiple policies, paperwork and renewal dates, having everything consolidated into one policy can make everything easier to keep track of.

Flexibility

Multi-car insurance policies can offer flexibility in terms of adding or removing vehicles from the policy. This can be convenient if you frequently change or add vehicles to your household, such as if you’re leasing vehicles for work use.

Separate claims history

If one of the drivers on your policy has to make a claim, they can typically do so without it affecting the claims history of any other drivers listed on the shared insurance.

CONS

Limitations on drivers

Multi-car insurance policies typically require all drivers to live at the same address or be immediate family members, limiting flexibility for other potential drivers on a policy, such as a couple who live at separate addresses.

Loss of individual discounts

When you combine multiple vehicles under one policy, individual discounts specific to each vehicle may no longer apply. For example, if one vehicle qualifies for a specific discount but the others don't, you may lose out on potential savings.

Potential impact on shared premiums

Although claims only affect the history of the driver making them, they may have an impact on the overall cost of the policy if they’re for an at-fault incident.

Cancellation complications

Cancelling a multi-car insurance policy can be more complex compared to cancelling individual policies. If one vehicle needs to be removed from the policy, it may require adjusting coverage and premiums for the remaining vehicles.

Common questions about multi-car insurance answered

Whose insurance pays for repairs in a multi-car accident?

In a multi-car accident, each vehicle involved typically files a claim with their respective insurance company. The at-fault driver's insurance may be responsible for covering damage to the other vehicle or vehicles, depending on the circumstances. If fault is deemed to have been shared between the drivers, either evenly or weighted more towards one than the other, an agreement may be reached between the parties and their insurers as to how the payments are split.

How do I add or remove a vehicle from my multi-car policy?

To add or remove a vehicle from your multi-car insurance policy, you’ll need to contact your insurance provider. They’ll guide you through the process, which may involve updating the policy details, providing information about the new vehicle and adjusting the premium accordingly. It's important to inform your insurer promptly to ensure proper coverage for the added vehicle or any vehicles continuing to be covered after the removal of one or more from the policy.

Can I have multiple car insurance policies on a single car?

You can’t have multiple car insurance policies on a single car. Insurers typically allow only one active policy per vehicle, so having multiple policies with more than one insurer on the same car will mean you can’t make multiple claims. However, the exception to this is compulsory third party (CTP) insurance, which is mandatory and can be held in conjunction with comprehensive or third party insurance.

Can I take out a multi-vehicle insurance policy for my business?

Yes – you can take out a multi-vehicle insurance policy for your business. Multi-vehicle insurance policies are commonly available for commercial purposes, allowing businesses to insure vehicle fleets under a single policy, such as if you run a delivery or courier business. This can simplify administration, provide cost savings and ensure consistent coverage for all business vehicles. It's advisable to discuss your specific business needs and vehicle requirements with insurance providers to find the most suitable policy.

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