Drivers on both sides of the Atlantic can benefit from multi-car insurance to cover two or more vehicles listed at the same address. Although there are some differences between what multi-car insurance covers in the US and the UK, as well as between different providers in each respective country, there are more similarities.
In the US, drivers can take out a basic liability policy to provide minimal cover for their vehicles, whereas UK drivers are usually encouraged to take out a higher level of cover to offer financial security if their cars are stolen, lost, or damaged in accidents. Multi-car insurance offers a cost-effective alternative for drivers who are concerned about lowering the cost of their insurance premiums without having to settle for lower cover, as these policies can cover two to five cars listed at the same address – in the US, you may be able to take out insurance for more than five cars, depending on the insurer, though this will usually be restricted to vehicles for commercial use.
The actual savings that can be enjoyed from multi-car insurance represent one of the greatest differences between insurers in each country, with multi-car insurance in the UK typically offering higher percentage discounts – often up to 33 percent saving when insuring more than one vehicle on the same policy, compared to just 25 percent saving in the US. The more cars that are insured on the same multi-car insurance policy, the greater the savings are likely to be. It should also be noted that car insurance and other auto expenses are generally cheaper in the US compared to the UK.
Various factors will influence the cost of your car insurance too, including the make, model, and age of the cars being insured and the age of their drivers. In the US, young and teen drivers can take advantage of a parent’s car insurance coverage until they reach 25, whereas all adults in the UK are required to have their own car insurance.
The US is a country built for cars, and this combined with its higher population means there is greater demand for multi-car insurance for USA cars, as well as more providers offering these policies. However, this greater availability also, unfortunately, means a larger number of disreputable firms offering multi-car insurance at unreasonable rates or with other inherent problems, making it even more important for drivers in the US to do their research before taking out a policy. UK drivers need to check the credentials of insurance firms too, which can be best accomplished by asking the opinions of people in your family and social circle, or by reading testimonials from real customers online.
Multi-car insurance can potentially deliver great savings compared to standard auto insurance, but only when you compare different policies available to confirm that the one you’ve chosen truly offers the best value for your money.
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