MULTICAR INSURANCE EXPLAINED
LRM’S Steve Miller explains how he insures his multiple Land Rovers
I‘M IN the fortunate position of owning three of Lode Lane’s finest, and whilst I don’t mind spending my hard-earned on them – and as Land Rover owners, we know that we all like to anyway - but it’s when it comes round to insuring them - that’s when it can get a tad expensive. As I bought my Land Rovers at different times, in turn, each separate vehicle insurance policy started at the point of each purchase. As time went on, it seemed like I was getting an insurance renewal reminder literally every other month. At one point, not only was I insuring the Landies, I was also insuring an MGB GT - and a motorbike. I was finding it an ever-increasing problem keeping up with them all.
The main problem was that, like most people, I like to budget what I have left to spend each month – and an insurance renewal always seemed to arrive at an inconvenient time.
The other issues I had was that, my wife Louise and I shared each vehicle, and we both had different requirements; I would use our main vehicle (was a Disco 3, now a Freelander 2) for business use, whilst Louise would commute in the other Freelander 1, and vice versa. The classic Land Rover Ninety and classic MG would also be used sometimes to commute to work and travel to shows when we fancied. Our insurance requirements felt like a minefield and more complex to explain to some generic insurers over a search comparison site - especially when you throw a few modifications into the equation, agreed value on the classics with limited mileage and an unlimited mileage allowance on the daily drivers; Legal cover? Breakdown cover? Key cover? Who has accrued how many years no claims bonus and on which vehicle? Accidents, claims, convictions… the seemingly never-ending questions we were being asked. Don’t get me started on the motorbike policy… Where will it be stored between certain hours of the night? Voluntary excess on the policy? European travel, etc?
All in all, it was always a stressful experience and sometimes quite difficult to explain as our needs were unique to us. That was however, until I discovered multi-car policy through a specialist broker who understands.
How does it work for me? Basically, we started off insuring the first vehicle at the point our insurance had come up for renewal. The broker (in this case Heritage) discussed our other vehicles and their renewal dates. We talked through all of our specific requirements and Heritage then quoted on all of the vehicles collectively – all in one easy conversation. When our second vehicle was due for renewal, Heritage then got in touch and we’d then only pay pro-rata for that policy up until the date of when the first policy started. Then, in turn each subsequent vehicle thereafter got added to the policy.
Once we rolled back round to the renewal of the first vehicle (12 months later), then the one policy for my several vehicles and a bike start in unison from that date, and we paid a one-off premium (you can also pay monthly if needed) and it’s all wrapped up in a no-nonsense, easy to understand policy. All of our vehicles appear on one schedule as a list, while each has its own insurance certificate. The paperwork is minimised and we don’t have to spend the next 12 months thinking about insurance. What’s not to like?
One of the other benefits I found useful
was when we wished to sell a vehicle or add another to the policy. One simple telephone exchange and it’s done. Adding to the premium or refunding, whichever suits the particular case.
Has this kind of policy cost me more? When we decided on the multi-car insurance route, I must admit I was slightly reluctant at first as I made the assumption that it would inevitably cost us more. We shopped around, and gathered quotes on each vehicle separately, putting the premium received from Heritage to the test. Some prices quoted were slightly higher, and some less, but being open with Heritage about the other quotes gave them the opportunity to be competitive. Based on our circumstances, and insuring at least one specialist vehicle in amongst the daily’s, we received a 10% discount - a discount that wouldn’t be applicable had we insured each vehicle individually. Our discount was based on the ratio of drivers to vehicles – however, the more vehicles we have will accrue additional discount, up to a maximum of 25%. Sounds like all the excuse we need to buy more Land Rovers, I’d say!