Multi Vehicle Policies Explained
By Lancaster Insurance Services |
24th February, 2017
As a specialist classic car broker, we're seeing a greater number of enthusiasts owning more than one vehicle, which can invariably mean more than one policy. The benefits of a multi vehicle policy mean all your vehicles would be under one roof, with one renewal date!
Hugo Schorer Nixon, our Multi Vehicle expert clears up some frequently asked questions surrounding a multi vehicle policy.
Q: I want my daily car, my collection of Classic Cars and an ex ambulance I’m restoring under one policy. I’d also like to add my wife’s car, is that possible?
A: With Lancaster Insurance, the multi vehicle policy that we arrange has no limit to the number of cars you can cover and an upper limit in the millions for the total value of the collection. We can arrange insurance for a mixture of classics, specialist vehicles and your daily vehicles, and they don’t have to be in same household as they can be stored in different locations.
Q: “If I insure my daily car and classic cars under one policy are all vehicles going to have the same level of cover? I’m able to drive other cars under my daily car insurance and don’t want to lose that facility.”
A: “Being an insurance intermediary we have several insurers to choose from, some of the multi vehicle policies can include driving other vehicles*, agreed valuation, key cover and legal cover, others offer a more basic package or the option to add these benefits on, so the normal benefits that you’d expect from your policy are still there.
Q: “All my policies are due at different times – how does that work?”
A: “You start the policy with as many or as few (but a minium of two) vehicles as you want, then if you want to include others they can be added as and when they are due for renewal. Any premium required will be calculated on a pro rata basis – then in 12 months’ time from the first car being insured all the vehicles on the policy will have the same renewal date.”
Q: “I want all my cars covered under one policy, I also want three named drivers, but don’t want all drivers to be insured to drive all cars, can I do this?”
A: “Yes”
Q: “Can I remove a vehicle if it’s sold without having to cancel the policy?”
A: “Yes. However as this is a multi-vehicle policy some of our insurers require a minimum of two cars to be insured at all times”
Q: “Are multi vehicle policies cheaper?”
A: “Sometimes. However a lot of Lancaster’s clients like the convenience of one renewal date, one set of documents and the fact that making changes which effect the entire policy is a lot easier. If you change address, or want another driver added, and have four separate policies this could mean numerous phone calls, charges and considerable paperwork to contend with.”
Q: “Can you offer cover for vehicles which are either undergoing restoration or on a SORN?”
A: “Yes”
Q: “I’m a club member, do I get a discount on all of the cars?”
A: “Yes, club membership discounts are applied for any relevant clubs in accordance with the acceptance criteria”
Q: “I’ve a heavily modified my car, is that a problem?
A: No. We can cover most modifications (but not Nitrous Oxide), from roll cages, to alloys to engine tuning / replacements and the more unusual modification.
Q: “I’m planning on taking my car into Europe and want to insure my friend to drive the car for a week, can you do that?”
A: “Yes, providing your friend meets the insurer’s requirements.”
*Driving other cars extension is only available if you are also covering a non-classic car and is only available on request.
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