Car insurance is one necessary requirement of car ownership in the UK but it costs a fortune.
Premium costs hit record high in the last quarter of 2017 and are expected to increase further this year.
There are, however, ways that drivers can slash their premium costs
Motorists that have a multi-car policy could be making some savings if they shop around for separate polices and vice versa, claims the Money Saving Expert.
According to MSE one driver managed to save £1,400 by switching their multi-car policy to three separate premiums.
On the other, one driver had a separate driver manage to save an incredible £4,600 by switching from three separate vehicle policy to an Admiral multi-car policy instead.
Steve Nowottny, news and features editor at MoneySavingExpert.com, said: “There’s no hard-and-fast rule for whether multi-car or standalone policies are cheaper – either can win.
“But as a general rule of thumb, check the opposite of what you’ve got first – so if you’ve standalone policies, check multi-car first, and if you’ve multi-car now, check standalone first.
“That’s because insurers usually give newbies better deals – when it comes to insurance, loyalty doesn’t pay.
“How much you can save depends on a number of things, including the age of the drivers, the cars you’re insuring, driving history and who’s insured on each vehicle – but we’ve heard of £2,000 plus savings.”
One thing that drivers may not be aware if is that multi-car polices do not tend to appear on price comparison sites.
Price comparison sites have become increasingly popular across the UK as they are perceived to be able to find the best deals.
This new research suggest, however, families with multiple cars should look both for multi-car or separate polices as there are savings to be had – and they can be substantial.
Certain insurers don’t appear on sites at all such as Aviva, Direct Line and Zurich.
Finding the best deal on a multi-car policy requires the driver to do the work themselves.
