Insurance options when owning a second car

buyhighselllow

Hi
Taking ownership of a second car. It will basically be a back up run about, very few miles per year. How do approach this insurance wise. Do I add it on to my existing policy for my main car or search for the cheapest deal via the comparison websites. I would like to add 2 other named drivers as well, both of whom own their own car and have fully comp policies. They will only use the car  very occasionally. Whatever is cheapest /most straight forward

Nobbie1967

Just start a new policy, but remember you will not have any NCB as this can only be used on one car at a time. You will then build up a second NCB. However, I found it didn’t make much difference when I got a second car.

Goudy

Nobbie1967 said:

Just start a new policy, but remember you will not have any NCB as this can only be used on one car at a time. You will then build up a second NCB. However, I found it didn’t make much difference when I got a second car.

That's not quite true.
Yes you won't be able to use your NCB with different companies but your original insurance company might mirror it.

When I first insured my second car, my insurance company for my original car mirrored my NCB for the second car/policy.
They quoted me a second policy with the same NCB as the first.
Since then my renewals for both have the same percentage of discount applied even though the policy numbers are different.

Some will do a discount on a second car/policy rather than mirror the NCB, often around 15 to 20%.
Then each year you start to get another NCB on that policy.

You need to talk to your insurance company first and see what they can offer you.

If your insurance company don't offer anything worthwhile you'll probably need to insure the second separately and then start looking at multicar policies when your original insurance comes up for renewal, then just add the second when that comes up for renewal.

DullGreyGuy

Adding an additional car to a standard car insurance policy isn't an option with the majority of insurers. Some do offer a multi-car policy others offer a multi-product discount (many multi-car policies really are a multi-product discount with a harmonised renewal date). 

In the first instance speak to your current insurers to see what they can offer you. 

After that its a matter of checking what it would cost to insure the car elsewhere with no NCD and what you could get if you cancelled your current policy and took a multi-car policy elsewhere but remember to factor in cancellation fees. 

As to your occasional additional drivers... is it for their or your benefit? Who do you want to pick up the bill? Is your current policy got any named drivers or just yourself? You options would be:

1) Add them to your new policy - what it does to premiums could go either way
2) They buy Day insurance at the times they want/need to drive it
3) They add the car to their policy as a Temporary Additional Vehicle
4) You add them as a Temporary Additional Driver
5) They use the Driving Other Cars cover to use the vehicle - note this only benefits the policyholder, not all policies have it and it only covers your car for damages to others, no cover for your own vehicles damage

1 is likely to be the cheapest if they've a good record but its your cost and your NCD at risk