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Most people do not realize that there is another option for vehicle insurance. Instead of getting separate insurance policies for your cars, you can opt for a group insurance policy. This is especially practical when you own a large number of cars that are being used by family or company. The only condition you have to fulfill is that the cars must be listed at the same residential address.
Benefits Of Car Group Insurance
Discounts
Most car companies offer group discounts if you own up to 5 cars. Some insurance companies in the UK that offer group discounts are Admiral Insurance, Norwich Union and Direct Line.
Friends’ Cars Can Be Covered
Even your friends’ cars can get car group insurance so long as they register the car at your residential address. This does not mean that the car has to be parked at your residence.
Flexible Payment Plans
Opting for car group insurance means you can stretch your insurance payments over different time periods: monthly, bi-annually or annually. You will have to see how it works best for your group.
No Claims Bonus
No Claims Bonus is offered by car insurers and means that if a person does not make a claim for a certain period of time they are entitled to a No Claims Bonus. If one of the insurance policy holders makes a claim, it will not affect the No Claims Bonus of the other car group insurance holders.
Free Car
If one of your cars has an accident your insurance company will offer you a free car. This can save your car group insurance members the hassle of arranging a car. This offer continues until your car is repaired.
Security Discount
If you are a security conscious person, you should try to convince all your family members to install security devices in their cars. This will give you discounted premiums from your car group insurance company. You can choose simple devices like alarms and immobilizers or opt for sophisticated systems which include tracking devices.
Choice of Coverage
You have the choice of three types of coverages with car group insurance: third party, third party fire & theft and comprehensive. Some insurance companies, such as Norwich Union, will limit your group to comprehensive coverage.
In Other Countries
When you opt for car group insurance for your business, you will be able to drive your cars in European countries such as France, Spain, Germany, Lithuania and Romania.
Group Members’ Cars
Some car group insurers allow you to drive cars of other group members as long as your name is listed in the group insurance policy. Unnamed drivers are usually not covered.
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