UK drivers could be paying too much for multi-car insurance

Friday, 15 April 2011

UK households with more than one car could be paying as much as 29 per cent over the odds for their motor insurance by purchasing multi-car policies, research by online insurer swiftcover.com has found.

With a third (32 per cent) of UK households* owning more than one car, drivers who opt for multi-car policies may find that they are able to save money by insuring vehicles on separate policies.

Sarah Vaughan, motor director at swiftcover.com, commented: “It’s easy to assume that multi-car discounts must offer the best value, but it’s clearly not the case for everyone. It may be slightly easier but is it really worth paying hundreds of pounds over the odds? These figures show that no matter what discounts are offered it is best to shop around.”

swiftcover.com’s research reveals how much drivers could save with two separate polices: 

	Peugot	Ford Fiesta	Total
Admiral multi-car	£457.37	£363.97	£821.34
swiftcover.com	£396.96	£280.98	£677.94
Saving by insuring individual cars			£143.40   (17.46%)

 ^{₁ Figures generated on12th April 2011 based on a married 40 year-old male IT consultant living in near Sevenoaks TN15 insuring a 2005 Peugeot 206 CC Allure and a 2005 Ford Fiesta LX, with a £350 voluntary excess. The driver has more than five years no claims bonus and no recent motoring convictions. Both cars are insured to drive up to 10,000 miles per year.}

	BMW 318	Ford Focus	Total
Admiral multi-car	£443.82	£443.06	£886.88
swiftcover.com	£345.94	£282.92	£628.86
Saving by insuring individual cars			£258.02  (29.09%)

 ^{₂ Figures generated on 12th April 2011 based on a married 30 year old female teacher living in Guildford GU34 insuring a 2007 BMW 318 and a 2007 Ford Focus Ghia, with £350 voluntary excess. The driver has more than five years no claims bonus and no recent motoring convictions. Both cars are insured to drive up to 10,000 miles per year.}

Vaughan continued: “Insurance comparison sites don’t take multi-car discounts into account, so it’s tricky to compare quotes effectively and work out the best deal. Of course, in some cases, a multi-car discount may be the cheapest option, but policy holders should always shop around to make sure they get the best value, as our research shows that quotes can vary wildly between insurers.” 

- Ends -

Notes to Editors
^{* DVLA figures, 2009}

For press enquiries please contact:
Luke O’Mahony or Sean Williams
Brazil (PR agency for swiftcover.com)
020 7785 7383
swiftcover@agencybrazil.com

About swiftcover:

Based in Cobham, Surrey and employing more than 1,000 people, swiftcover.com started trading in June 2005 and was born out of a desire to revolutionise the general insurance market by making insurance quick and easy to use.

swiftcover.com offers car, home, travel and pet insurance online, and is the only insurer in Britain not to use call centres, which provides cost savings that can be passed directly onto the customer, keeping premiums low. swiftcover.com was named Best Value for Money Car Insurer in the UK in the 2010 Lovemoney.com awards.

This powerful operating model combined with successful marketing and competitive pricing has proven to be a tremendous success. In 2008 swiftcover.com achieved over half a million live policies and in May 2009 sold its millionth policy. swiftcover.com is considered to be one of the fastest-growing insurers in the UK and, as of February 2011, has more than 800,000 policy holders.

In 2007, AXA UK acquired swiftcover.com. It is now a wholly owned subsidiary of AXA Insurance UK PLC which forms part of AXA Group.

About AXA:

AXA Group is a worldwide leader in insurance and asset management, with 216,000 employees serving 93 million clients. In 2010, IFRS revenues amounted to Euro 91 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,104 billion in assets under management as of December 31, 2010.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISNFR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY.

The Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

Our previous company performance is not a guide to how we may perform in the future.
Any opinions expressed in this media communication are made as at the date of this publication but are subject to change without notice.
 

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