How YOU could slash lb400 out of your insurance bill if you have several car

BRITISH motorists could save as much as lb400 on their insurance bill simply by adding a second car for their cover.

But regardless of the potential price cut, under 20 per cent of drivers are taking benefit of the advantages of multi-car insurance.

A recent study conducted by major insurer LV= revealed the amount of two car families has spiked in the last 12 months, up 24 per cent on figures from this past year.

Two-car families now outweigh families with two children by a lot more than two million – but drivers still aren't seeing the money-saving benefits.

Of the seven million two-car households in the UK, just one in five have signed up for a multi-car insurance policy.

According to LV=, 10 per cent of households that find a joint-car policy saved around 40 percent around the price of their premium by combining cover – around lb400 annually.

Three case studies from the insurer showed the savings Brits could expected to make according to their situation.

In an example, a husband and wife in their 50s residing in Kent saved 13 percent on their premium using a multi-car policy.

And a younger couple saw a sizable saving of lb228.60 by grouping their BMW Series 1 and Mini One on the same policy.

Multi-car policies allow you to combine several cars onto one policy – with every motor getting individual cover but significantly lower rates and also the same renewal date meaning you won't forget.

If you have one driver having a dodgy history – convictions or accidents – then you might want to steer clear of multi-car as it could push-up the cost rather than net savings.

As with any insurance, you're best to shop around to get the best deal for you personally.

Selwyn Fernandes, LV= md of car insurance, said: “From ferrying the kids to and from out-of-school activities, right through to the daily commute, the second car has turned into a vital a part of everyday routine for many working families and deserves just as much appreciation as 'main' cars.

"At LV= we're dedicated to supporting our customers by any means we are able to, so we felt it made complete sense to include multi-car insurance to the products we provide.

"It may deliver significant savings and offers the simplicity of holding all policies in one place, giving reassurance and confidence to households facing the pressures of modern life."