Inside Insurance: Family Fleet Insurance – What is it and How Can it Help Your Family?

50 years ago, when Edward Heath was Prime Minister and Donny Osmond was outselling the contenders on the UK chart, car ownership levels were a fraction of today. Nearly one-half of households did not own a car, while ownership of multiple vehicles was virtually unheard of outside of the most wealthy residences. Five decades later, the situation has changed considerably: car ownership is nearly universal among working adults living independently, and more households than ever (approximately 35 per cent) own more than one vehicle.

For households with multiple cars and several car-owning drivers (e.g. parents + adult children), cumulative insurance costs can be expensive. Family fleet insurance is a cost-effective solution, offering flexibility for multiple drivers and vehicles living at the same address, without incurring the cost of separate polices for each car.

What is family fleet motor insurance?

Family fleet insurance is a flexible policy designed to provide cover for a household with multiple vehicles, usually between three and five. It is sometimes referred to as ‘multi-car’ or ‘multi-vehicle’ insurance. There is a requirement that one vehicle is valued over £75,000 or a pre 1999 classic vehicle.

While the name may imply that it is only suitable for related drivers, anyone living at the same address can be included on the policy.

Family fleet insurance can be used to insure different types of vehicles on the same policy: motorcycles, scooters, and vans. Not all the vehicles have to be the same type, so a household with two cars and a motorbike, for example, could benefit from the cover.

Can family fleet insurance provide third-party cover?

When arranging standalone insurance, vehicle owners have the choice of comprehensive or third-party cover. Third-party insurance is the most basic form, covering injuries or damage to other parties, including vehicles, people, animals, and property.

Family fleet insurance, however, is only offered on a fully comprehensive basis, so would not be suitable for vehicle owners seeking to reduce their costs with a third-party policy.

What are the benefits of family fleet insurance?

With family fleet motor insurance, your household can benefit from:

• A more affordable solution than insuring each vehicle with its own policy.
• Multiple named drivers on each vehicle, so any driver can drive any vehicle (this is optional on many policies – Family Fleet Insurance never implies shared ownership of the vehicles covered).
• Full comprehensive cover that protects both the driver, vehicle owner, and third-party in the event of an accident.
• Optional extras, including legal expenses and personal accident insurance.

Contact us to find out more

If your household has multiple vehicles and you would like to obtain a family fleet insurance quote to find out how much you could save, please contact ManningUK today on 01491 578759..