How to Save Money with Multiple Car Insurance
Most people would agree that retailing a product ought to be an incentive based endeavour and in the UK we have traditionally forsaken the real ‘barter’ culture of some of our European cousins and favoured the notion of markets finding their own level on the simple age old basis of supply and demand.
All well and good when supply outstrips demand and prices are forced downwards, but not so good when it’s the other way around. In general though, it works pretty well. The customer’s main role being to compare products and seek out the best value for money given the market in which he or she finds themself.
The insurance companies have historically occupied a position outside these rules, particularly when it comes to car insurance comparison, mainly because the latter has traditionally been regarded as a legally enforced ‘distress purchase’.
The nature of the product (and it is very much a product) varied little from company to company and until technology came knocking and online car insurance comparison became very much the market norm, there was little incentive for companies to truly compete in a credible way.
That has all changed, not only in the way the industry markets an individual policy, provides quotes, and varies its types of cover, but also in ways that were once the domain of the true retailer.
A prime example lies in the practise of multiple purchasing. Even supermarkets offer two for one deals and multi purchase discounts – so why should the car insurance market be any different?
Well the answer is that these days it isn’t all that different. The industry has been forced by simple market pressure to sharpen its wits and the concept of multiple car insurance is now one that has been given some thought. Multiple car insurance isn’t exactly new, it’s just that one or two companies treated it as little more than a gimmick in the past and outside the realms of fleet cover, occasionally deigned to offer negligible discount to multiple insurers. That was about the strength of it as a marketing tool.
Why it has been overlooked as a serious marketing strategy for so long is hard to fathom. After all, offering incentives to purchase multiple car insurance carries numerous potential benefits for a company, among which are the significant reduction in administration costs as well as the potential for attracting new business.
The benefits of multiple car insurance for the consumer are simple, you are purchasing in bulk and therefore you are quite entitled to expect a reasonably healthy discount reflecting your patronage, outlay and loyalty.
It really is worth researching this area if you have a family of multiple car users. Online car insurance comparison is worth the effort as some companies are now very keen to attract clients in this way.
A word of warning if you do think that multiple car insurance may be for you however – keep in mind your annual outlay. If you are shouldering the burden of this on your own it can be significant and remember that structured payments generally attract interest. Check how much that is at the outset and compare it with any discount you are offered to find the best deal.