Car Insurance
22/10/24 . 6 min read
Can I be added to my parent’s car insurance policy?
Your parents can add you to their car insurance policy. However, there are some factors to consider before you do this.
Alex Ritchie
Personal Finance Editor
Like many Australian families, you may have more than one car in your household and find it challenging to manage the paperwork for all of them. You may be looking for something more convenient and thinking of consulting an insurer that offers multi-car insurance.
This option allows you to combine the insurance for all the cars in your household under one broad framework. However, you need to meet some criteria before you apply.
With a multi-car insurance policy, you can save both time and paperwork. Ensure that you have a detailed discussion regarding the policy. By making a multi-car insurance quote comparison, you can identify a policy that suits your needs.
Disclaimer
This article is over two years old, last updated on September 9, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent car insurance articles.
It’s also important to remember that while you’ll only have the one insurance bill to pay with multi-car insurance, its cost could be a significant one to factor into your budget. This could be especially true if your premiums are combined with those of other drivers, who an insurer may consider a bigger risk. Also, if the policy covers multiple owners, it could be tricky if one owner chooses to exit from your multi-car insurance and take out their own separate policy.
Yes, there’s a good chance you can get discounts. Many insurance providers offer discounts when you are insuring more than one vehicle, and you can compare rates before applying. In most cases, you will get a discount of between 5 and 15 per cent, but you may compare before finalising. There are other discounts you can access, so remember to speak to your insurer in detail.
You may be able to take advantage of no-claim bonuses. Suppose you are careful on the road and have a good driving record. You will not need to make claims. That improves your chances of getting higher discount rates. Also, you may get a better discount rate if you take out travel or home insurance with the same insurer. Often insurers hold onto loyal customers with more than one policy by giving them better discount rates. If you renew the same policy for many years or install safety features in your car, you may be eligible for additional discounts.
This article was reviewed by Mark Bristow before it was published as part of RateCity's Fact Check process.