Cars are no less than a necessity in today’s day and age. Whether you reside in an urban setting or even a semi-urban set-up, the convenience that a car offers is unfathomable. Not only the ease, but a car also offers safety in terms of pollution and the harmful pollutants from the atmosphere. Thus, many individuals are seen buying more than one car, each for its own specific purpose. Also, driving skills have become a life skill and many are learning at an early age.
When it comes to owning a car, there are a few formalities you need to comply with as a car owner - car insurance
and pollution under control (PUC) certificate. The registration certificate of your car is valid for a period of 15 years from the initial purchase, but these other compliances require periodic renewal. So, this is where it becomes a hassle for someone who owns more than one vehicle. You need to remember each of their expiry dates and ensure you do not miss the renewal date. Doing so will not only invite uncertainty, but also hefty fines. But all you owners of more than one car or bike, fret-not! We have introduced a motor insurance cover that covers all your cars under one single policy. A multi-car insurance known as motor floater plan.
What is a motor floater policy?
Akin to a family floater policy in health insurance where many members are covered under a single insurance cover, a motor floater car insurance is a form of insurance coverage that includes more than one car in the policy cover. This motor insurance plan offers a cover for up to five cars under one insurance policy. You no longer need to remember different insurance dates to keep a track and avoid missing its renewals. When buying this multi-car insurance policy, you have the option to select standalone coverage for own-damage or a comprehensive plan for all the cars at once.
What is the sum insured of such multi-car insurance plan?
Since there is more than one car to be insured, the vehicle with the highest Insured Declared Value or IDV is selected as the primary vehicle. The maximum coverage for such motor floater policy is the IDV of that primary insured vehicle and all other cars are considered as secondary vehicles.
What are the benefits of buying a multi-car insurance policy?
Here are some of the features of a multi-car insurance policy -
Having a motor floater policy will help to save the hassles of managing multiple policies for your different cars. It further helps to save time and reduce the overall documentation required in buying new vehicle insurance
Convenience of change in policy details:
A single insurance policy is easier to manage in terms of policy details. You need not provide the same details all over again when buying or making amendments to your policy.
Flexibility of cover:
Motor floater policies has the advantage where new additions or any removal of a vehicle from the coverage can be easily done with a few clicks. Some insurers also have mobile applications that facilitate easy changes. Moreover, some policies also allow the user to turn on or off the protection for a particular car as need be. Although, the coverage for theft and damage due to fire shall remain active.
With a single policy for all your cars, it is easier to look after and manage the policy. This includes reduced paperwork, generally at its initial purchase. Further, as mentioned above, mobile apps or online amendments are also possible for adding newer cars to the coverage.
To conclude, a multi-car insurance or motor floater policy is an evolving concept and offered by a limited number of general insurance
companies. To avail these benefits, you might require conducting your share of research and making a suitable choice based on the offering.