Motor floater insurance plan: All you require to understand about single premium for several cars

It is an inconvenience to monitor insurance coverage premium due dates for various cars that a person owns, and pay them vigilantly to keep the policies alive. To resolve this, owners of several cars can pick a motor floater policy. This is a single cover for lots of cars and the insurance policy holder can pay one premium for all of them. Likewise, the premium for such a policy is lower than all the premiums assembled.


All the automobiles or two-wheelers ought to be owned and signed up under a single owner. The policy will cover to 5 cars. Usually, the car that has the greatest guaranteed stated worth ( IDV) is called as the main car and the amount guaranteed for the policy will amount to it. The other cars are called as secondary cars. The premium of the policy depends upon the driving design and driving history of the motorist. Kind of cover
The insurance policy holder can pick from thorough cover and own damage cover. The latter covers damage to the cars due to mishap, fi re, electrical elements, natural catastrophes and manufactured catastrophes. The thorough cover will cover own damage and unintentional death or injury to 3rd party and damages to 3rd party.

What is not covered?
Normally, motor floater policies do not cover repair work or replacement of parts due to use and tear, devaluation expense, damages due to breakdown of car, or any other factor for which cover is not readily available under a basic motor car policy

Indicate keep in mind

  • If no claims are made throughout the policy duration, a no-claim benefit will use at the time of renewal.
  • If among the cars is moved or offered, it will be eliminated from the policy and suitable premium will be reimbursed.
  • If at the time of buying a floater policy, a lorry is currently guaranteed, the very first policy will be cancelled and a refund of premium (prorated) will be made by the insurance provider.

Material on this page is courtesy Centre for Financial investment Education and Knowing (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

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