The Buyt Desk
If you own multiple vehicles and feel hassled due to individual insurance plans then floater motor insurance will be helpful. This single insurance policy prevents the hassle of managing several policies of multiple vehicles separately. Keep reading to go in-depth about this car insurance policy.
Know More About Floater Vehicle Insurance
It is a single insurance policy that covers all your vehicles. All four-wheeler and two-wheeler vehicles registered under the name of a single owner are included in this plan. It facilitates policyholders to save on premiums by getting a single combined insurance plan for more than one vehicle. One single plan can insure up to 5 vehicles.
Here are some of the benefits of Floater Vehicle Insurance
Easier Purchase Process
Purchasing and managing several policies for different cars cause headaches. A single floater car insurance helps prevent this headache by reducing the overall documentation essential for buying new car insurance. The insurance companies are providing a floater insurance plan to help their people with the tedious process of maintaining multiple policies.
Better Pricing
The biggest advantage of buying a floater car insurance plan is the discounted pricing. Since several vehicles are insured in this policy, the insurance providers give better schemes at comparatively discounted pricing for long-term relationships with the clients.
Saves Time
Purchasing multiple vehicle insurance plans can be time-consuming. Floater insurance makes it easier to get all the details together in a single place and make a quick decision. You don’t need to provide the same information all over again when making changes or buying your policy.
Less Paper Work/Documentation
Since you’ll get single insurance for all your vehicle, this reduces documentation. Moreover, you will get online amendments or mobile apps for including some new vehicles in your coverage.
Flexibility
Making any amendments such as adding or removing a car from the coverage can be done quickly and easily with just some clicks. It allows the policyholder to customize their policy for multiple vehicles. Some policies provide the convenience to turn on or off the protection for specific as required.
Sum Insured Of Multi-Car Insurance Plan
A car with the highest IDV (insured declared value) is selected as the primary vehicle because more than one car is going to be insured. All other vehicles are regarded as secondary vehicles. The highest coverage for this policy is the IDV of primary insured vehicles.
Scope of Floater Car Insurance
Floater or multi-car insurance plan covers comprehensive damage and own damage. The damages that happen due to natural disasters, accidents, man-made calamities, electrical component failures or fires, or due to improper handling during transit are covered under the own damage cover. The comprehensive insurance provides for a loss of the third party and own damages. The damages to a third party with own damages and injuries or accidental death of a third party are also covered.
No Claim Bonus
No Claim bonus will be applied to your premium amount when you don’t make any claim on any car during the policy tenure. This bonus will be applied during the next renewal. You can also get this claim when you change your insurance provider or your vehicle. Cars covered for a short time are also included in the policy benefits.
Exclusions of Floater Vehicle Insurance
Reckless driving or driving without having a valid driving license (DL) is excluded from this floater policy. The exclusions also include vehicle damage due to breakdown, the car’s depreciation cost, and parts repair or replacement due to wear and tear.
Cancellation Of Floater Vehicle Insurance
This multi-vehicle insurance policy will be canceled when the insured vehicle gets loss or is stolen. Own damage cover will be canceled when a primary car is stolen or faces total loss. The specific car will be removed from the plan in case the secondary car gets stolen or suffers a complete loss. The whole policy will be canceled when all the covered vehicles encounter a total loss in one incident.
Vehicle transfer will be allowed when the vehicles are transferred to a single entity or an owner. A new owner of a car can request the transfer of ownership. The request for ownership may also be acknowledged with the approval of the previous owner. If any car is transferred to a new owner, it will be eliminated from the floater plan. The premium will also be refunded and a transferee needs to buy a new plan.
Verdict
Before buying any plan, it is recommended to carefully read the terms and conditions to prevent any confusion during claim settlement.
