Sign In
For assistance with claim related queries in the CYCLONE affected regions of Tamil Nadu, Andhra Pradesh, and Kerala, please click here

Guide to Single Insurance for Multiple Vehicles

Vehicles are an integral part of our country. This is proven by the fact that India is the largest consumer of bikes and the 6th largest consumer of cars in the world. To run bike or car on Indian roads, owners require two-wheeler insurance and car insurance. The Indian government has made it mandatory to have at least third-party insurance. Now the question comes what if you own multiple vehicles, do you have to get different insurance for all of them or is there anyone insurance that can cover all your multiple vehicles. Yes, under multi floater insurance or multi-vehicle policy, you can insure all your vehicles. To know more about it, look at the abstract mentioned below: 

What is Motor Floater Policy?

A motor floater policy is a type of policy that covers multiple vehicles under one plan. So, using this plan, you can insure all your vehicles that are registered under your name. this plan is based on the sum insured coverage plan. You can insure multiple vehicles, but its limit is up to 5. There are several companies in the market from where you can buy motor floater insurance policy. This policy comes with several advantages. Firstly, you don't have to pay a premium for multiple policies. Secondly, keeping track of renewing multiple policies can get tough, but with a multi floater policy, you don't have to worry about it. Under this plan, you can either opt for own-damage cover or comprehensive cover. You should remember that you will get coverage against third-party liability under comprehensive cover.

Sum Insured of Multi Car Insurance Policy

Let's say you have 3 vehicles, and you want to know how much coverage you will get. This is decided with the help of the IDV of the primary vehicle. The vehicle which has the highest IDV or Insured Declared Value is considered as the primary vehicle. The rest of the vehicles will be considered as a secondary vehicle. The highest IDV will be the sum insured amount of this plan.

Scope of Motor Floater Policy Coverage

As mentioned above, you can either opt for your own damage cover or the comprehensive cover under the motor floater insurance policy. Let's talk about them in detail: 

Own Damage Cover

Under this, your multi-vehicle policy will cover damages under the following circumstances:

  • Damages to the vehicle due to failure of electrical components or fire 
  • Damages to the vehicle due to inappropriate handling during shipment 
  • Damages to the vehicle due to natural calamities such as earthquakes, floods, etc.
  • Damages to the vehicle due to an accident
  • Damages to the vehicle due to man-made calamities such as theft, riots, etc.
    • ​

    Comprehensive Cover 

    The comprehensive cover will not only provide the coverage against the own damages, but it will also provide coverage against the damages caused to the property or life of a third-party. So, along with the benefits mentioned above, you will also get protection against third-party liabilities. 

    No Claim Bonus

    If you don't make any claim during the policy tenure, you will be eligible for NCB and you will get a discount on the premium on the renewal of the policy. If you decided to change the insurance company, you can transfer the benefits too.