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​Motor vehicles have become an inseparable part of our lifestyle.  Some families have multiple vehicles as per their family needs. Having motor insurance for your vehicle is a mandatory document by law. Purchasing an insurance policy can become a hassle as you have to manage several different policies at the same time and the renewal deadlines can be missed.

But can buy a single policy for all your motor vehicles? Yes! It is possible. Such a policy is called a multi-vehicle policy. 

What is a motor floater policy? 

motor floater policy is the kind of insurance provided to people owning more than a single-vehicle. This type of insurance covers all private vehicles (cars/two-wheelers) registered under a single owner. It can be a replacement for your separate two-wheeler and car insurance. It is a sum insured based coverage plan, where up to five vehicles can be covered under a single policy. It eliminates the hassle of paying multiple premiums and keeping track of the renewal dates of all the policies. A motor floater policy will also allow you to choose between an own damage or a comprehensive cover. ​

Sum Insured of Multi Car Insurance Policy

The vehicle with the highest IDV will be the primary vehicle of the floater policy. Similarly, the highest IDV will be the sum insured amount of motor policy. The rest of the vehicles covered will be treated as secondary vehicles under the plan. 

Scope of Motor Floater Policy

Motor Floater policy will cover the following points:

Own Damage Cover

The damages will be covered under the following circumstances
  • ​Damages due to an accident
  • Damage to fire or any electrical component failure
  • Damage to the vehicle due to improper handling during transit
  • Damages due to natural disasters
  • Damages due to man-made calamities like riots, theft
  •  Comprehensive Damage Cover

    The comprehensive insurance will provide for own damages as well as for a loss of the third party. It will cover injuries accidental death of third party or damages to a third party along with own damages as well. 

    No Claim Bonus

    If you do not make any claim on any vehicle during the tenure of the policy. No Claim bonus will be applied to the premium amount during the next renewal. It is also applicable even if you change your car or bike insurance provider. Benefits can be extended to those vehicles which are covered for a short period as well. 

    What is excluded in the motor floater policy?

  • ​​Repair or replacement of any parts due to wear and tear.
  • Depreciation cost of a vehicle 
  • Damages to the vehicle due to breakdown
  • Driving without a valid driving license
  • Reckless driving
  • Benefits


    Hassle-Free Purchase: 

    The policy can be purchased like any other regular policy and is easy to maintain.

    Usage-Based Premium Calculation: 

    The premium is calculated based on the usage of the vehicle. The distance covered will be the main criteria. 


    The policy allows any person to customize the policy for up to 5 vehicles, thus easing out the burden of having many policies.