Motor floater insurance policy for multiple vehicles: Key things to know before buying

The owner can insure up to five vehicles under the motor floater policy. There is flexibility to add and delete vehicles as per requirement.

While buying a motor floater insurance policy, the owner gets the option to select standalone coverage for own-damage or a comprehensive plan for all the cars at once.

The vehicle with the highest Insured Declared Value or IDV is usually selected as the primary vehicle and this amount will be the sum insured of the motor floater policy. All the other vehicles are considered secondary vehicles.

The motor floater insurance plan provides own damage cover, third-party cover, and no-claim benefit.

Do note that the premium for one motor floater policy is typically lower than multiple motor policies.