Motor floater insurance policy: 5 things to know

1.A motor floater policy is a single motor insurance plan which covers multiple vehicles registered under a single owner.
2.One Can insure up to five vehicles. There is flexibility to add and delete vehicles as per requirement.
3.The vehicle having the highest insured declared value will be considered the primary vehicle, and this amount will be the sum insured of the motor fl oater policy. The other vehicles will be secondary vehicles.
4.The motor floater insurance plan provides own damage cover, third party cover and the no-claim benefit.
5.The premium for one motor floater policy is typically lower than multiple motor policies.


Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.