What is Floater Motor Insurance Policy in India? How it Works

Floater motor insurance

Suppose you have three cars and you are running motor insurance for all of these. The date of the renewal of all the cars is different. In this case, you may have to remember all the dates and you have to manage time for their renewals on time. Will it be good if you get one floater motor insurance policy?

Floater motor insurance policy can make it easy for you. Of course it is very challenging for everyone to remember the dates of insurance for multiple cars. Three is also may be requirement of any endorsement also.

If it so then you have to process it one by one and it can consume your lot of time. Very soon you can get a solution of all these in the form of floater motor insurance policy in India.

What is Floater Motor Insurance Policy?

It is the part of sandbox approach in India. I am sure you are aware of the family floater health insurance policy. In health insurance, multiple family members are covered.

Floater motor insurance policy will cover multiple cars in the name of the same owner. In this policy, you can buy the policy for more than one vehicle in one shot. You don’t need to purchase it one by one.

You can purchase it by paying a premium in one shot. It may be an application-based interface where you can manage many things through the mobile application.

What are the Benefits of Floater Motor Insurance Policy?

An initiative of this kind of insurance policy is taken to make the product innovative and satisfactory to the policyholder. Of course it will have its own benefits also. There may be the following benefits:

There may not be any need to fill multiple application forms for multiple cars. If you want to take a motor insurance policy for multiple cars then you can buy it in one shot.

You can also do an endorsement in your policy at one time. If you want to do the change in all your car insurance then there will be no need to endorse it separately. It will save your time.

Premium of policy may be charged on the basis of usage of the car. if you are using your car on a regular basis then the premium may be higher in comparison to lesser use of the car.

Conclusion:

This is the sandbox initiative in India. Currently, it is in experiment and development mode and very soon you may get floater motor insurance policy for your multiple car. This is for making available of global level and most satisfactory product to the customers.