Motor Floater Insurance: Motor floater insurance is more convenient, flexible, and cost-effective for people who own numerous vehicles than standalone policies. The issue of remembering when each individual policy is due for renewal and having to make several premium payments is resolved with such a cover. In this article, we will tell you all about this type of insurance.
Motor Floater Insurance: What is it?
The Mediclaim floater policy is similar to the motor floater policy. A single policy covers the health insurance needs of the entire family. Similar to that, a motor floater policy provides insurance coverage for all of a person’s cars. Experts in insurance claim that with the introduction of floater policies, overall insurance spending has decreased. If there are more insured vehicles, companies will lower the premium.
The requirement for acquiring a motor floater policy is that all of the vehicles be registered in just one person’s name. Five automobiles are reportedly covered by a single policy, according to a general insurance company executive. In contrast, the owner of the car need not keep track of various expiration dates and insurance rates for several automobiles. Both two-wheelers and four-wheelers are eligible for floater policies.
How can it benefit you?
Up to five automobiles can be insured by insurers, and policyholders can drop any vehicle that is sold.
You don’t have to remember when various policies renew or pay multiple rates when you have a floater.
A policyholder can even switch off coverage based on how the vehicles are used, which lowers the overall rate.
