One Car Insurance- For Multiple Cars

Karan is planning to buy a car and bestow it upon his wife on their fifth marriage anniversary. Though he is excited and happy, somehow, he is worried, as he already owns two cars.

Now, what is worrying Karan?

Karan is smart and likewise understands the importance of having a car insurance policy. Now, as he owns two different cars, so he already has two car insurance policies respectively.

He is worried that again he needs to buy third time a car insurance policy. He is in double thoughts of not buying a car insurance policy. However, he is confused as he understands that eventualities do not come knocking and anything can happen anywhere at any point in time.

This might be a major concern for most of the car owners of buying car insurance policy for every car they own.

Soon, you will Pay a Single Premium for the Multiple Cars you Own

Yes, you read it right!

Now, if you own multiple cars you, soon you will just need to pay a single premium for all the cars you own with Pay as you drive motor floater policy. As per the Insurance Regulatory and Development Authority of India, the motor owners are permitted to pay a premium on the premise of the usage of one’s vehicles, which is basically the Pay-as-you-use model under the IRDAI’s sandbox approach.

Paying a single premium for all the cars you own will help in optimising the sum insured for you.

As a matter of fact, at a time, you will drive one car only. Now, this creates provision of motor floater policy, which may be benefitted by the users. Edelweiss General Insurance Company Ltd. is planning to launch an application-based interface, which will provide motor floater policy for own damage cover.

The following are the features and benefits of Pay-as-you Drive motor floater policy as per the IRDAI’s sandbox guidelines:

  • The application-based floater plan will permit the insurers to cover any damage caused to the vehicle based on the usage
  • Based on the usage of the vehicle, the premium will be charged
  • The customers have the flexibility to add and delete vehicles as per the requirement on the application
  • Option to optimize the premium and sum insured amount is given
  • It is completely paperless, and claims can be settled through live video, uploaded either by the garage or the user

Moreover, with the help of this application, the driving skills of the owner will be monitored and on the premise of this, a reward will be provided to the owners for secured driving skills.

Besides, an advantage of this application is that while calculating premium at renewals scores will be given to the customers, which will be reflected then.

Motor Floater Policy

Until now, we had a family floater health insurance policy, which essentially provides cover for all the members of a family under a single plan.

As mentioned above, Now, soon you will have a floater motor policy based on the pay-as-you-drive model will be launched only as a pilot product as per the IRDAI guidelines. The insurance providers, such as Edelweiss General Insurance, Bharti AXA General Insurance, Reliance General Insurance will soon make this a reality.

This motor floater policy will be quite useful in reducing the cost of premium that goes in buying standalone motor insurance plans, especially during the COVID-19 lockdown. And the user will be able to choose the vehicle to be insured every time it’s used.

Soon people will be able to buy it online from Policy Bazaar’s website in a seamless and convenient manner.

What Could be Better than Choosing and Customizing the Car Insurance Policy on your own?

No one other than you would know the requirements regarding your car.

In India, third-party liability insurance is a legal mandate. However, it is always better to opt for a comprehensive car insurance policy. If required, opt for relevant additional covers, which will enhance your policy and provide you with an extra layer of security.

Pretty sure that you are SMART and one of those who will buy a car insurance policy.

To Conclude

Soon the policy will cover multiple cars in one, it will not just save your time besides, you need not get into the hassle of buying standalone policies for different cars even if you do not drive them much.

With the advancement of technology and digitization, buying a car insurance policy online has become easy and flexible. Besides, buying a car insurance policy online will save you from frauds.

Also, before you buy a car insurance policy compare and analyse the quotes online.

Happy Driving!

Written By: PolicyBazaar - Updated: 10 June 2020
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