Motor Floater Insurance

Motor Floater policy refers to one single insurance policy for all your four-wheelers. It allows policyholders owning more than one car to save up on premium by purchasing one combined policy for their multiple vehicles.

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What is Motor Floater Insurance?

Owning more than one car can be burdensome as you are required to manage separate insurance policies for each of your vehicles. Moreover, it also becomes heavy on your pocket as you pay a separate and higher premium for each of your policies.

To overcome this, insurance companies have started offering a Motor Floater insurance policy. This optional add-on allows you to purchase a single four-wheeler insurance policy for all your cars. This way you can also save up on your premium and from the tedious process of purchasing more than one insurance cover.

Thus, a motor floater policy can be considered as single insurance for multiple cars.

Benefits of Motor Floater Insurance

A motor floater or a multi-vehicle insurance policy is very beneficial for policyholders who have more than one car. Below are some benefits of owning one motor insurance policy for all your cars:

Less Cumbersome: Having multiple car insurance for all your cars is a cumbersome thing to manage. You are required to keep all your policies with you which will also increase the number of documents. An easy way out of this is buying one single insurance for all your motor vehicles. It will not only reduce your paperwork but will also be very easy to carry them wherever you go in any of your cars.

Low Premium: Another advantage of having motor floater insurance for all your cars is you are required to pay one premium for all which is mostly low. Apart from low premium, you also get discounted pricing from the insurer as you are insuring multiple vehicles under one motor vehicle insurance policy.

One Policy for all: Imagine the convenience of having one motor insurance policy for all your cars. With one policy for all your vehicles, policy management will get easier and more convenient.

Easy Purchase: Purchasing multi-vehicle insurance online is also an easy process. You can also compare the prices of multiple insurers on and choose the policy that best suits your requirements without any hassle.

One Renewal for all: If you purchase multiple policies for all your cars, you will also be required to renew each of them separately. This will be really tedious and remembering the expiry dates of each would be difficult as well. This problem can be solved by having one motor insurance policy for all your cars. With a single policy for all, you will only renew your policy once and you are done. Easy, isn’t it?

Coverage Under Motor Floater Insurance

A motor floater policy will offer the below-mentioned coverages:


Damages that are covered under motor floater insurance include:

  • Damages arising out of the fire, explosion or self-ignition of the insured motor vehicles.
  • Any loss caused to any of the insured cars due to theft or burglary will be covered under the multi-vehicle insurance policy
  • Accidental damage to the insured cars while they were in transit via road, rail, waterway or air
  • Damages to the insured car arising out of malicious activities like strikes, and riots, are also covered
  • Any damage sustained by the insured car due to natural calamities like typhoons, hurricanes, storms, slides, etc.
  • A motor floater policy also covers any third-party liabilities arising out of the insured car.


A policyholder cannot make a claim for these damages under his/her motor floater policy:

  • Damages caused to any of the insured cars when the driver was under the influence of alcohol.
  • Damages arising out of contractual liability of the owner of the insured cars
  • Any mechanical or electrical breakdown to the insured cars will not be covered under a multi-vehicle insurance policy
  • Damages sustained by the insured car when the driver was not carrying a driving license
  • General wear and tear and depreciation borne by the insured four-wheeler are not covered.

How does Motor Floater Policy Work?

A motor floater insurance policy works just like a comprehensive car insurance policy only. It can be considered as an add-on over a comprehensive cover that covers more than one vehicle from unforeseen risks such as a road accident. However, there are some pointers that you must know before purchasing motor floater insurance:

  • Under a motor floater policy, the vehicle having the highest Insured Declared Value will be considered the primary vehicle. The rest of the cars covered will be called secondary vehicles. When it comes to the sum insured, the highest IDV will be the sum insured of the motor floater policy.
  • A policyholder can also take benefit of the No Claim Bonus under his/her motor floater policy. Thus, if you do not make a claim under your policy, you will be eligible to receive the NCB discount during policy renewal.


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