Motor Floater Insurance

Buying multiple motor policies to insure all your vehicles, paying separate premiums and remembering different renewal dates for all of them is a thing of past, with this floater policy you can leave the inconvenience behind and choose one single cover to insure all the vehicles owned by you.

What is the policy:
The policy is a Sum Insured based floater policy cover for all the vehicles owned by a customer under one policy
You can cover all private vehicles, cars or two-wheelers registered under a single owner
A maximum of 5 vehicles can be covered under the policy
Option to choose from Stand Alone Own Damage cover (Private Car & Two wheeler) and Comprehensive cover (Own Damage along with Third Party)

What is the Sum-Insured of the Policy?
The Highest Insureds Declared Value (IDV) of the vehicle, amongst all insured vehicles covered in the floater policy, will be the Sum Insured. The vehicle with the highest IDV will be considered as Primary Vehicle in the policy and the rest shall be considered as Secondary Vehicles.

What is the scope of cover?
Standalone Own Damage Cover

The policy covers against any loss or damage to your vehicle or its accessories due to:
1. Fire, explosion, self-ignition, accidental damage by external means
2. Any damage in transit by road, rail, inland waterway, lift, elevator or air
3. Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, rockslide, landslide
4. Burglary, theft, riot, strike, malicious act, terrorist activity

Comprehensive Cover (Own damage with Third party cover)
Along-with covering your own vehicle this policy protects against any legal liability arising out your vehicle towards third parties due to accidental injury/death of a person and any damage caused to third party property.

No-Claim Bonus:
If there's no claim during the policy period, a No Claim Bonus (NCB) is offered on renewals up to as high as 50%. You can transfer full benefits of NCB when you shift your motor insurance policy from another company. No Claim Bonus shall be extended for the vehicle which is being covered for short period too at the applicable slabs.

NCB will only be allowed provided the policy is renewed within 90 days of the expiry date of the previous policy and No Claim is made in the entire policy year.

Policy Cancellation:
Cancellation of policies (For a single vehicle or multiple vehicle) shall be allowed only in following below mentioned scenarios:

Total loss/CTL or Theft of Vehicle
1. In case of total loss of Primary vehicle entire sum-insured is said to be exhausted. Own damage policy cover shall be cancelled for all vehicles
2. In case of total loss of Secondary vehicle, the specific vehicle shall be cancelled from the policy coverage from the date of intimation of loss
3. In case of total loss claim in all vehicle single incidence, policy shall be cancelled, and no premium refund shall be allowed

Transfer of Ownership
1. Transfer of Ownership of the vehicles shall be done on receipt of specific request from the new owner with the consent of old owner
2. In case of transfer of individual vehicle, the transferee is to take a fresh policy. Vehicle will be deleted from the policy cover and premium shall be refunded as per India Motor Tariff.
3. Transfer of Ownership of all vehicles in the policy shall be allowed only if all vehicles are transferred to a single entity/individual

Double Insurance
Vehicle cover shall be cancelled from the policy cover (vehicle specific) and refund shall be as per Indian Motor Tariff.

Policy Exclusions:
Any loss or damage to the vehicle and/or its accessories will not be covered if caused by

1. Normal wear, tear and general ageing of vehicle
2. Consequential loss, depreciation
3. Mechanical and electrical breakdown
4. Vehicle being used otherwise than in accordance with limitation as to use
5. Damage to/ by a person driving the vehicle without a valid license
6. Damage to/ by a person driving the vehicle under the influence of drugs or liquor
7. Loss or damage due to war, mutiny or Nuclear Risks

Benefit Illustration:
The information mentioned below is illustrative and not exhaustive