By owning a car, individuals find themselves availing of multiple conveniences ranging from the ease of transportation to enjoying elements of comfort and luxury. While buying and maintaining a car can be costly, car insurance helps provide a layer of financial coverage. This form of insurance can be purchased either as third-party insurance or as a comprehensive car insurance plan. The former is made available by the motor issuer themselves and covers legal liabilities owed to accidents or damaged property. The latter is more expensive in the coverage it offers.
Understanding the Motor Floater Policy –
The Insurance Regulatory and Development Authority of India stipulates that pay-as-you-drive motor floater policies will now be permissible within the country. This means that owners of vehicles will now be allowed to pay a premium to motor car insurance companies keeping in mind the usage of their vehicles. This payment for a single policy will provide them with car insurance for multiple cars they might own.
By paying a single premium for multiple cars one owns, the sum insured by the same policy will be better optimized.
The motor floater insurance policy is in effect and owed in part to the fact that only one car can be driven at a single time.
Coverage Under Motor Floater Policies –
Ordinarily, most motor floater policies permit their policyholders to the following.
- Coverage pertaining to any damage caused to the vehicle keeping in mind its usage
- Premiums applicable depend upon the usage of the vehicle in question
- Policyholders are entitled to add or remove vehicles as per their requirements and those mentioned in the application
- Policyholders may choose to optimize the premium paid and sum insured provided
- A paperless process, claims may even be settled via a video call and images can be uploaded via the garage itself or the user.
What Motor Insurance Should You Select?
Motor Insurance can be availed in the form of a third-party insurance policy or as a comprehensive car insurance plan. Owning a third-party liability insurance policy is legally mandatory in India. These policies are made available via motor issuers themselves. Moving on, as the name might suggest, comprehensive car insurance plans are more expensive in the coverage they provide policyholders with. Additional coverage is provided which is extremely beneficial as it enhances existing policies and provides an added layer of financial security.
By making use of a car insurance calculator those eager to purchase motor vehicle insurance plans can discern what policy would suit them best and ascertain what the premiums they might have to pay would amount to.
Availing a car insurance plan for your motor vehicle(s) is not only fiscally wise but is a legal requirement as well. Head on over to the internet to look up a car insurance calculator such that you can discern what plan would work best for you. Motor floater policies are a boon in reducing the cost of premiums incurred in the case of ownership of multiple vehicles and can be bought on Finserv MARKETS today.