InvestorQ : Can I buy a single insurance policy for all my vehicles?
Diya Chitale made post

Can I buy a single insurance policy for all my vehicles?

Answer
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Siya Saran answered.
8 months ago


Well, for now, you cannot buy one combined policy for all your vehicles, you have to buy separate policies for every vehicle. However, recently ICICI Lombard announced about launching a ‘floater’ policy under which all your vehicles can be covered. The prototype shall be available for the first six months, and then if it worked out well, the insurers shall accept this as an insurance product.

What this ‘Floater’ Policy is?
This policy shall be such that it will cover all your vehicles under one policy, this would be an app-based product. Under which, a single owner can link multiple vehicles together and offer coverage accordingly.

Presently most insurers charge a premium on the basis of the vehicle make, model, age, location and the no-claim bonus applicability on the policy. This new program will also help to monitor driving behaviors such as hard braking, rash, accelerations, total distance traveled, or time of the day to compute premiums. All this monitoring shall be done with the help of an app that will help monitor the driving behavior of the insured, and the customer will also be rewarded for safe driving. This program shall be available to customers for even less than a year and they can select the time limit accordingly.

This shall work on ‘pay as you consume’ basis, with the help of which the insured shall be charged premiums based on kilometers utilized by the insured or the amount of time they intend to drive the car. It is obvious that one must not drive two vehicles at the same time, so the coverage shall be allocated among different vehicles accordingly.