Cars are no less than a necessity in this day and age. Whether you live in an urban setting or a semi-urban settlement, the comfort a car offers is incomprehensible. A car offers not only convenience but also safety in terms of pollution and harmful pollutants create the atmosphere. This is why many people seem to buy more than one car, each for their particular purpose. Also, driving skills have become a life skill and many learn it from an early age.
When it comes to owning a car, there are a few formalities you need to follow as a car owner – car insurance and pollution under control (PUC) certification. Your vehicle’s registration certificate is valid for a period of 15 years from the date of original purchase, but these other eligibilities require periodic renewal. This is where it becomes a hassle for someone who owns more than one vehicle. You need to remember the expiration dates for each and make sure you don’t miss the renewal date. Doing so will invite not only uncertainty but also heavy fines. But those of you who own more than one car, fret not! We have brought you a motor insurance that covers all your cars in one policy. Multiple car insurance, known as a multi-car insurance plan.
Contents
What is a multi-car insurance plan?
Similar to the family floater policy in health insurance where many people are covered by a single insurance, multi-vehicle car insurance is a type of insurance in which more than one car is covered by the policy. This motor insurance plan offers coverage for up to five cars under a single insurance policy. You no longer need to remember different insurance dates to follow up and not miss their renewals. When purchasing this multi-car insurance policy, you have the option of choosing either stand-alone coverage for own damage or a comprehensive plan for all insured cars at once.
What is the insured amount of this type of multi-car insurance plan?
Since there is more than one vehicle to be insured, the vehicle with the highest declared insurance value or IDV is selected as the primary vehicle. The maximum coverage for this type of motor flotation policy is the IDV of that primary insured vehicle and all other vehicles are considered secondary vehicles.
What are the benefits of getting a multi-car insurance policy?
Here are some features of a multi-car insurance policy –
- Hassle-free purchasing
Having a multi-car insurance policy will help you avoid the hassle of managing multiple policies for your different cars. It also helps save time and reduce the overall documentation required to purchase new insurance coverage.
- Ease of change in policy details
A single insurance policy is easier to manage in terms of policy details. You do not need to provide the same information repeatedly when purchasing or making changes to your policy. Hence, with a multi-car insurance policy, you can simply change the coverage details for all your vehicles at once through your car insurance app.
- Coverage flexibility
Multi-car insurance policies have the advantage that new additions or removal of any vehicle from coverage can be done easily with a few clicks. Some insurers also have mobile apps that facilitate these changes. Also, some policies allow the user to turn off or disable the protection of a particular car as needed. However, the theft and fire damage coverage will remain active. Moreover, you do not have to worry about how to buy third-party car insurance online for each vehicle to cover liabilities.
- Reduced documentation
With a single policy for all your cars, it is easier to look at and manage the policy. This often includes reduced paperwork during the initial purchase. Also, as mentioned above, mobile apps, or online services are accessible for you to add newer cars to your coverage.
The multi-car insurance policy is an evolving concept and is offered by a limited number of insurance companies. To take advantage of these benefits, you may need to perform your share of research and make an appropriate selection based on the offer.
I am Arjun Kumar. I am the owner and administrator of Finance Gradeup. I have completed my education in Arts & Technology. Arjun Kumar usually has interests in playing games, reading and writing. He was a brilliant student during his college days. He also works for many private companies, but the main interest of Arjun Kumar is digital marketing. He thinks that reading is a must before providing any quality information to his readers. You can find Arjun Kumar on much social media handles online, or you can learn more about him in about us page.