Motor Floater Insurance

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Motor Floater Insurance

Benefits

Plan Details

More Benefit

One policy for multiple
vehicles

More Savings

One premium for all vehicles
with upto 20% discount*

More Convenience

One renewal date for all
vehicles

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 floater sum-insured based cover
You can cover all private vehicles, cars or two-wheelers registered under your name with this policy
A maximum of 5 vehicles can be covered under the policy
You can choose a Standalone Own Vehicle Cover or a Comprehensive Cover (Own Vehicle + Third Party)

What is the Sum-Insured of the Policy?

The Highest Insured’s Declared Value (IDV) of the vehicle, amongst all insured vehicles covered in the floater policy, will be the Sum Insured*. This vehicle also becomes the Primary Vehicle in the policy and the rest are 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

Policy Cancellation:

Cancellation of policies (specific/ multiple vehicle) shall be allowed only in following 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 will be cancelled from the policy coverage from the date of intimation of loss

3. In case of total loss claim in all vehicle with 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

Title	Description
Name of the Proposal	Reliance Floating Sum Insured cover-Multiple vehicles Insurance
Identification No	IRDAI/NL/SANDBOX/220/2019-20
Period for validity of this proposal	1st February 2020 to 31st July 2020
Name of the product under which the proposal will be implemented as add-on	NA
Premium/fees to be charged for participation	As per the policy schedule
Information that will be collected from the participating policyholders	1. Photo Identity Proof 2. Address Proof 3. Vehicle Registration Copy 4. Previous policy history & details
The manner in which the data collected from policyholders shall be used	Data will be extracted from proposal Form and can be viewed by customer later on policy schedule
The benefits provided to the policyholders for participating in the proposed	1. Single policy multiple vehicle coverage 2. Convenience for Insured with ease of operation 3. Premium leverage 4. No claim Bonus discount 5. Multiple vehicle discount
Benefit chart: methodology for calculation of benefits	Benefit will be provided by way of Discount in premium under the policy for each addition of vehicle made by the customer under the policy
Customer Right	Customer has the right to migrate his policy to existing or any new product of the Company available at the time of renewal.

Click here to read the product prospectus for more details

*T&C apply. Details mentioned here are for the product- Motor Floater Insurance Policy.

FAQ

Benefits

What is Reliance Floating Sum Insured cover - Multiple Vehicles Insurance policy?

This policy provides coverage to all your vehicles registered under single Insured name (no commercial usage) under one policy.

A customer can choose to insure their Private car/s and two-wheeler/s in this policy.

Why should you opt for Reliance Floating Sum Insured cover - Multiple Vehicles Insurance policy? - USP of the policy

• A sum insured based ‘floater policy cover’ will provide coverage to all the vehicles owned by a customer under one policy.

• Since, all the vehicles shall be covered under a single policy; several benefits will be available in terms of

1. Single renewal date

2. Premium benefit

3. Ease of policy handling

Can I add another vehicle in the midterm?

Yes, you can add another vehicle in the midterm. We will facilitate the same, but you must choose this product in the beginning of the first policy.

If I am selling my vehicle, how will the transfer of ownership be changed?

Transfer of Ownership of the vehicle in the policy shall be done on receipt of specific request from the new owner of the vehicle with the consent of Old Owner

(i) Individual Vehicle Transfer - In case of transfer of an individual vehicle, the transferee is required to take a fresh policy. Vehicle so transferred will be deleted from the policy cover and premium shall be refunded as per the provisions mentioned in the Indian Motor Tariff.

(ii) Transfer of all the covered vehicle- Transfer of Ownership of the vehicles in the policy shall be allowed only if all the vehicles are covered in the policy are transferred to a single entity /individual at the same time.

In case of Total loss/Theft of the vehicle, what will be the cancellation logic?

In case of Total Loss/ Theft of all the vehicles during the policy period, the specific claimed vehicle cover shall be cancelled from the date of intimation of loss.

(i) Primary Vehicle Total loss-In case of total loss of the Primary vehicle (vehicle with highest Sum Insured), entire sum insured is said to be exhausted. Own damage policy cover shall be cancelled for all vehicles

(ii) Secondary Vehicle Total loss-In case of total loss of the Secondary vehicle, the specific claimed vehicle will be cancelled from the policy coverage from the date of intimation of loss. There shall be no premium refund allowed.

(iii) Total loss of all the covered vehicles - In case of total loss claim in all the covered vehicles in a single incidence, Policy shall be cancelled, and no premium refund shall be allowed.

Further, in case of loss of more than one vehicle/all the vehicles covered under this policy – in no case the total indemnity amount (i.e., sum insured of all the vehicles so lost put together) shall exceed “sum insured” as defined under policy schedule.

How is the policy sum insured defined?

Highest Insured declared value (IDV) of the vehicle shall be considered as the policy sum insured. Also, vehicle with the Highest Insured declared value (IDV) will be considered as the primary vehicle in the policy. All vehicles other than primary vehicle under the Floater policy to be considered as secondary vehicles.

Illustration
Customer – “A” Private Car independent policy Sum insured – Rs. 5,00,000/-	Customer – “A” Two-wheeler Independent policy Sum insured – Rs. 50,000/-	Customer – “A” Single policy covering both Private Car & Two-wheeler Sum insured – Rs. 5,00,000/- with same risk end date

I am having 1 private car & purchasing new two-wheeler, can I opt the policy for both the vehicles?

Yes, you can opt to cover both the vehicles under this policy. You may opt to include the newly purchased two-wheeler under this policy.

At the time of renewal, can I take individual insurance for all my vehicles?

Yes, customer shall be given a choice to continue with the same product during the next renewal at which customer may port the policy to the existing motor insurance product. In case customer chooses to opt-out mid-term, eligibility with respect to cancellation, IDV, NCB and other relevant policy factors shall be as per an existing motor insurance product for individual vehicles.

How this policy will benefit the customers?

Reliance General Insurance’s core belief of customer centricity is conveyed through this policy as it offers to make the customer’s life simpler and more convenient. The motor floater policy entails documentation for multiple policies under one umbrella, which helps save time, reduces hassle and paperwork for policyholders. The single floater policy also provides ease of usage to policyholders as all communication and personal details can be clubbed under this one policy. Any information can be changed any time in one go if the need arises. Additionally, policyholders can choose to enter or exit the policy as per needs and their will.

I am having one Private car & more than one two-wheeler registered in my name, can I cover all these under Reliance Floating Sum Insured cover - Multiple Vehicles Insurance policy?

Yes, you can insure your entire Two-wheeler & Private car used for non-commercial purpose registered under single insured name under Reliance Floating Sum Insured cover - Multiple Vehicles Insurance policy.

I am having one car with risk start date of 1st March 2020 & my two-wheeler risk start date is 12-April-2020, will this policy cover both vehicles, and how?

Option 1

Here the objective is to align policy Risk end date of all the vehicles covered to a single date by issuing short period policy (as required), so that renewal dates of the vehicles can be identical. In this, premium shall be charged on the pro-rata basis for the policies issued for short term.

Your 1st vehicle (private car) will be having a policy period of 1-March-2020 to 28-Feb-2021 and your 2nd Vehicle (Two-wheeler) policy period will be 12-April-2020 to 28-Feb-2021.

Illustration
Risk start date alignment logic
Subject matter	Existing policy tenure		Customer entry point	Proposed policy tenure
	Risk Start Date	Risk End Date		Risk Start Date	Risk End Date
Vehicle 1	1-Apr-19	31-Mar-20	any time before Apr 2020	1-Apr-20	31-Mar-21
Vehicle 2	1-Jun-19	31-May-20		1-Jun-20	31-May-21

Option 2

In case, you already have renewed your private car policy and you wish to switch under this product from your existing policy along with addition of your two-wheeler, you may choose to cancel the existing private car policy (premium will be refunded for that) and opt for this product.

I have covered a private car & two-wheeler under Reliance Floating Sum Insured cover - Multiple Vehicles Insurance policy, if I make a partial claim on private car, does it impact my two-wheeler no claim bonus?

This is the best feature of this product where treatment of no claim bonus shall be at vehicle level, hence two-wheeler no claim bonus shall not be impacted as no own damage claim has been made in that.

Motor Floater Insurance

Please share your Details

Motor Floater Insurance

Benefits

Plan Details

What is the policy:

What is the Sum-Insured of the Policy?

What is the scope of cover?

No-Claim Bonus:

Policy Cancellation:

Policy Exclusions:

Benefit Illustration:

FAQ

Benefits