Combined Motor Policy: Complete Guide

Owning more than one vehicle can make daily life a lot more convenient. You might have a car for city commutes and a bike for quick errands, or perhaps your family owns multiple cars. But managing separate insurance policies for each one can quickly become overwhelming. Different renewal dates, multiple documents and separate premium payments can lead to confusion and missed deadlines.

A combined motor insurance policy offers a smarter solution. It allows you to insure all your vehicles, like cars, bikes, even electric ones, under a single plan. This blog explains how it works, the types of vehicles it covers and the benefits it can offer.

What is a combined motor insurance policy?

A combined motor insurance policy, also known as a motor floater policy, is an insurance plan that allows you to cover multiple vehicles with a single insurance policy. Instead of purchasing individual policies for each vehicle, you can have a single policy to insure all of them at once.

This kind of car insurance policy is best for individuals owning more than one vehicle, such as two-wheelers, cars or both. It consolidates all of that under a single policy document, single renewal date and usually at a lower cost.

Types of vehicles covered

A combined policy is very accommodating. It generally covers private vehicles, two-wheelers (such as scooters and bikes) and electric cars (both two-wheelers and four-wheelers).

Some policies even permit you to add a combination of older and newer vehicles. But all the vehicles have to be registered in your name or your family member's name (such as spouse or children) as per the rules of the insurer.

Benefits of a combined policy

A comprehensive combined motor insurance policy offers several key advantages. With a single policy and renewal date, managing coverage for multiple vehicles becomes simpler and more efficient. All documents are consolidated, reducing paperwork and eliminating the hassle of tracking multiple policy numbers. Claims and renewals can be handled easily through one account or app. Insurers often offer discounted premiums for bundled vehicles, making it more cost-effective than separate policies.

Additionally, a single point of contact ensures smoother communication. Some insurers also allow you to carry forward your No Claim Bonus (NCB) across all vehicles, helping reduce your premium if no claims were made in the previous year.

Things to keep in mind

Though a combined policy is convenient, the following are a few things you must keep in mind:

• Check eligibility

Not all insurance providers have a combined motor insurance policy. Therefore, you must check which companies have it and if your vehicles are eligible for it.

• Ownership requirements

In most instances, all the cars need to be registered in the name of the same owner. Where cars are owned by different family members, ask your insurance company if they can be included nonetheless.

• Claim rules

Although it's a single policy, you still need to file individual claims for every car in case something happens. Carefully read the conditions.

• Vehicle age and condition

Older cars can command more premiums. Some companies do not provide very old or junk cars with a combined cover.

• Cover types

Ensure that every vehicle receives adequate coverage. For instance, your car may require comprehensive car insurance, but your bike may require only third-party cover.

Conclusion

Having several insurance policies to manage can be difficult. But a motor insurance bundle provides you with a smart and convenient means of protecting yourself. Whether it's your vehicle, motorcycle or electric car, you can organise everything in one location. Forget about keeping tabs on several pieces of paper or risk forgetting a renewal.

In addition, you may even save money by receiving discounts on combined premiums. That is a win-win. As you are going through efforts to have your cars safe and well cared for, we can help you stay protected on the road as well. Take personalised car insurance guidance and solutions by completing the form offered on this page.

FAQs

• Is it possible to cover my bike and my car under a single motor insurance policy?

Yes, in case your insurer provides a combined or motor floater policy, you can put both bike and car in one plan.

• Will I receive a No Claim Bonus on all cars?

A few insurers provide a shared No Claim Bonus (NCB) or separate NCBs for each vehicle. It varies with the policy. Always inquire prior to purchase.

• What if I sell one of the cars?

You can notify the insurer and delete the sold vehicle from the policy. Your premium could be revised accordingly.

• Is a combined motor policy very affordable to purchase?

Yes, in most cases. You could enjoy discounts for bundling, and also save time and effort.

• Do electric vehicles come under cover?

Yes, electric two-wheelers and cars are covered by most insurers under combined motor policies.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.