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A multi-car insurance policy simply means that the policyholder has coverage for two or more automobiles. They can include all of their vehicles, which they store at the same address, in their policy if they have more than one. However, an actual garage is not necessary.
Some insurance companies may stipulate that they must be “garaged” at the same address.Up to five vehicles may be covered by the multi-vehicle policy, which is a coverage plan based on the sum insured.
The inconvenience of paying several premiums and remembering when multiple vehicle insurance policies need to be renewed is removed by a motor floater policy.
The Global Multi-Car Insurance Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
Currently, six insurers provide multi-year motor insurance policies. The new standard for two-wheeler vehicle insurance appears to be multi-year coverage.
Six insurance companies, including ICICI Lombard, New India, HDFC Ergo, and Bajaj Allianz General, currently provide multi-year policies that are less expensive than annual-renewal plans. On own-damage insurance, insurers offer savings ranging from 2% to 6% for such plans.
In addition to the convenience, multi-year vehicle plans will not be subject to annual price increases from the Insurance Regulatory and Development Authority of India, which typically range from 10% to 15%.
Since many two-wheeler owners only purchase insurance while purchasing their vehicles, the regulator has been pushing for multi-year insurance contracts.
According to Bajaj Allianz, the long-term two-wheeler insurance package coverage it introduced in April of this year has received a positive response. “They have sold approximately 7,000 insurance over the past six months. Due to the convenience of purchasing, the online channel has been the primary driver of sales in this market.
60–70% of the cars involved in fatal road accidents are uninsured, according to data from the Union Ministry of Road Transport and Highways, which indicates that two-wheelers account for a significant percentage of these collisions.
The long-term two-wheeler policy from ICICI Lombard, the first private insurer to offer multi-year motor coverage, was chosen by 5.14 subscribers
