Chola MS Car Insurance

Chola MS Car Insurance: Add-ons

Cholamandalam car insurance policy also come with some add-on covers that a policyholder can purchase to enhance the coverage of the existing motor insurance plan. These add-ons can be purchased by paying an extra premium amount. Chola MS car insurance offers the following add-on covers:

• NCB Protection Cover

  By purchasing an NCB Protection cover, a policyholder can retain his/her No Claim Bonus discount even after making a claim during the policy year. This add-on helps in keeping an NCB intact for a maximum of three claims per year.

• Waiver of Depreciation Cover

  The Waiver Depreciation add-on covers the cost of depreciation for the repair or replacement of the insured car at the time of claim filling. This cover compensates a policyholder for the complete coverage without deducting the depreciation borne by the insured car.

• Hydrostatic Lock Cover

  The Hydrostatic Lock cover will provide compensation for repairing/replacing car parts, such as gearbox, engine, transmission, etc. due to ingress of water or leakage of coolant/lubricating oil in an accident.

• Consumables Cover

  This add-on will compensate a policyholder against repairing or replacement of consumables items such as screws, bolts, fuel, oil filter, etc.

• Reimbursement of Cost of Duplicate Keys

  This add-on cover compensates the policyholder with the amount incurred on obtaining the duplicate key of the insured car in case the original keys are lost.

• Personal Belongings Cover

  A Personal Belongings cover provides coverage for the loss or damage to the personal belongings due to fire, theft or accident of the insured car. An amount of up to Rs. 10,000 per policy period will be given for the loss of personal luggage locked inside the car during the accident/fire.

• Roadside Assistance Cover

  Under this add-on cover, Chola MS car insurance Assistance for Roadside Emergencies provides assistance in case of fuel shortage/ breakdowns/ flat tyres/ battery recharge and other on-site repairs of the insured car.

• Reinstatement Value Cover

  Reinstatement value cover ensures that Chola MS motor insurance claims can be made for the original value of the insured car i.e. the invoice value (adjusted for registration charges and road tax). No deductions will be made towards depreciation on parts that are repaired under this cover.

• Daily Cash Allowance

  The Daily Cash Allowance cover provides a fixed amount of Rs. 500 or Rs. 1,000 to the insured person per day (up to 5 days) to pay for hired transport during the period when his/her vehicle is under repairs at a cashless garage.

FAQs

• Q1: How many modes of payment are allowed in Chola MS Car Insurance?

  Ans: The Cholamandalam car insurance policy allows you to pay the premium in three different ways:

  • Direct Bank Debit (Auto Debit):Use the auto-debit feature to wire the money to the bank account of Cholamandalam MS General Insurance Co. Ltd. This helps you to get a discount on your premiums as well.
  • Online Payment: Offers e-Portal to pay your premium online using a debit/credit card.
  • Mobile Payment: Use the insurer’s mobile app to make the payment.

• Q2: How to get to know about the policy status of my Chola MS Car Insurance policy?

  Ans: You can check the status of your Chola MS car insurance policy by using your login details to log into your profile on the website of the insurance provider.

• Q3: What is the time taken by the Chola MS motor insurance company to settle a claim?

  Ans: The Chola MS General Insurance Company takes 30 days to settle a claim after the completion of the paperwork at your end. So, make sure to provide the required details, such as your medical bills and proof of hospitalization expenses (if any) and other supporting documents, while raising the claim.

• Q4: How do I proceed if I need to cancel my Chola MS car insurance policy?

  Ans: To cancel your Cholamandalam car insurance policy, you need to walk into any of the nearest branch offices of the insurance company, carry the policy documents and fill up the surrender form. After completion of these formalities, the company shall initiate a refund of the premium after deducting all the nominal charges. Alternatively, you can also call customer care and request them to cancel your four wheeler insurance policy.

• Q5: Why should I buy Chola MS Car Insurance?

  Ans: Considering the conditions of the roads in India, IRDAI has made it mandatory to have an insurance cover for all the vehicles. Moreover, driving without having a third-party liability insurance cover is illegal as per Indian Motor Vehicle Act, 1988.

• Q.6 What will be the tenure of the Chola car insurance policy?

  As per the latest guidelines of IRDAI for new cars, it is mandatory for insurers to give a third-party liability insurance cover for three years. For old cars, you can opt for a third party, comprehensive or standalone own damage policy that needs to be renewed yearly.