Cholamandalam Car Insurance

Cholamandalam MS General Insurance Compant Ltd (Chola MS) is a joint venture between an Indian company, Murugappa Group and a Japanese insurance company, the Mitsui Sumitomo Insurance Company. The Murugappa Group with its headquarters located in Chennai is one of India’s biggest industrial houses. The Mitsui Sumitomo Insurance Company is an expert in insurance and is the third largest property insurance company in Japan. Cholamandalam Insurance is a rapidly growing insurance provider in India. It started operations in India in the year 2001 and has over 100 branches located all over the country. Cholamandalam MS General Insurance Company was awarded the best insurance company in India for ‘In time claims settlement for the year 2011 – 2012’. The car insurance offered by Chola MS can be categorised as being under Motor Insurance. These car insurance plans are offered by Cholamandalam MS with extra additions that may increase the scope of coverage of a customers’ car. The additions or extensions are added to the car insurance plan solely at the discretion of the customer.

Advantages of Availing Cholamandalam Car Insurance Plans

Chola MS is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance. company was awarded the best insurance company in India for ‘In time claims settlement for the year 2011 – 2012’. Thus, it is easy to understand the commitment that Chola MS places on claim settlement and how efficient its processes are. A point to be stressed is that car insurance is a prerequisite insurance for all car owners. It is of paramount importance as it protects the customer against damages when his or her car is involved in an accident. The Chola MS Car Insurance plan is an ideal plan for those customers who are searching for car insurance that will be provided in a hassle-free manner, by a company that aims to settle all claims quickly and efficiently and by a company that provides customer support that is responsive and helpful. Given below are the advantages and benefits of buying car insurance plans from Chola MS:

  • Customers will be pleased to find that subscribing to a new car insurance plan from Chola MS or renewing an old one is a hassle-free process. Chola MS aims to make the application process as smooth and easy as possible.
  • The Chola MS insurance plan may be purchased online through quick and easy application process. The potential customer just has to visit the company’s website and choose ‘car insurance’ tab under which car insurance plan is offered. With a few clicks of a button and by providing the necessary details, the potential customer will find that they have purchased a new car insurance plan from Chola MS without any hassles and wastage of time.
  • The Chola MS car insurance is a comprehensive car insurance that provides protection and  covers both third party legal liability and own damage liability under the single plan. Moreover, the customer has access to additional covers that enhance the protection; some of these additional covers are free but other additions require the customer to pay an additional premium to extend coverage.
  • Customers may choose to enhance their protection by adding on add-on covers that are available such as Depreciation cover, Invoice Price Cover, Medical expenses cover, etc.
  • Chola MS General Insurance has an authorized network of garages all across the country, which provides the facility of cashless settlements.
  • A customer of the Chola MS car insurance may be entitled to a No-Claims Bonus if they have a series of claim-free years. The percentage of this No-Claims Bonus is dependent on how many years the car insurance has gone claim-free; the discounted percentage amount can go up to 50%. If a customer is transferring an existing car insurance policy to Chola MS for the first time, then the company will make sure to retain the number of claim-free years that has accumulated under the previous policy.
  • Cholamandalam Insurance gives the facility of 24*7 customer support, thereby ensuring that all their customer queries and concerns are taken care of as efficiently and quickly as possible.

Features and benefits of Chola MS Car Insurance plans

Let us take a closer and more detailed look at the features and benefits of the car insurance plans provided by Chola MS General Insurance. These features and benefits are discussed below:

  • Chola MS car insurance policy plans are provided to their customers very quickly and with minimal amount of time and effort spent, and with minimum documentation as well
  • Potential customers of Chola MS face very little problems in applying for a car insurance from the company. In fact, the process of applying for the car insurance plan has probably never been easier, as today a new car insurance may be bought online just by visiting the company website and applying for the same. The new customer will not even need to submit documents for verifications.
  • Similar to buying new car insurance online, old customers of Chola MS do not face any hassles in renewing an existing car insurance policy with Chola MS. The old customers have to simply log on to the company website and fill in the details. With a few clicks, the cholamandal car insurance renewal will occur.
  • Chola MS Insurance has a certified chain of workshops/garages, all over the country that provide hassle-free and cashless settlement to its customers
  • Cholamandalam Insurance takes pride in the fact that they provide claim assistance facility to their customers on all days of the week and even at all hours, i.e., 24*7. Such a claim may not be boasted by many insurance companies and Chola MS is proud to be available to its customers at any time of the day and night
  • Customers of Chola MS may opt for Add-on covers under their car insurance plans. These covers are opted for by customer who wish enhance the coverage and protection of their car insurance plan

Cholamandal Car Insurance: Scope of coverage

The scope of coverage for car insurance plans that are offered by Chola MS provides protection against the following contingencies:

  • Loss or damage that occurs to the car due  to man-made causes like burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity.
  • Chola MS car insurance plans provide a third party legal liability cover. This cover that is provided includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person. It also covers damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company and personal accident benefits for the proposer, paid driver and the occupants of the vehicle.
  • Any loss or damage to the car that occurs as a result of natural calamities like fire, explosion, earthquake, self-ignition or lightning, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
  • Damage that occurs to the car while it is in transit by road, rail, inland waterway, lift, elevator or air will be covered

Additional features and benefits provided by Cholamandalam Car Insurance Plans

  • Chola MS Car Insurance has a network of over 600 plus garages spread all across the country. The advantage of using these particular garages within the network is that claims at these authorized garages are completely cashless.
  • Chola MS car insurance provides a discount on premiums if the customer installs an anti-theft device as well as voluntary deductibles.
  • For those insured customer who have memberships with recognized automobile associations, Chola MS provides savings on their cash insurance policies.
  • A customer may be entitled to a No-Claims Bonus when they have a series of claim-free years. This No-Claims Bonus is only permitted when the car is insured with Chola MS for an entire year without any breaks. The No-Claims Bonus is allowed when the customer renews his or her car policy plan within 89 days of the expiry of the previous policy.
  • A Daily Allowance cover may be opted for where a fixed amount of Rs.500 or Rs.1,000 is provided to the insured person per day (up to 5 days) to pay for hired transport during the period his or her vehicle is under repairs.
  • Reinstatement Value cover where Cholamandalam Car Insurance claims can be made for the original amount paid i.e. the invoice value (adjusted for registration charges and road tax). No deductions will be made towards depreciation on parts that are repaired.
  • There is a Personal Luggage Cover where an amount of up to Rs.10,000 per policy period for loss of personal luggage locked inside the car during the accident/fire.
  • CARE i.e. Chola Assistance for Roadside Emergencies, in this assistance is provided in case of fuel shortage/ breakdowns/flat tyres/battery recharge and other on-site repairs as outlined in the CARE plan.

The Insured Declared Value or the IDV of the car is fixed by Chola MS as follows:

  • Up to 6 months – 5%
  • 6 months to 1 year – 15%
  • 1 to 2 years – 20%
  • 2 to 3 years – 30%
  • 3 to 4 years – 40%
  • 4 to 5 years – 50%

Cholamandalam Car Insurance Add-on covers

The customers of Chola MS car insurance may enhance the coverage and protection on their vehicles if they opt to pay an additional amount of premium. This additional premium will go towards additional Add-on covers in the base plan that enhance the coverage on the vehicle. A closer look at the additional covers that are available under the Car Insurance plans offered by Chola MS General Insurance provides us with the following details given below:

  • A third party property cover can be opted for which will provide an amount of up to 7.5 lakhs for damage to another person’s property.
  • A Personal Accident Cover may be opted for where a 100% claim is available in case of death or the permanent disability of the owner, driver and passenger of the vehicle. The coverage under the plan is provided for, up to an amount of Rs.2 lakhs.
  • There is a Monthly Installment cover that may be opted for, where the insured person will be covered for the non-payment of the regular Monthly Installment.

Exclusions – what the car insurance plans of Chola MS Insurance does not cover

  • If the customer uses his or her outside of the geographical scope of the country then the car insurance plans will not cover any accidents that occur while the vehicle is being used outside the country. The scope of coverage of the Chola MS car insurance plans is for within India only.
  • The general aging of the vehicle that is insured, which results in the natural wear and tear of the car will not be covered by the Chola MS Car insurance plans.
  • Cholamandalam Insurance will not pay for any claim that might occur due to intoxication of the drivers or under the influence of any drug or alcohol at the time of the accident.
  • It is to be noted that Chola MS as well as the law itself recognizes driving without a driver’s license as a cognizable and punishable offence. Therefore, Chola MS does not accept claims for accidental damage or liabilities that occur at the time when the car is being driven by drivers without a valid license.
  • If a customer chooses to use their car for purposes not included in the policy conditions such as carriage of goods, hiring the car, racing or testing of speed and for use in motor trade, that is up to them. However, they should remember that if any accident or liability occurs during the time of such activities then Chola MS would not be entitled to cover the damages and liabilities that have occured. The car insurance plan provided by Chola MS Insurance is for private use only.
  • If the car undergoes any loss or damage due to nuclear fission or radioactive contamination will not be covered by the Chola MS car insurance plans.
  • The Chola MS car insurance plan provides protection and coverage to the policyholder or the insured for the loss to the car that have occurred as a result of accidents only.

Chola MS Car Insurance Premium Calculation

A car insurance premium is dependent on a number of factors that have to be taken into account. Some of these factors  are the model of the car, the sub-model of the car, the year of purchase of the vehicle, the year of registration, the city where the car will be used, the Insured Declared Value (IDV), etc. The following are some of the instances where the premium has been calculated for car insurance:

  • Ms. Roy, who is a resident of Kolkata, wants to apply for a Car Insurance Plan for her has a new vehicle, a Honda Accord purchased in the month of August 2015. On checking with the premium calculator and inputting the required details, she finds that the amount of total premium for her car works out to be Rs. 37,257.
  • Mr. Balen, a resident of Delhi, approaches a Chola MS General Insurance representative, as he is interested in purchasing a car insurance plan for his new car- a Fiat Palio that he purchased in the month of June 2015. He finds that the premium for the car insurance plan as offered by L&T Insurance, comes to Rs. 17,192.
  • Mr. Chinnaswamy, who resides in the city of Bangalore, checks with a Chola MS insurance agent as he is desirous of purchasing a car insurance plan for his Chevrolet Optra, which was purchased in the month of October 2015. He finds that the premium he will be charged is Rs. 21, 264.

The table tabulates the above data for an instant reference:

Applicant

Type of Vehicle

Insured Declared Value  (Rs.)

Premium (Rs.)

Ms. Roy

Honda Accord 2.4 A/T

20,05,871

37,257

Mr. Balen

Fiat Palio NV 1.2  ELX

4,27,500

17,192

Mr. Chinnaswamy

Chevrolet Optra – 1.6 Elite

7,89,098

21, 264

Applying for the Chola MS Car Insurance Plans

The Car insurance plans offered by the company can be applied to through multiple channels like:

  • Individuals who wish to avail of the car insurance plans as offered by company can simply call the Sales helpline of the company and speak to the customer service representative.
  • They can provide their name, mobile number and email id on the website of the company and request for a call back
  • Interested individuals can send an SMS to 56677 with the keyword ‘CHOLA MOTOR’.
  • Interested individuals can log on to the company website, go through the details mentioned there and opt to buy their car insurance online.
  • Customers may also visit the company’s branches or get in touch with an agent, in order to get to know more details about the car insurance plans and to buy the car insurance plan that is suited to their requirements.

Chola MS Car Insurance - FAQs

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

    Ans: This 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. 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 insurer’s mobile app to make the payment.
  • Q: How to get to know about the policy status of my Chola MS Car Insurance policy?

    Ans: You are provided with valid login details using which you can log into your profile and check the status of your policy.
  • Q: How can I renew my Chola MS Car Insurance policy?

    Ans: The renewal process is no longer a hassle, if you have registered online or use the mobile app. Those who have not yet registered online can visit a nearby branch and fill up the renewal form and attach a cheque of the premium amount.
  • Q: What is the process for renewing the policy online?

    Ans: Firstly, you need to log into the company’s e-Portal using your login credentials. Now, you can make the payment through any of the payment modes, such as Credit/Debit Card, Net Banking. Once the payment is successful, take a printout of the receipt.
  • Q: What is the time taken by the company to settle a claim?

    Ans: The company takes 30 days to settle a claim after the completion of the paperwork at your end. So, make sure you have correctly filled in the required details, such as your medical bills and proof of hospitalization expenses (if any) and other supporting documents.
  • Q: How do I proceed if I need to cancel my Chola MS car insurance policy?

    Ans: To cancel your policy, you need to walk into any of the nearest branch offices, and 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.
  • Q: Why should I buy Chola MS Car Insurance?

    Ans: Considering the conditions of the roads of India, it is mandatory to have a cover for all the vehicles. Moreover, driving without having a third-party liability insurance policy is illegal as per Indian Motor Vehicle Act, 1988.
  • Q: What are the exclusions of the policy?

    Ans: Just like numerous benefits offered by the policy, there are certain exclusions too. Any expense or injuries arising out of the following comes under policy exclusions:
    • The driver is driving under influence of alcohol, drug, or any other intoxicant
    • The driver does not have a valid license
    • The driver drives the car outside the geographical limits that are mentioned in the contract
    • Depreciation, general wears, and tears
    • Electrical or Mechanical failure
    • If the car gets damaged because of a nuclear activity, terrorism, war etc.
Written By: PolicyBazaar - Updated: 04 June 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 50 Reviews)
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Cholamandalam Car Insurance Reviews & Ratings
4.4 / 5 (Based on 50 Reviews)
(Showing Newest 15 reviews)
Chitra
Kachchh, June 19, 2020
Discounts on premiums
I got a great number of discounts under the cholamandalam car insurance policy. I called the sales people and told them that I want the best plan for my car. And they suggested me the best plan with having certain good features and policies plans. I got the add on covers too under the same for extra protection coverage. After all this I got a good amount of discount on my premium rate of the policy.
Kiara
Faridabad, June 19, 2020
Man-made and natural calamities
My car insurance policy gives me full protection from each and every bad things which can occur at the worst times. I covered my car with the cholamandalam car insurance policy and it is best plan I had. It gives my car a great coverage from man-made activities like riots, accidents, strike, some malicious activities and so on and also from natural calamities like earthquake, cyclone, thunderstorm etc. It is really important for all of us to get secured and safe. Thanks a lot team for unique plans.
Jatin
Haidergrah, June 19, 2020
You can top up your plan
I am the happy customer of cholamandalam. As I can top up my plan and can add on the benefits into my car insurance policy whenever I feel like. So, contacted the customer care team and told them that I want to personal accident coverage policy. I added it into my policy for further safety and securities. It will definitely becomes a protection shield for you and your car. Great work and services provided by them
Arun
Kachchh, June 19, 2020
Less premium rates of policies
So, I recently, checked the website of policybazaar and I came across the one insurance policy of cholamandalam. It was a car insurance policy and I was shocked to see that with such good benefits and features they are providing that services in such low premium rates. I immediately purchased that policy and its been 6 months and I am really happy with their services. Thanks team policybazaar and cholamandalam.
Anay
K.v.rangareddy, June 19, 2020
24*7 facilities given by them
One of the best thing is that I like about cholamandalam is that it provides the 24*7 services to their customers. Recently, I faced a problem related to my claim at night and I called the claim team of cholamandalam they were there to assist me and instantly arrived at the location. They fulfilled their formalities and sent my car to the network garage and I was sent to my home. The work done by them was such a great and unique. I really loved their services. They take care of each and everything.
Dinesh
Jadcherla, June 19, 2020
Social media active
Nowadays, we know everyone has become quite active and proactive on social media like twitter, facebook, instagram etc. So, if I faced any kind of concern or any kind of query I rather than calling them tweet them. As their response rate over there is very quick. And my queries are resolved then and there only. Even the emails are also the best way to handle such things. Thanks a ton.
Shivam
Chabhal, June 19, 2020
Easy online payment
I purchased my car insurance policy from cholamandalam insurance company. It was a very good experience for me to get the best policy for my car and it is for its safety and security. I made the payment online as everything has become digitalized in this world. The payment mode I used was credit card and I got the discount for the same too. Thanks team for such nice services.
Saurabh
Laharpur, June 19, 2020
Helps in maintaining legal and financial
The car insurance policy is very much important as well as it helps us in maintain our legal as well as financial damages. I really like my car insurance plan from cholamandalam and it is certainly very nice. At the time of accident it helps to maintain the financial burdens by getting the claim facilities.
Mohan
Kadamakudi, June 19, 2020
Better knowledgeable team
I contacted the team of cholamandalam for my car insurance policy. I got various kinds of information from them regarding the same. They suggested me various plans of car insurance policy. I am feeling satisfied that I got my car insurance policy from trustworthy company who works very efficiently. Thanks team.
Parag
R.g.pur, June 18, 2020
Soft copy and hard copy issuance
If you are eagerly want to buy the car insurance policy and that too on immediate basis and want a company which is trustworthy and better with their services then I would love to suggest you to go to the website of policybazaar. It is a great company which helped me in getting the best insurance policy and that too quickly. I got my soft and hard copy at given time frame without any delay. Thanks a ton team.
Piyush
Babina, June 18, 2020
Important and mandate policy
I feel that car insurance policy is really a mandatory thing to buy. Many cars are running on the roads and it is really risky for everyone. So, I want to be secured from each and every problem and I took my car insurance policy from policybazaar. Thanks a lot team.
Aditya
Hajo, June 18, 2020
Claim done easily
Last year I raised a claim request for my car as it met with an accident. So, I called the cholamandalam team regarding the same. They asked me for the video inspection as well as certain documents which is need to be submitted at the time of clam. After that my car was sent to the network garage and within 10 days I got my car repaired. My claim amount of given to me in next 3-4 days.
Tarun
Talcher, June 18, 2020
No claim bonus is best
I got my no claim bonus from the team of cholamandalam as they suggested me to do so. As this is the second year of my car insurance and I didn’t filed for any claim in the first year. So, to secure more and to add more benefits in my car insurance policy I got my no claim bonus. It can be useful for me in near future.
Hridaan
Jadcherla, June 18, 2020
Save and buy
Before buying a car insurance policy I always try to learn and research. So this time after reading about the policybazaar I tried them. I bought my car insurance policy from them within 10-15 minutes I got my policy copy in my email. I compared lot many plans in the website of policybazaar. A great interface and great way to get yourself insured.
Rubika
Raath, June 18, 2020
Anti- theft discount
When I purchased the car then only I fitted the anti-theft appliance in the car. And after getting the car insurance policy from policybazaar and cholamandalam team I got a discount regarding the same. So, it was a win win situation for me that I got discount on my purchase of the policy.
Rajesh
Gadag, June 18, 2020
Hospitalization expenses are covered under it
I took a car insurance policy from cholamandalam. It took me total of 1 minutes to get the policy. They provides their customers with the coverage of hospitalization expenses under the same at the time of accident. In any case met with an accident then all the treatments expenses will be taken care by the cholamandalam team. Thanks a ton.
Kaia
N.e.khawdungsei, June 18, 2020
Best plans available
With the help of policybazaar and cholamanadalam I got great number of plans. After researching on the website I got the comprehensive plan which is good for me and for the third party person too. It was quite reasonable and not so costly. It came under my budget. I got various features under the same. All thanks to policybazaar team who introduces the best plans for their customers. Thanks to cholamandalam team too.
Dharmesh
B.khajuripada, June 17, 2020
Comprehensive was the best one
I recently took the comprehensive car insurance policy for my car. It was really good and it features are that you by chance you met with an accident. Then it will cover the car damages of both the parties. That means it will take care of my car damages as well that person’s car damages with which my accident took place. So, it will helps in getting the protection in legal and financial way. Appreciable services and would love to recommend to everyone.
Farhan
Aallapalli, June 17, 2020
Protection with add on covers
One of the greatest benefit you will get by getting a car insurance policy from Cholamandalam is that you can enhance your protection shield by adding the add on covers into his policy. It can be very much beneficial for you at the time of any kind of accident or claim related activity. Also, you can add the benefits related to personal accident, windshield cover etc.
Piyush
Quilandy, June 17, 2020
Authorized garages
I really wanted to take the car insurance services from Cholamandalam because they provide great services. Even I got to know from their customer care team that they have very good number of authorized network garages all over the India. So, if by chance I am out of station and my car break off then I can contact the customer care team regarding the same and also get connected to the nearby garage which will be available for me.
Palak
Vadgaon, June 17, 2020
Call back is to be arranged well
I was having a concern related to my car insurance policy. So, I contacted the customer care team of cholamandalam and they were easily available. I told them about my concern related to spelling mistake in my policy copy. They immediately start working on mu concern and in next 4-5 hours I got my corrected soft copy on my email box. And after 5-6 working days I got my hard copy at my home. Thanks team.
Shushant
Waghai, June 17, 2020
Renew in a hassle free way
I got my car insurance policy from cholamandalam. It was great to get your car insured from such great brand. So, it was the time to renew my car insurance policy. I contacted the customer care team of cholamandalam team and they assisted me well. They gave me more beneficial plans and I decided to opt them as the add on benefits. Thanks team for such pro-activeness.
Komal
Calicut, June 17, 2020
Customer satisfaction
I am very much happy and satisfied with the services of the cholamndalam. Recently, my father said to me to get the car insurance and I started looking for the same. After that I started browsing the website of policybazaar. There I found the cholamanadalam car insurance policy for my car. I found it great with great number of benefits into the same. The customer care is team is quite good and generous in nature.
Harish
Dabhoi, June 17, 2020
Brand value
The cholamanadalam is a big brand and with a good brand name it has the potential of giving the best services to its customers. The most trusted company and not only I even my friends and family have also taken their car insurance policy from them. From the time of policy purchase till the time of claim settlement their team is always there to assist me. Thanks team for good services.
Sagar
Vadali, June 17, 2020
Best insurance policies
Whenever you are planning to take the car insurance policy. I would suggest you should go to the cholamandalam. I really like their services and the policies which are displayed into their website. Though I got my policy from the website of policybazaar and they helped me in getting the best plan of Cholamandalam. They are quite reliable in nature. And the premium amount is affordable.