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About Cholamandalam MS General Insurance Company
Cholamandalam MS General Insurance Co. Ltd. is a joint venture between the India-based Murugappa Group and a Japanese insurance company, the Mitsui Sumitomo Insurance Company. While the Murugappa Group 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 MS General Insurance Co. Ltd. is a rapidly growing insurance provider in India. The company was awarded the best insurance company in India for ‘In time claims settlement for the year 2011 – 2012’. The car insurance offered by Cholamandalam MS General Insurance Co. Ltd. caters to the different needs of the customers by offering different types of policies as well as extra additions to increase the scope of policy coverage.
Key Features of Chola MS Car Insurance
| Features | Coverage and Benefits |
| Third-Party Coverage | Yes |
| Incurred claim ratio | 74.30% |
| Personal Accident Insurance | Up to 15 Lakhs |
| Network Garages | 4621 |
| No Claim Bonus | Yes |
Features and Benefits of Chola MS Car Insurance
Take a detailed look at the features and benefits of the car insurance policy provided by Cholamandalam MS General Insurance Company below:
- Cholamandalam MS General Insurance Company has an authorized network of 4621+ garages all across the country, which provides the facility of cashless settlements.
- Customers may choose to enhance their protection by adding add-on covers, such as Depreciation cover, Roadside Assistance cover, NCB Retention cover and more.
- The insurance company gives the facility of 24*7 customer support and claim assistance for efficient and quick assistance.
- Chola MS car insurance policies are provided to their customers within a few minutes and with minimum documentation involved.
- The policy also offers a No Claims Bonus to the policyholders for every claim-free year.
- Chola MS vehicle insurance provides a discount on premiums if the customer installs an anti-theft device as well as voluntary deductibles.
Types of Chola MS Car Insurance Policy
Cholamandalam MS General Insurance Company offers three major types of car insurance plans. These are:
1. Third-Party Car Insurance Policy
The Third Party car insurance by Cholamandalam car insurance protects a policyholder from any financial loss arising out of accidental third party liabilities involving the insured car. Under this plan, the insurance company will provide coverage against third party property damage, third party injury or death.
The liability in case of third party injury/death is unlimited while in case of property damage, it is limited to Rs. 7.5 lakh. Moreover, third party insurance does not cover damages sustained by the insured car during an accident.
2. Standalone Own Damage Car Insurance Policy
The Standalone Own Damage car insurance policy covers the damages sustained by the insured car due to events like accidents, natural calamities, manmade disasters, fire or more. This policy can be purchased with an existing third-party liability car insurance plan.
3. Comprehensive Car Insurance Policy
Comprehensive car insurance is an extensive policy as it covers both own damages to the insured car and third party liabilities arising out of the insured car. The coverage of a comprehensive car insurance policy can also be enhanced by purchasing add-on covers on the payment of some extra premium.
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Chola MS Car Insurance Premium Calculator
Before purchasing a Chola MS motor insurance policy, you can also calculate the premium of that policy using the Cholamandalam car insurance premium calculator to check whether it fits your budget or not.
Coverage Under Cholamandalam Car Insurance
- Third-Party Liability: Legal protection from death or injury claims from third parties and third-party property damage is included
- Manmade Causes: Loss or damage that occurs to the car due to manmade causes like malicious acts, strikes, riots, etc. are covered
- Theft: Damages arising due to burglary, theft or housebreaking are covered
- Natural Calamities: Any loss or damage to the car that occurs as a result of natural calamities like earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide is included.
- Fire: Damages to the insured car due to fire, explosion, self-ignition or lightning are included in the Chola MS car insurance plan.
- Damages During Transit: Damage that occurs to the car while it is in transit by road, rail, inland waterway, lift, elevator or air are covered.
- Terrorist Acts: The insurance company will offer coverage against damages to the insured vehicle arising out of terrorist activities.
- Outside Geographical Location: If the insured vehicle meets with an accident outside of the geographical scope of the insurance policy, then the damages sustained will not be covered.
- General Wear & Tear: The general ageing of the insured vehicle, which results in the natural wear and tear of the car will not be covered by the Cholamadalam car insurance plans.
- Drunk Driving: The car insurance policy will not pay for any claim that might occur due to intoxication of the drivers or driving under the influence of any drug or alcohol at the time of the accident.
- Invalid Driving License: Cholamandalam MS car insurance does not accept claims for accidental damages or liabilities that occur while the car is being driven without a valid license.
- Breakdown: Damages arising out of the insured car due to mechanical and electrical breakdown are excluded.
- Damage During War: Any damage or loss arising due to civil war or nuclear peril will not be covered.
- Inactive Policy: Damages sustained by the insured car when the policy was inactive will be excluded from the coverage.
- Wilful Negligence: Damages arising due to negligence on the part of the car owner, such as due to speed racing, will not be covered.
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:
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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.
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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.
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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.
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Consumables Cover
This add-on will compensate a policyholder against repairing or replacement of consumables items such as screws, bolts, fuel, oil filter, etc.
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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.
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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.
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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.
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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.
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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.
Add-ons for your car insurance
How to File a Claim Under Chola MS Car Insurance?
You can file a claim under your Cholamandalam car insurance policy by following these steps:
- Intimation: Inform the insurance company about the incident involving your car for a fast claim registration.
- Filling Claim Form: File the claim form to register your claim. Make sure to keep all the relevant documents handy.
- Inspection: A surveyor from the insurance company will inspect the damages sustained by the insured car. The documents related to the policy will also be verified.
- Claim Process: Your claim will be settled with the network garage where the insured car has been repaired in case of cashless claims. In the case of a non-network workshop, the claim amount will be reimbursed to you after you have paid the bill in full.
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Documents Required to Raise a Claim Under Chola MS Car Insurance
Make sure to keep all these documents handy while filling a claim with Cholamandalam MS General Insurance Company:
- Duly filled and signed claim form
- A copy of the Police FIR
- Car insurance policy documents
- A copy of the valid driving license
- Estimates of repairs done
- A copy of the Registration Certificate
How to Renew Chola MS Car Insurance?
Follow these steps for Cholamandalam car insurance renewal online:
- Visit the official website of Policybazaar Insurance Brokers Private Limited
- Now visit the car insurance page from the Insurance Products menu
- Enter the car number on the renewal form and view instant quotes
- Enter your name, email and mobile number and proceed forward
- Find the Chola MS car insurance renewal policy along with the policy details
- Select the add-ons you want to add and proceed with secure payment
- Select the NCB on your existing motor insurance policy
- Fill out the given form and confirm your details
- Select the Summary and Payment option and now make payment using your preferred payment mode
- After successful payment, your Cholamandalam car insurance renewal will be complete.
Your Cholamandalam car insurance renewal documents will be sent to your registered email address.
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FAQs
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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.
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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.
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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.
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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.
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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.
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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.
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