Cholamandalam Standalone Own Damage Car Insurance

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Cholamandalam Standalone Own Damage Car Insurance
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      Cholamandalam Standalone Own Damage Car Insurance

      Purchasing a Cholamandalam Standalone own damage car insurance can financially protect your four-wheeler from unforeseen damages like accidents, fire, theft, manmade and natural disasters. This policy by Cholamandalam MS General Insurance can be purchased online at an affordable premium.

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      Key Features of Cholamandalam Standalone Own Damage Car Insurance

      Categories Key Features
      Own Damage Cover Yes
      Mandatory No
      No Claim Bonus Yes
      Add-on Covers Offered
      Zero Depreciation cover Yes
      PA Cover Upto Rs. 15 Lakh

      Coverage Under Cholamandalam Standalone Own Damage Car Insurance

      • Losses arising out of the theft/burglary of the insured car
      • Damages to the insured vehicle due to natural calamities like floods, landslides, earthquakes, etc.
      • Damages arising out of manmade disasters like terrorism, strikes, riots, etc.
      • Damages arising out of road accidents or by external means
      • Losses sustained by the insured car due to fire or explosion are covered.
      • Any damage arising post-expiry of the OD policy will not be covered
      • General wear and tear, and depreciation are not covered
      • Electrical or mechanical breakdown sustained by the insured car
      • Third party damages such as third party property damage, death and bodily injuries
      • Driving under the influence of alcohol/drugs
      • Damages due to war, terror attacks, nuclear perils
      • Damages sustained by the insured car when the driver was driving under the influence of alcohol are excluded from the coverage
      • Claim cannot be raised for any damage that is not within the scope of insurance cover 

      Add-ons Under Cholamandalam Standalone Own Damage Car Insurance

      Add-ons are optional covers offered under a Chola MS own damage car insurance policy. These add-ons extend the coverage of a standard OD coverage and can be purchased by paying an extra premium. The additional covers offered by Cholamandalam General Insurance Company include:

      • No Claim Bonus Protect Cover
      • Monthly Installment Cover
      • Consumables Cover
      • Zero Depreciation Cover
      • Key Replacement Cover
      • Daily Allowance Cover
      • Personal Belongings Cover

      How to Buy Cholamandalam Standalone Own Damage Car Insurance Policy?

      A Cholamandalam own damage cover can be purchased online by following the steps mentioned below:

      • Visit the official website of Policybazaar Insurance Brokers Private Limited (Policybazaar.com)
      • Select ‘Car Insurance’ tab from the homepage
      • Enter your car number in the given form
      • Enter your car’s RTO, make, model, variant and registration year
      • From the given Standalone own damage car insurance plans of multiple insurers, select Cholamandalam OD cover and check its policy details
      • You can also opt for add-ons by selecting them from the “Addons and Accessories” dropdown
      • Once you are satisfied with your plan, pay the premium amount via any of the mentioned online payment modes
      • As soon as you have paid the premium, your Cholamandalam own damage car insurance policy papers will be sent to your email address. 

      Documents Required to Raise a Cholamandalam Standalone Own Damage Claim

      To raise a Cholamandalam Standalone own damage car insurance claim, a policyholder will need the following documents:

      • Duly filled and signed claim form
      • Chola own damage car insurance policy documents
      • Copy of vehicle’s Registration Certificate
      • Copy of driver’s driving license
      • KYC documents
      • Bills and estimates of repair in case of reimbursement claims

      FAQs

      • Q1. Is own damage a mandatory cover?

        Ans: No. An OD cover is not a mandatory cover as per the motor laws of India. With the new guidelines of IRDAI, purchasing a OD cover along with a 3 year third party coverage is not mandatory anymore. Thus you will have the option to purchase or renew this cover for the second year.

      • Q2. What is the period of own damage cover?

        Ans: An OD cover can be purchased for a period of 1 year after which it has to be renewed.

      • Q3. How to claim Cholamandalam car insurance for own damages?

        Ans: To raise a claim under Cholamandalam own damage car insurance, you can follow the steps mentioned below:

        • Call the insurance company and inform them about the damages to your car
        • A surveyor will now be appointed to assess the damages sustained by your vehicle
        • Submit all the required documents and get them verified
        • Once verified, your car will be sent to the network garage for repairs and the claim will be settled by the insurer.
      • Q4. Who is eligible to buy a Chola OD cover?

        Ans: Any car owner who has bought his/her car after 1st September 2018 and has a TP cover for 3 year is eligible to purchase a Cholamandalam standalone own damage car insurance.

      • Q5. What is the difference between an own damage and third party insurance?

        Ans: A third party liability insurance covers any third party damages caused due to an insured car. It compensates for third party property damage, death and injury of the third person. Whereas an OD cover only covers any own damage sustained by the insured car due to unforeseen incidents such as accidents, theft, fire, etc. This policy can be purchased along with the mandatory third party car insurance to extend coverage to own damages as well.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

      ##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.

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