The Motor Vehicles Act, 1988 has mandated third-party car insurance as the most basic requirement for every vehicle owner to carry while driving on Indian roads. Hence, a vehicle being driven without valid insurance would be deemed illegal by the law.
Cholamandalam third-party car insurance fulfills this basic requirement by providing you coverage for legal and financial liabilities towards a third-party
Before you choose to buy/renew car insurance online, consider going through the following differences between a third-party car insurance plan and a comprehensive car insurance plan.
Cholamandalam Third Party Car Insurance
Cholamandalam Comprehensive Car Insurance
Offers protection only for third-party liabilities including third-party property damage cover up to Rs 7.5 lakh
Protection is provided for bodily/injury/property damage to a third party as well as damage to the policyholder’s vehicle
It is the most basic mandatory document to be carried while driving
Not mandatory by the law but highly suggested for enhanced coverage while driving on the road
Own Damages Cover
Cost is comparatively less due to limited coverage
Higher cost comparatively due to extensive coverage
Not applicable with a third-party car insurance policy
Enhanced coverage can be opted for, to make this insurance policy more comprehensive with add-on covers
Cholamandalam third-party car insurance keeps you financially secured against any unforeseen accidents by covering all liabilities arising out of damages caused to a third party. This not only ensures keeping you cushioned against unplanned expenses but also helps drive with peace of mind.
Following are the benefits offered under your Cholamandalam third-party car insurance:
Cholamandalam MS Car Insurance Company promises to cover property/vehicle damages for up to Rs. 7.5 lakh. Additionally, the compensation amount to be paid for any personal damage caused to the third party is decided by the court of Motor Accidents Claims Tribunal (MACT).
If you have made up your mind to choose a third-party car insurance plan over a comprehensive car insurance policy, do consider the following events which are not covered the Cholamandalam Third-Party Car Insurance policy:
Bajaj Allianz Third Party Car Insurance
Digit Third Party Car Insurance
Future Generali Third Party Car Insurance
HDFC Ergo Third Party Car Insurance
IFFCO Tokio Third Party Car Insurance
Kotak Mahindra Third Party Car Insurance
Liberty Third Party Car Insurance
Magma HDI Third Party Car Insurance
National Third Party Car Insurance
New India Assurance Third-Party Insurance
Oriental Third Party Car Insurance
Raheja QBE Third Party Car Insurance
Reliance General Third-Party Car Insurance
Royal Sundaram Third-Party Car Insurance
SBI General Third-Party Car Insurance
Shriram Third Party Car Insurance
Tata AIG Third Party Car Insurance
United India Third-Party Car Insurance
Universal Sompo Third Party Car Insurance
Zuno Third Party Car Insurance
Yes, it is possible to transfer your third-party car insurance in case you have sold the vehicle. Please note that such transfer can only occur in the name of the new buyer and not to a new vehicle. You would need to apply to Cholamandalam MS General Insurance Company within 14 days from the date of the vehicle's transfer.
A third-party car insurance plan is valid for 1 year from the date it is bought. However, keep in mind that it is mandatory to buy a minimum 3-year cover.
The Motor Vehicles Act, 1988 has made it mandatory to buy at least a third-party car insurance plan without making any distinction between old or new vehicles. Having said that, it is cheaper to buy car insurance for an older car as the value of the vehicle depreciates with time.
Even if you make a single claim in a year, your No Claim Bonus would be reset to zero as it is awarded as a bonus only in the case of a completely claim-free policy year.
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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.