Cholamandalam Commercial Vehicle Insurance

4.3 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

Cholamandalam Ms General Insurance Company Ltd. is a joint venture between Murugappa group and Mitsui Sumitomo insurance group of Japan. Chola Ms brings a host of specially designed insurance plans such as Accident plans, engineering plans, health plans etc. The group has been extremely well in Indian market through a vast network of 113 branches and 7500 agents.

Cholamandalam Commercial Vehicle plan is premeditated to cater the protection needs of vehicles used for commercial purposes. Such vehicles generally travel to larger distances and on roads which are not well maintained. The value of the goods is associated with the vehicle carrying it and hence the insurance to cover both is more critical.

Adding to it, The Chola MS commercial vehicle Insurance Plans has been premeditated to cater the need of those who plan well ahead for any calamity related to their commercial vehicle. Correspondingly to its various other plans, Cholamandalam ensures all the assortment of misfortune events are well covered under its Car Insurance Plan. This includes coverage for any legal liabilities following death, injury or property damage of third parties, arising out of the use of insured vehicle. The plan covers the below mentioned types of commercial vehicles

  1. Passenger Carrying Commercial Vehicles: School Buses, vans, taxis, etc.
  2. Goods Carrying Commercial Vehicles: Trucks, mini trucks, etc.
  3. Tractors
  4. Miscellaneous Vehicles: Excavation, Cranes, Loader, etc.

The Features of commercial vehicle plans are

  • Double coverage benefit of "Third Party Cover" and "Own Damage Cover"
  • Pan Indian access to Network of over 400 Chola MS preferred garages  for easy, quick and cashless claims
  • Accidental death benefits for driver-owner of the vehicle.
  • Limit for liability as similar to other clauses as same as Private Car and liability to third party.
  • Online Portal for host of services such as Online Purchase of various plans, Renewal of plans, Migration for insurance plans.
  • Renewal of plans from any location.
  • Hassle free processing and simple documentation.
  • Doorstep service for new enrollment or renewal cases, including arrangements for free inspection, in respect of break in insurance cases.
  • Worthwhile discounts and other rewards on "no claim bonus" discount for claim-free plan  years. Other additional Discounts including Automobile Association Membership Discount, Discount for Anti Theft Devices approved by Automobile Research Association of India (ARAI) that are fitted in the vehicle
  • NIL Depreciation Cover in the plan is available on additional premium to cover the full value of parts in claim of Partial Damages to the Vehicle.
  • The insured decelerated value (IDV) shall be projected as the Sum Insured for the vehicle.
  • Insurance Cover for Any legal obligation to a third party in the event of any Injury/Death and/or Property Damage to a third party caused due to insured vehicle causes,
  • The Insurance amount shall be the Insured Declared value of the Vehicle (IDV). For such vehicle which is less than five years old the Insured Declared value is the Manufacturers listed selling price adjusted for Deprecation based on age of Vehicle. For vehicles beyond five years of age and obsolete vehicles, the IDV is mutually agreed value and quoted in the plan offer.
  • Online Car Insurance Plan to meet the expectation of those who wants the protection of their valuable asset without sparing much of time from their busy schedule.
  • Complete peace of mind for its customer covering all possible aspects of any calamity such as from act of God, physical damage, theft etc.
  • Online enrollment, renewal and a host of other features.
  • Instant Digitally signed Plan document availed through Cholamandalam offices, POS centers, or for online purchases.
  • Well trained in-house Surveyors to ensure that every claim is being attended within the least expected time frame
  • Usage of online e-survey claims module by both in-house and external Surveyors, for lowest TAT in claim settlement.

Scope of Benefit under Cholamandalam commercial vehicle insurance plans

  • Complete all inclusive cover that offers both Third Party Cover and Own Damage Cover
  • Personal Liability & Property Liability under Third Party Liability Cover as per regulatory guidelines.
  • Personal Accident Cover for the owner, driver and passengers in the commercial vehicles.
  • Protection for vehicle against damage or loss due to accidental external means, theft, burglary and various other perils
  • Discount on Own Damage (OD) premium for claim free plan  years No Claim Bonus
  • Cashless claims facility available at more than 400 Chola MS preferred garages
  • Seamless and hassle-free claims process

Cover under the plan includes

  • Unlimited Third Party Personal Liability coverage. Liability up to any amount to a third party due to accidental death or injuries caused by the insured vehicle will be compensated for under the vehicle insurance plan .
  • Third Party Property Damage with a maximum cover of INR 7, 50,000, in case of private cars.
  • Own Damage Cover protects against damage or loss due to:
    • Fire, lightning, self-ignition or explosion
    • Burglary, theft or housebreaking
    • Strike or riot
    • Earthquake (shock damage and fire)
    • Flood, inundation, storm, tempest, typhoon, hurricane, Cyclone and Hailstorm
    • Accidental external means
    • acts
    • Terrorist activity
    • During transit by rail, road, inland waterway, air or lift
    • Landslide and rockslide
  • Personal Accident Cover with compensation
    • For the owner/driver (compulsory): Cover of INR2,00,000
    • LL to paid Driver.
  • For unnamed passengers, including spouse, children, parents, etc: Cover starting at INR10,000 to a maximum of INR2,00,000 (in multiples of INR10,000)
  • Legal liability towards employees arising out of an accident involving the insured vehicle.

Add on covers for Goods Carrying Vehicles.

  • Waiver of reduction in depreciation for partial losses and reimbursed towards the cost incurred of parts replaced due to accidental damages in full or reduced percentage of depreciation depending on the cover opted.
  • The value of vehicle sum insured is derived basis Reinstatement Value Basis(RVB) calculated on the original invoice value excluding the registration charges and road tax. This add-on cover will also provide for waiver of reduction in depreciation by 100%.
  • No Claim Bonus (NCB) protection
  • Reimbursement of charges towards road tax and registration charges in the event of total loss of any nature.
  • Coverage of insured cost for new vehicle in the case where the insured vehicle suffers a Total Loss/Constructive Total loss(CTL) subject to premium paid.
  • Reimbursement of Consumables coverage cost of consumables like engine oil, oil filter, nut and bolt, screw, washers, grease, etc, actually consumed and utilized for repairing the accidental damages/losses.
  • Reimbursement of cost of duplicate key of the insured vehicle if originals are lost.
  • Registration certificate loss covers of a fixed amount of Rs. 2,000/- to obtain duplicate registration certificate if original certificate is lost due to any reason.
  • Cover for permit loss as an amount of Rs. 2,000/- to obtain duplicate permit if original permit is lost due to any reason.
  • Full reimbursement Penalty coverage imposed by client/customer for the delay in the delivery or damage of their goods caused due to accident to insured vehicle.
  • Discount in OD premium for having agreed to a franchise of Rs. 10,000/- for each claim.
  • Claims in excess of Rs. 10,000/- will be considered in full subject to plan  terms.

Personal Accident Coverage under the Plan

  • A personal accident cover is provided for individual owner or driver of the vehicle insured while traveling in, mounting or dismounting from the vehicle. The cover is for death and any kind of permanent disability or any the consequential event in post six month of accident.
  • The reparation shall be payable under only one of below mentioned cases towards the event of claim raised for owner-driver arising out of any one occurrence and the total liability of the insurer shall not in the aggregate exceed the sum of Rs. 2 lakh during any one period of insurance

The compensation is paid under the plan as per below.

Nature of injury

Scale of compensation

Death

100%

 Loss of two limbs or sight of two eyes or one limb and sight of one eye.

100%

 Loss of one limb or sight of one eye

50%

 Permanent total disablement from injuries other than named above.

100%


Expense towards the replacement of parts in the plan is subject to deduction of depreciation value which is calculated as below

Nature of Expenses

% of Depreciation

For all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags

50%

For fibre glass components

30%

For all parts made of glass

Nil


Rate of depreciation for all other parts including wooden parts will be as per the following schedule
 

Age of Vehicle

% of Depreciation

Not exceeding 6 months from commencement of the plan

Nil

Exceeding 6 months post commencement of the plan but not exceeding 1 year

5%

Exceeding 1 year post commencement of the plan but not exceeding 2 years

10%

Exceeding 2 years post commencement of the plan but not exceeding 3 year

15%

Exceeding 3 years post commencement of the plan but not exceeding 4 years

25%

Exceeding 4 years post commencement of the plan but not exceeding 5 years

35%

Exceeding 5 years post commencement of the plan but not exceeding 10 years

40%

Exceeding 10 years post commencement of the plan

50%

 Exclusions under the commercial vehicle insurance plan.

  • Mechanical or electrical breakdown, depreciation, wear and tear.
  • In the event of any loss or damage or liability which has happened beyond the scope and quantum of claim  as  defined in the plan coverage  documents
  • For cases where the loss or damage is due to any kind of contractual agreement.
  • For any claim which has aroused due to the usage of vehicle other than agreed or defined.
  • For any loss or damage in case the vehicle is being driven by any third person other than a Driver as stated in the Driver’s clause.
  • In the event of accident caused under the influence of intoxicating liquor/drugs.
  • Vehicle being driven without a valid license.
  • Any expenses incurred towards damage to tyres and tubes unless the vehicle is damaged at the same time in which case the liability of the company shall be limited to 50% of the cost of replacement;
  • In the event of any War and nuclear hazard.
  • No compensation be payable in respect of death or bodily injury directly or indirectly wholly or in part arising or resulting from or traceable to  intentional self injury, suicide or attempted suicide or  an accident happening whilst such person is under the influence of intoxicating liquor or drugs.
  • In the event of the vehicle being disabled by reason of loss or damage covered under this Plan the Company will bear the reasonable cost of protection and removal to the nearest repairer and redelivery to the insured but not exceeding in all Rs. 1500/- in respect of any one accident.
  • Any liability caused by or due to consequential event due to ionising, radiation or contamination by radioactivity from any nuclear fuel or from, any nuclear waste from the combustion of nuclear fuel. For the Purposes of this exception combustion shall include any self-sustaining process.               
  • Any expense or liability which has happened due to either direct impact or consequential event of any war invasion, the act of foreign enemies, hostilities, or War like operations (whether before or after declaration of war) Civil War, Mutiny, Rebellion, Military, or usurped power.
  • In the event wherein the insured is unable to establish with proof , that the loss or liability raised for claim is independent any of the above mentioned situation of any consequential event of such as situation .

Claim Process

In the event of any accident, loss or damage of the insured vehicle, the plan  should inform Chola MS on urgent basis and further lodge the claim as per plan details

Basic details required to lodge a claim

    • Motor Insurance plan number
    • Name of Insured and contact details
    • Complete address where the loss or damage occurred
    • Complete address where the damaged vehicle is available for inspection
    • Registration number of the vehicle.
    • Name of the person who was driving vehicle at the time of damage and his driving license number ​OR in case of theft, name of the person in whose custody the vehicle was
    • Name of the police station to whom the loss or damage is notified
    • Your name, complete contact details and relationship with the Insured
    • Brief description as to how the loss of / damage to the vehicle took place
    • Name/s of person/s who sustained bodily injury/injuries and / or died in the mishap​
    • Estimated loss amount, if you are aware
    • Details of loss minimization, if undertaken by insured

Documents required lodging a claim

In case of accident

    • Claim Form duly filled and signed by Insured
    • Copy of Registration Certificate (RC) with the original for verification (in case of total theft, original RC needs to be surrendered)
    • Copy of driving license with the original for verification
    • Police First Information Report (where applicable)
    • Fire Brigade Report (in case of fire)
    • Original Repair/Replacement Bills (in case of Reimbursement Claim)
    • Photographs of the damaged vehicle
    • Subrogation & Power of Attorney in case of Total Loss
    • Discharge Voucher

       ii. In case of theft or robbery

    • Claim Form duly filled and signed by Insured
    • Copy of Registration Certificate (RC) with the original for verification (in case of total theft, original RC needs to be surrendered)
    • Copy of driving license with the original for verification
    • Police First Information Report (where applicable)
    • Fire Brigade Report (in case of fire)
    • Original Repair/Replacement Bills (in case of Reimbursement Claim)
    • Photographs of the damaged vehicle
    • NOC from f​financer in case of Total Loss and Theft
    • Subrogation & Power of Attorney in case of Total Loss
    • Discharge Voucher
    • Entire set of vehicle keys
    • Indemnity Bond

Mode of Payment of Claim

    • Under the plan, Provision for both Cashless & Non-Cashless reimbursements is provided. If the vehicle is repaired in a network garage, then the expense shall be directly paid to the garage subject to the total expense falling under the claim criteria. Any excess payment has to be paid by the customer to the garage.
      • In case the rep[air has been undertaken in any non network garage , then customer has follow the reimbursement claim process as per the document list provided above and the claim amount shall be remitted directly to customer’s bank account within 7 working days time line.

General Terms and conditions of Cholamandalam Commercial vehicle Insurance Plan.

        • Any electrical and/or electronic equipment that is not factory-fitted with the vehicle can be covered under electrical accessories at an additional premium. The value of such accessories will be as declared by the insured at the invoice value.
          • Any non-electrical/non-electronic equipment that is not factory-fitted with the vehicle can be covered under non-electrical accessories at an additional premium of invoice value (at Own Damage rate). The value of such accessories will be as declared by the insured at the invoice value
          • A legal liability for paid driver implies that if you have hired a driver to drive your vehicle and he meets with an accident while driving it, then the insurance company will provide compensation for his injury/loss of life.
          • Insured's Declared Value shall be calculate at the current market value of vehicle & adjusting the manufacturer's current listed selling price of the vehicle with depreciation percentage as mentioned in the plan issuance book.
          • The compensation towards personal accident plan be payable provided
            • The owner-driver is the registered owner of the vehicle insured
            • The owner-driver is the insured named in this plan.

The owner-driver holds an effective driving license, in accordance with the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, at the time of the accident.

Cholamandalam Commercial Vehicle Insurance - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your insurance premium in THREE ways

Direct Bank Debit (Auto Debit): You can avail the auto debit facility/directly transfer the cash to the Cholamandalam MS General Insurancebank account. You will get a discount in your premiums, too.

Online Payment: Pay your premium online using your Debit/Credit card on the e-Portal

Mobile Payment: Recently the insurer has launched mobile application to pay car insurance premium.

2. How can I check my policy status for Cholamandalam commercial vehicle insurance?

Existing policyholders can log into the insurer’s website with their valid login details to check the policy status.

New users must create their account first and then can check their policy status. It just takes 5 minutes to register.

3. What is the policy renewal process for Cholamandalam commercial vehicle insurance?

Online or mobile registered users can directly renew their policy on the go. However for others, they must visit any of the nearest branches in the city to fill up the renewal form and attach a cheque of premium amount.

Process for online users

Step 1: Please login with your login ID and password on the e-Portal

Step 2: Choose mode of Payment- Debit/Credit card, Net Banking

Step 3: Complete payment and print the cyber receipt

4. What is the company process to settle the claim for Cholamandalam commercial vehicle insurance?

Cholamandalam MS General Insurance ensures claims are settled within a specific period of 30 days, provided the claims form is duly filled and the essential documents (medical reports and bills) are attached and deposited in any of the branches in the city.

5. What is the policy of cancellation process for Cholamandalam commercial vehicle insurance?

To cancel the policy you need to walk into any of the nearest branch offices in your city with your policy documents and a duly filled surrender form. The premium refund will be made, upon deducting the applicable charges.

Cholamandalam Commercial Vehicle Insurance Reviews

TOTAL REVIEWS (24)
Manish
Manesar
August 02, 2016

Best Plan

My cholamandalam commercial vehicle insurance is the best. It facilitate me the best services and the tow service is at any location any time and for free. The accidental death benefits are also inbuilt in the plan. Coverage is high and claims are easy to approved.

Ishita
Kuppam
July 21, 2016

Commercial vehicle insurance

I purchase cholamandalam commercial vehicle insurance plan which has very low investment but it secure the vehicle completely. The owner/driver has a accident death benefits also. Tow facility is available at any location for free of cost.

Rajesh
Lingasugur
July 05, 2016

Good Vehicle Insurance

I had commercial vehicle insurance plan for my new vehicle. The policy coverage is good and the tow facility is for free at any location. The whole vehicle is insure in this policy except tires. Accidental death benefits is also in this plan and third party reimbursement too.

Reema
Agra
June 24, 2016

Great Policy Deal

The commercial vehicle insurance plan I have is very good and beneficial. The policy covers maximum damage and the tow facility is there for free at any location. The accidental death benefits is for driver/owner. The hassle free documentation and easy renewal which can be done online.

Chetna
Nasik
June 08, 2016

Awesome Policy Plan

Policy provide many benefits like tow facility at any location is free. Huge number of garages are facilitate service 24X7. Premiums are low and policy coverage is high. Accidental death benefits for owner/driver of the vehicle. Double coverage for third party. Great works guys. I'm happy to buy cholamandalam commercial vehicle insurance plan.

Vashisht
Rohtak
June 08, 2016

Quality Investment

Good policy provided by cholamandalam ms general insurance and the product is commercial vehicle insurance plan. Tow up the vehicle is possible at any location but charges may apply. The garages are many in numbers so the delay in service is not possible. Executives and staff of the company are doing good job to improve the plans and regular update are mailed to my email address.

Bharat
Nainital
June 08, 2016

Perfect Policy

My policy form new vehicle is cholamandalam commercial vehicle insurance plan which is very good plan. The service is fast due to huge number of garages and great service facilitate by the executives and staff members of the company. Policy coverage is high and claims are even better.

Neetu
Thane
June 08, 2016

Best Plan

Cholamandalam commercial vehicle insurance plan is the best I ever get at this moment. The premium is low, policy coverage is high. Service facilitate by the executives and staff members is fast and on time. Good investment which provide tow facility absolutely free of cost at any location. The garages are many which facilitate service 24X7.

Maalvika
Kanpur
June 08, 2016

Good Plan

I got good commercial vehicle insurance plan for my new mini bus. The insurer is cholamandalam ms general insurance. Claims are high and premium is low. Policy coverage is high, even the tow facility for the vehicle is free at any location. The accidental death benefits is also pre inbuilt in the policy.

Lavish
Mysore
June 08, 2016

Satisfactory Policy

I purchase cholamandalam commercial vehicle insurance plan which is very good in terms and conditions. Premium is low and coverage is high. The huge number of garages are there for fast service and tow facility is free of cost to any location. Good investment, the accidental death benefits are inbuilt in the plan.

Krish
Panipat
June 08, 2016

High Coverage

My cholamandalam commercial vehicle insurance plan is perfect for my new bus. The premium is less and coverage is more. Accidental death benefits for driver of the vehicle and the double coverage for the third party. Service if facilitate to any location and even tow facility is provided for free. I like the policy and the terms and conditions is fair enough.

Jigar
Itanagar
June 08, 2016

Improve Online Services

Good claims and easy sanctioning of claims due to fast service facilitate by staff and executives. Premium is low and payback returns are high. Cholamandalam commercial vehicle insurance plan is one of the best among all for the commercial vehicles. Good job guys. Please improve your web page too for easy access.

Hemant
Chaksu
June 08, 2016

Fantastic plan

Best plan provided by you, cholamandalam commercial vehicle insurance plan. The premium is low and the claims are very good. The accidental death benefit for the owner of the vehicle. Service facilitate by the executives and staff of the company is fast and on time. Good investment for commercial vehicles.

Gagan
Gangtok
June 08, 2016

Good Policy For Commercial Vehicles

The policy plan is normal but worth it. Premium is low and paybacks are good. Tow up the vehicle is possible but charges may apply. Claims are fair and extra accidental death benefits for the driver of the vehicle. The double coverage for the third party also. It become good insurance for my vehicle i.e., cholamandalam commercial vehicle insurance plan.

Deepashi
Hyderabad
June 08, 2016

Fine Policy

After long search on internet I found very fine policy for my new truck. The plan is cholamandalam commercial vehicle insurance plan. Premium is low and payback returns is high. The tow facility is available at any location and huge number of garages provide quick and on time service. Accidental death benefits is for owner/driver of the vehicle. Good investment and nice plan.

Saurabh
Faridabad
June 08, 2016

Good Benefits

I have cholamandalam commercial vehicle insurance plan for my mini van. The policy provide's good paybacks and the premium is also low. The claims are good, driver/owner of the vehicle have the accidental death benefits. The service is facilitate any location in the nation. Good plan, I kinda like it.

Ashish
Faridabad
June 07, 2016

Fair Policy

My policy is for my new truck and the policy is cholamandalam commercial vehicle insurance plan. The policy coverage is high and premium is low. Claiming is easy due to fast service facilitate by the executives and staff of the company. The web service is simple and easily access. Good policy, I like the plan.

Eklavaya
Jaipur
June 07, 2016

High Coverage

Cholamandalam commercial vehicle insurance plan. The policy is nice with some good benefits like accidental death benefits for driver of the vehicle. The premium is low and paybacks are high. Good investment for the vehicle and the owner/driver of the vehicle. The double coverage benefits for the third party. Good service, good policy.

Rohit
Pondicherry
June 07, 2016

Damn Good

I buy cholamandalam commercial vehicle insurance plan. The policy coverage is high and the claims are high too. Policy premium is less and paybacks are high. Service facilitate by the executives and staff members is fast and on time. The paperwork is simple and hassle free. Good investment, I like the policy.

Tanishk
Haldwani
June 07, 2016

Trustworthy

The cholamandalam commercial vehicle insurance plan is good plan which I buy in low premium. The return is high in terms of policy coverage and security of the vehicle and driver. The accidental death benefits for driver/owner of the vehicle. Good investment which has hassle free documentation.

Yajan
Delhi
June 07, 2016

Coverage Is Good

My cholamandalam commercial vehicle insurance plan is nice. The premium is low and the coverage is high. Claiming is easy because fast service facilitate by the executives and staff members. The documentation is very simple and hassle free. Most of the work is done on online. Good investment for commercial vehicle safety and the drivers safety.

Uttam
Aligarh
June 07, 2016

Excellent Work

The policy provide's insurance for vast range of vehicles like passengers carrying vehicle- school buses, vans, taxis, etc. Good carrying vehicles- trucks, tractors, cranes, etc. Cholamandalam commercial vehicle insurance plan has low premiums and the returns are high. Service is fast and on time provided by the executives and staff members of the company.

Ishant
Chittaurgarh
June 07, 2016

Above Average

I have cholamandalam commercial vehicle insurance plan. The policy is good which has low premium. The process is hassle free and simple documentation. The renewal of the policy is possible form any location. Accidental death benefits for driver/owner of the vehicle. The policy coverage is high and claims are also good. Nice policy plan, I like it.

Prashant
Pune
May 12, 2016

Great Deal

I purchase cholamandalam commercial vehicle insurance plan. The policy is the best, countless benefits are there in this plan. Double coverage benefit of third party cover and own damage cover. Pan Indian access to network of over 400 chola MS preferred garages for easy, quick and cashless claims. Accidental death benefits for driver-owner of the vehicle. The policy coverage and the claims are high. Good service.