Cholamandalam MS General Insurance Company Limited (Chola MS) is a frontrunner in the Indian insurance scene. The company extends a large variety of insurance schemes for its urban and rural customer base. The assortment of insurance products offered by the company to its corporate and individual customers includes health, engineering, accident, motor, marine, liability, travel, and rural insurance.
The company has been conferred with numerous awards and recognitions for its outstanding services and innovative strategies.
Why Should You Buy Motor Insurance From Chola MS?
Chola MS offers a comprehensive motor insurance policy that includes an extensive range of events under its coverage. The advantages of choosing Chola MS motor insurance are detailed below:
- The insurance plan offers a third-party liability insurance cover that is mandated by law in India.
- The policyholder can avail 24x7 assistance for unexpected breakdowns or accidents.
- The claim settlement process of the insurer is smooth and there is a high level of transparency involved in the process.
- The insurance company has tie-ups with 4500+ network garages across the country where customers can get cashless claim settlement benefits. If the damaged vehicle is repaired at a network garage, the policyholder is not required to pay for the repair work. The finances are settled by the insurer directly with the network garage.
- The insurer offers special discounts to motor insurance customers when they utilise the services offered by specific pharmacies and diagnostic centres across the county. This discount can be availed by the policyholder and his/her dependents as long as the motor insurance is valid. To benefit from this promotional offer, the policyholder will have to submit a copy of the motor insurance, his/her ration card, and passport copy at the pharmacy. A list of such partner pharmacies and diagnostic centres are available at the official website of the insurance company.
Types Of Motor Insurance From Chola MS
Chola MS offers the following types of motor insurance policies:
- Private car insurance - This insurance plan offers protection to cars that are bought by individual customers for private use. The coverage under the plan protects the insured car from a comprehensive set of events, such as natural disasters, theft, man-made calamities, and third-party liability.
Chola Protect - This is a unique car insurance solution that the insurer refers to as 360° motor protection policy. The plan offers just that - it is a complete insurance package that has so many benefits over and above the basic private car insurance policy. The coverage offered by the Chola Protect plan includes the following:
- Complete financial protection, i.e., nil depreciation
- Emergency assistance, i.e., for battery jump start, fuel delivery, etc.
- Assistance for car breakdown, i.e., flat tyre, emergency repair, etc.
- Assistance following an accident, i.e., towing service, daily allowance, etc.
Insurance for commercial vehicles - The commercial vehicle insurance plan safeguards vehicles that are used for business purposes. The vehicles that can be protected under this are:
- Passenger vehicles such as buses, taxis, vans, etc.
- Goods carrying vehicles, such as trucks
- Miscellaneous commercial vehicles such as cranes, excavation vehicles, loaders, etc.
Chola MS Third-Party Liability Insurance Policy - Inclusions
The coverage offered by the Chola MS liability only insurance plan includes the following:
- Liabilities for injuries, disabilities, or death suffered by a third party in an accident
- Liabilities for property damage of a third party following an accident
- Personal accident cover for the owner-driver of the insured car - This protects him/her from permanent disabilities or death.
The insured car is not offered any protection under this plan.
Chola MS Package Policy - Inclusions
The Chola MS comprehensive car insurance plan offers extensive protection to the insured vehicle. The inclusions under the coverage are:
- Third-party personal liability with no limits on coverage - Under this part of the coverage, the insurer will pay for the liability claims raised by a third party following an accident. Third-party injuries and death are offered coverage.
- Third-party property damage - The insurer pays for property damage liability claims raised by a third-party after an accident. The upper limit on coverage is Rs.7.5 lakh for private cars. However, the final amount payable is determined by the Motor Accident Claims Tribunal (MACT).
Own-damage cover - This insurance protects from the following losses:
- Lightning, fire, explosion, or self-ignition
- Theft of the insured vehicle
- Tempest, flood, hurricane, cyclone, etc.
- External accidents
- Terrorist acts
- Malicious activity
- In-transit damages
- Rockslides and landslides
The coverage also includes the following:
- Personal Accident Cover for the owner-driver
- Legal liability towards employees after an accident
- Personal accident cover for unnamed and named passengers
- Legal liability to a paid driver
Chola MS Motor Insurance - Exclusions
The Chola MS motor insurance policy does not offer coverage for the following events:
- Damages to the insured vehicle due to negligence from the owner
- Accidental losses to the vehicle while the driver was under the influence of drugs/liquor
- Losses to the vehicle while it was being used beyond its limits
- Depreciation or wear and tear of the vehicle parts
- Consequential losses
- Electrical or mechanical breakdown
- Losses from nuclear weapons/radioactivity
- Damages due to war and associated events
Chola MS Motor Insurance FAQs:
- What are the discounts offered by Chola MS on motor insurance?
Chola MS offers the following discounts to customers of its motor insurance policy:
- No Claim Bonus (NCB) that amounts to a lower renewal premium
- Discount for membership in automobile associations
- Discount for the installation of approved anti-theft devices in the vehicle
- What are the add-on insurance plans offered by Chola MS under motor insurance?
The following add-on covers can be purchased by a policyholder to increase the protection offered by his/her comprehensive motor insurance policy:
- Fixed daily allowance to hire an alternative car while the insured vehicle undergoes repair
- Reimbursement of invoice price of the vehicle in a total loss scenario
- Depreciation waiver cover for partial losses
- Personal belongings and clothing coverage
- Reimbursement of expenses for obtaining duplicate keys
- Reimbursement of expenses involved in getting a duplicate license
- Road tax and registration charges cover
- Roadside emergencies cover
- What is the maximum amount I am liable to receive after a car theft?
- Can I buy Chola MS motor insurance online?
- Can I renew my existing motor insurance policy from another insurance company through Chola MS?
The insurer offers the Insured Declared Value (IDV) of the vehicle as compensation after a total loss event such as theft. The IDV is the market value of the vehicle, i.e., the manufacturer’s listed price minus depreciation. Depreciation is a fixed value that depends on the age of the vehicle.
The insurance company enables users to get a quote on motor insurance through its website. If the user agrees to the quote, he/she can proceed with the purchase of the policy. The policy will also be issued instantly.
Yes, this is possible. You can visit the Chola MS website for the same.
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