Chola MS Bike Insurance Online
Two-Wheeler insurance provides financial coverage against any loss or damage caused due to accidents, natural disasters, fire, or theft. It not only provides coverage for your vehicle but also protects the owner or the third party in case of any injuries sustained in the accident.
Cholamandalam MS Bike Insurance offers a policy at an affordable rate with an easy renewal process, customized IDV, and effortless claims. Here are more details about Cholamandalam MS Bike Insurance, including features, benefits, add-ons, and other information.
Types of Cholamandalam MS Bike Insurance Plans
There are two types of plans under Cholamandalam MS Bike Insurance and those are:
- Cholamandalam MS Third-Party Insurance Cover: This is an economical option for those who want to purchase third-party bike insurance plan, which is compulsory for all vehicle running on Indian road as per Motor Vehicles Act, 1988[KM1] .
- Cholamandalam MS Comprehensive Insurance Cover: This comprehensive insurance plan covers damage to the owner’s bike as well as a third-party. Beneficiaries can include rider plans as per their requirements to avail themselves of added coverage.
Features of Cholamandalam MS Bike Insurance
The following are the features of two types of Cholamandalam MS Bike Insurance plans:
Key features of Cholamandalam MS Third-Party Bike Insurance Cover: The following are the coverages under Cholamandalam MS Third-Party Bike Insurance Cover:
- Death or injury of third-party
- Damage of third-party vehicles
- Legal expenses in case of accident of third-party
- Personal accident
Key Features of Cholamandalam MS Comprehensive Bike Insurance Plan: The following are the coverages that a beneficiary can avail themselves of under this insurance cover plan:
- Damage due to natural calamities such as earthquake
- Damage due to fire
- Loss due to theft
- Damage due to road accident
- Damage due to man-made events such as riots
- Covers policyholder and the passengers in the vehicle in case of personal accident.
- Offers zero depreciation rider and roadside assistance rider along with other rider options.
Benefits of Cholamandalam MS Bike Insurance
The following are the benefits of Cholamandalam MS Bike Insurance plans:
- Beneficiary can initiate claim process online
- Low premium rates
- 24x7 customer support
- Offers more than 8500 garages across the country
- High claim settlement ratio
- Offers full claim amount in case of unfortunate situations
- Offers complete transparency of the policy and insuranc
- Chola MS insurance is equipped with long-term products
- Provides add-ons for extra coverage
- Provides daily cash allowance of Rs.250 to Rs.750 for five days
- Provides Chola value-added services for assistance during any emergencies
Note: Daily cash allowance facility is valid for 10 years starting from the registration date.
Add-on Coverage
The following are the add-on coverage that Cholamandalam MS Bike Insurance offers:
- Zero depreciation Cover: The bike value falls due to the wear and tear of the vehicle. This rider option covers the depreciation value of the bike and enables the beneficiary to get the full claim amount during claim settlement.
- Roadside assistance Cover: Under this cover plan, the beneficiaries can make a call to the insurance provider in case their vehicle breaks down in the middle of the road. The insurer sends a mechanic for rectification or to tow the vehicle to the garage, if needed.
- Engine Protection Cover: This coverage plan provides engine protection cover to extend the longevity of the bike.
- NCB Protection Cover: No Claim Bonus (NCB) is earned by the insured individual if no claim is made within the policy period. This rider plan keeps your NCB intact even if you make a claim.
How to File a Claim for Cholamandalam MS Bike Insurance Plans?
Here are the steps to file a claim under two types of Cholamandalam MS Bike Insurance plan:
Third Party Insurance
- After road accident involving third party, file an FIR with the local police station
- Collect photograph of damage, speak to the witness, and collect CCTV footage for evidence
- File a case in the Motor Accident Claims Tribunal after informing the insurance provider
- Claim amount will be decided after judgment is passed by the Motor Accident Claims Tribunal
- After approval, the insurance provider will pay the compensation
Comprehensive Insurance
1. Here are the steps for cashless claim
- For cashless claim, inform the insurance provider through a call, email, or WhatsApp
- Claim registration number will be provided by the insurance provider
- Send the vehicle to the garage
- Surveyor will verify the damage and approve the claim
- After approval, bike will be sent for repair
- The payment will be sent to the garage directly by the insurance provider on behalf of the policyholder
Note: For cashless claims, policyholder can inform the insurance provider by sending an email to customercare@cholams.murugappa.com, calling on 18002085544, and WhatsApp on 7305234433
2. Here are the steps for reimbursement
- Inform the insurance provider
- Obtain the registration number from insurance provider
- Damage will be verified by the surveyor
- Policyholder is informed after approval of the claim
After approval, policyholder can send the bike to garage and the original receipt to the insurance provider. The claim amount will be reimbursed by the insurance provider.
Exclusions of Cholamandalam MS Bike Insurance
The following are the exclusions under Cholamandalam MS Bike Insurance plan:
- Wear and tear of the bike due to aging
- Breakdown of the two-wheeler due to mechanical or electrical issues
- Accident under the influence of alcohol
- Damage due to nuclear activity or war
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FAQs on Cholamandalam MS Bike Insurance
- What are the documents which are required while making a claim for the insurance money?
The documents required for making a claim for insurance money are dully filled claim form, photocopy and original copy of registration certificate, exact approximation value of loss or damage, and the receipt of payment of repair.
- Can I transfer my two-wheeler insurnace policy to Cholamandalam MS Bike Insurance?
Yes, you can transfer your two-wheeler insurance policy at the time of renewal to Cholamandalam MS Bike Insurance and avail yourself of all the benefits of Cholamandalam MS Bike Insurance plan.
- Can I customize Cholamandalam MS Bike Insurance?
Yes, you can customize your Cholamandalam MS Bike Insurance plan by choosing your preferred rider option and adjusting the tenure as per your requirements.
- What happens to my No Claim Bonus while renewing an expired two-wheeler insurance policy?
No Claim Bonus remains valid for 90 days after expiry of the policy date. If the policy is not renewed within this period, then the NCB will not be eligible anymore.
- Does Cholamandalam MS Bike Insurance covers scooters?
Yes, both the third party and comprehensive coverage under Cholamandalam MS Bike Insurance plan are available for bikes and scooters.
- What is Insurance Declared Value (IDV)?
IDV is the maximum total insured amount fixed by the insurance provider in case the policyholder suffers a loss or theft of the two-wheeler.
- Is there a provision of cancellation of bike insurance policy?
No, generally bike insurance cannot be cancelled. But this is allowable in genuine cases where the policyholder ends up purchasing two policies for the same vehicle or buys private policy for commercial vehicle. No cancelation charges are levied provided the reasons are genuine.
- My policy has lapsed. Can I make a claim now?
No, you cannot make a claim now, if your policy has already lapsed. To make a claim your policy needs to be in an active state.
- Can I transfer my bike insurance to a new owner, if I sell my bike?
Yes, you can transfer your bike insurance to the new owner, but the No Claim Bonus (NCB) cannot be availed by the new owner. New owners will have to wait for the specified time to accrue the NCB benefits.
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