Cholamandalam Car Insurance

Chola MS or Cholamandalam MS General Insurance is a joint venture between the Japanese assurance company- Mitsui Sumitomo Insurance Group and the Indian business conglomerate- Murugappa Group. They have their headquarters in Chennai. Chola MS is a renowned name in the insurance sector be it vehicle Insurance, travel insurance, home and personal accident insurance. Cholamandalam car insurance is available for both private and commercial vehicles.

Cholamandalam Car Insurance Plan at a Glance

Features  Highlights
Incurred Claim Ratio 79.82%
Network  Garages 4500+
Third-party Damage Cover Up to Rs. 7.5 Lacs ( private cars)
Personal Accident Cover ( for passengers) Up to Rs. 2 Lacs

Types of Cholamandalam Car Insurance

  1. Chola MS Comprehensive Car Insurance Policy – It offers protection to your car from losses or damages caused due to an accident, natural calamities, and man-made disasters.  You can easily buy Cholamandalam vehicle insurance online and ensure your safety while driving on the roads.
  2. Third-Party Liability Policy – It offers unlimited coverage in case of third party personal liabilities. In case of third party property damages, it provides coverage up to Rs. 7.5 lacs.

Note- The policy is available for both private and commercial vehicles.

Benefits and Features of Cholamandalam Car Insurance

Here’s a quick rundown of the benefits that you can avail with Chola MS car insurance policy.

  • It protects your car against losses or damages arising due to accidental damage, collision, and theft.
  • It offers a comprehensive car insurance plan that covers both own damage and third-party liability.
  • It covers third-party injuries, death and property damages.
  • It offers No Claim Bonus on own damage premium if no claim has been filed in a policy year.
  • It offers personal accident cover for owner, driver, and passengers.
  • It offers personal accident cover of Rs. 2 lakhs for passengers.
  • It offers cashless claim settlement in more than 4500 network garages.
  • It enables an insurance buyer to buy car insurance online.
  • It offers easy and quick online renewal process.
  • It offers a hassle-free and quick claim settlement process.

Why Cholamandalam Car Insurance Policy?

Purchasing a car is usually an emotional moment for families in India. It offers a sense of pride, independence and the freedom to move around with an ease.

It is a costly affair to buy a car and it is imperative to protect your prized possession against uncertainties and risks. Here’s why you need Cholamandalam Car Insurance policy- It will protect your car against any unforeseen risks such as theft, fire, accidents and any other losses or damages, which may otherwise drain out all your savings.

Cholamandalam Car Insurance will bear the expenses in the wake of any such incidences. It ensures security and safety of the insured car against any unfortunate event.

Cholamandalam Car Insurance Inclusions (Private Cars)

Here are the inclusions of Cholamandalam Car Insurance.

  1. Third-party property damage cover up to Rs. 7.5 lacs for private cars.
  2. Coverage against own damages is provided in case of:
    • Natural calamities like earthquake, floods, storm, inundation, cyclone, hailstorm, typhoon, hurricane, landslide and rockslide
    • Self-ignition, lightning, and fire
    • Theft, burglary or housebreaking
    • Strike, malicious acts and terrorist activities
    • Damage occurring during transit by road, rail, air, inland waterway
  3. Personal Accident Cover for the owner/driver.
  4. Legal liability cover for the hired driver.
  5. Personal accident coverage for the co-passengers, including parents, spouse, children etc.
  6. Legal liabilities cover for employees while travelling in the insured vehicle.
  7. There is no limit applicable to third-party personal liabilities. The court decides the compensation on the basis of damage caused by the insured vehicle.

Additional Covers Available in Cholamandalam Car Insurance Policy (Private Cars)

Add-on covers for private vehicles include a wide range of additional covers that you can choose from for enhanced protection of your vehicle. You can easily compare car insurance online based on these benefits and choose the one that meets your insurance needs and preferences.

  • Car Hiring Benefit – If the insured car is involved in an accident or is getting repaired at a garage, car hiring benefit of Rs. 500 to Rs. 1000 is provided. You can use this benefit for a maximum of 5 days as per Cholamandalam Car Insurance policy.
  • Personal Belongings Cover – Compensation up to a maximum of Rs.10, 000 is provided in case there is a loss or damage caused to the items that were locked in your car during the mishap.
  • Additional Discounts – It provides various discounts such as No Claim Bonus, discount for installing anti-theft devices approved by Automobile Research Association of India (ARAI) and Automobile Association Membership Discount.
  • Reinstatement Value – is ensured to provide maximum benefit out of the claim- Full car value is reimbursed as per the invoice and zero depreciation on repaired parts. It does not include road tax and car registration charges.
  • Key Replacement Cover – Compensation up to a maximum of Rs. 1,000 is provided to get a duplicate ignition key, in case the original keys are lost.
  • Depreciation Waiver – Based on the age of the insured car, the depreciation value of the replaced parts in case of partial losses will be waived off.
  • Driving  License Cover –  If you lose your original driving license, up to Rs.500 to be compensated for obtaining a duplicate copy of the license.
  • Emergency Roadside Assistance Service – You can avail 24×7 Chola Assistance when any road emergency strikes. On-the-spot assistance is provided for car breakdown assistance, jump-starting the battery, tyre repair, and fuel delivery. You can avail the facility by contacting the helpline number at 1800-103-5354 /1800-209-5354.
  • Registration Charges and Road  Tax Cover – It provider coverage for registration charges and road tax.

Insured Declared Value (IDV)

The Insured’s Declared Value is considered as the sum assured at the time of purchasing the policy. It is computed on the basis of the selling price listed by the manufacturer for a particular car model and brand. At the time of renewal, the depreciation is also adjusted.

Listed below is the table with depreciation value for computing IDV of the insured vehicle.

Vehicle Age Depreciation (%)
Up to 6 months 5
6 months to 1 Year 15
1 to 2 Years 20
2 to 3 Years 30
3 to 4 Years 40
4 to 5 Years 50

Chola Protect Car Insurance Plan

It is a unique car insurance plan which is designed to offer complete protection to the insured vehicle. It is a 360 ° vehicle protection policy that ensures a safe and happy ride.

Here are the benefits of this plan.

  • Emergency car breakdown assistance i.e. battery jumpstart, on-site repair, flat tyre and fuel delivery.
  • Total financial cover i.e. Zero depreciation cover and reinstatement value.
  • Post-accident assistance i.e. towing assistance, daily allowance etc.

Cholamandalam Commercial Vehicle Insurance

It provides coverage for passenger carrying vehicles, goods carrying vehicles, and other miscellaneous vehicles.  You can also buy vehicle insurance online for commercial vehicles. Have a look at the policy in details below.

Inclusions

  • Third-party liability cover in case of accidental death and injuries.
  • Third-party property damage cover up to Rs. 7.5 lacs.
  • Own damage cover in case of natural and man-made calamities.

Special Coverage

  • Legal liability cover towards employees in case of an accident.
  • Coverage for unnamed passengers, including parents, children, spouse, and others. Sum assured ranges between Rs. 10,000 and Rs. 2 lacs (in multiples of Rs. 10,000).
  • Additional discounts on the installation of anti-theft devices, membership with Automobile Association, and No Claim Bonus. 

Cholamandalam Vehicle Insurance Add-on Covers (For Commercial Vehicles)

  1. Reinstatement Value Basis of Fixing the Sum Insured of the Vehicle – The sum assured is calculated on the ‘Reinstatement Value Basis’. It is the original invoice value minus the road tax and registration charges. With this add-on benefit, you get 100% waiver of reduction in depreciation.
  2. Registration Charges and Road Tax Cover – In case of total loss of the vehicle, the outstanding amount paid towards road tax and registration charges will be reimbursed.
  3. RC loss cover – In case the original registration certificate is lost, compensation of Rs. 2,000 is provided to get duplicate RC.
  4. NCB Cover – Retention of the No Claim Bonus even if you make one Own Damage claim during the policy period.
  5. Coverage of Insured Cost – In case the vehicle is declared as the total loss or constructive total loss, the insurer shall bear the cost of insurance for the new vehicle. This is subjected to the premium paid.
  6. Consumables Cover – While repairing the accidental damage, the cost of nuts and bolts, engine oil, screws, oil filter will be reimbursed.
  7. Penalty Cover – Cholamandalam commercial vehicle insurance provides compensation for the penalties imposed by your customers or clients in case of delays and damage caused to their goods during transit in the insured vehicle.
  8. Permit loss cover – In case your original permit is lost, the compensation of Rs. 2000 is provided.
  9. Key Replacement Cover – The cost of acquiring duplicate keys is reimbursed by the insurer.
  10. Waiver of reduction in depreciation for partial losses – In case of accidental damages, the full cost of replaced parts will be provided without deducting the depreciation or reduced percentage of depreciation. The exact percentage depends on the type of cover opted.

Cholamandalam Car Insurance Exclusions (For Private & Commercial Cars)

Cholamandalam vehicle insurance company shall invalidate all the claims arising due to the following reasons:

  • Any losses or damages that are proved to be a result of the deliberate attempt.
  • Accidental losses or damages caused when driving under the influence of intoxicants.
  • Accidental losses or damages caused when driving without a valid DL.
  • Accidental losses or damages caused while driving outside the geographical limitations.
  • Any claims arising due to normal wear and tear, consequential loss, and mechanical as well as electrical breakdown.
  • Damages resulting due to nuclear radiations.
  • Damages resulting due to war conditions and other related activities.

How to Renew Company Cholamandalam Car Insurance Online?

Submit the online vehicle insurance renewal form. Make sure the following information is filled in accurately.

  • Insured Name
  • E-mail ID
  • Mobile Number
  • Landline Number (if any)
  • Car Manufacturer
  • Car Model
  • City where the car was registered
  • Year of first purchase/ registration
  • Previous policy expired– Yes or No
  • Type of policy*
    • Buy a policy for brand new car
    • Renew existing Cholamandalam Car Insurance policy
    • Renew existing policy from other insurer policy Online

After you submit the required documents, a representative will get in touch with you for your car insurance renewal.

Cholamandalam Car Insurance Renewal

You can easily renew your Cholamandalam car insurance online with the help of Cholamandalam’s mobile application. Simply, download the app and renew your policy in the matter of a few seconds.

Benefits of Renewing Car Insurance Online

Here are the benefits of buying Renewing Car Insurance Online.

  • It is time-saving & convenient.
  • It is hassle-free.
  • Easy to compare car insurance quotes online.
  • Once the payment is done, the instant policy is issued. Along with that policy document is couriered to the registered address.

Cholamandalam Car Insurance Claim Process

The process for filing a claim with Cholamandalam Car Insurance is elucidated below.

Process for Claiming Accident Related Claims with Cholamandalam Car Insurance

  • Immediately contact Chola MS by calling its toll-free helpline number 1800-200-5544.
  • If possible try to note down the vehicle number and contact details of the people involved.
  • Submit the duly signed claim form.
  • Provide a copy of DL and policy document.
  • Lodge a Police FIR, if required.
  • Attach original bill(s) with the repair estimate.

Note

  1. Invoice receipt is required to avail cashless claim settlement.
  2. To get reimbursement of the incurred repair expenses, you need to submit the repair estimate, with the original copy of invoice and payment receipt.

Process for Claiming Theft Related Claims with Cholamandalam Car Insurance

  • Immediately report the incident to Cholamandalam car insurance company on its helpline number.
  • To file a claim you need to submit the duly signed claim form and form 28, 29, 30 and 35.

Attach the required documents such as a copy of policy document, registration certificate and Driving License, Police FIR and No Trace Report of the lost car issued by the police.

Note- You will have to submit original car keys.

Process for Claiming Third-Party Related Claims with Cholamandalam Car Insurance

  • Immediately inform the insurer at its helpline number.
  • To start the claim process, submit the duly signed claim form. Attach Copy of Police FIR, a copy of Driving License, insurance policy, and registration certificate along with the claim form.

Documents Required for Filing Cholamandalam Car Insurance Claim

  • Duly filled claim form
  • Registration certificate copy
  • Driving License copy
  • Police FIR copy
  • Repair Estimate
  • Load Challan (for commercial vehicles)
  • Permit (for commercial vehicles)

Note- All the documents need to be submitted to the nearest branch/repairer/surveyor.

Cholamandalam Car Insurance FAQS

Q1. Is it beneficial to buy a comprehensive car insurance policy?

If you buy a comprehensive Cholamandalam car insurance plan, it will secure your car against theft, collision and accidental damages. Compensation will be provided for any damage resulting due to natural disasters as well. It also covers third-party liability damages.

Q2. What are the discounts applicable in Cholamandalam car insurance policy?

Following discounts can be availed in a car insurance policy:

  • No Claim Discount
  • Discount on Automobile Association Membership
  • Installation of anti-theft devices in the vehicle (as approved by Automobile Research Association of India)

Q3. What are the benefits of opting for Road Side Assistance Cover in Cholamandalam car insurance policy?

On-site repair assistance is provided to you if your car breaks down in the middle of the road. Both accidental damages and mechanical failure are covered.

You can avail 24×7 assistance, to jump start your car’s battery, or get emergency fuel service when an emergency strikes.

To reach out to Cholamandalam car insurance at the time of urgency, you can dial the toll-free number 1800-103-5354 /1800-209-5354.

Q4. Can I opt for a fixed daily allowance in Cholamandalam car insurance policy?

Yes, Cholamandalam car insurance provides a fixed daily allowance as an add-on benefit. You can avail a benefit of Rs. 500 or Rs. 1,000 for 5 days. This shall help you meet the cost of hiring a car while your vehicle is getting repaired at one of the Cholamandalam car insurance network garages.

Q5. Why should I opt for zero depreciation cover?

If you have opted for zero depreciation cover, you will get the complete amount of damage repair from Cholamandalam car insurance company. You can opt for zero-dep at the time of policy purchase or renewal. Please note that zero depreciation cover is only applicable to a comprehensive car insurance plan.

Q6. Is personal belonging cover provided by Cholamandalam Car Insurance policy?

You can opt for personal belongings cover to get compensation for all the items that are destroyed or damaged during the accident. Only the items that were locked inside the car during the mishap will be covered under this benefit.  Up to a maximum of Rs. 10,000 will be compensated.

Q7. What are the car insurance add-ons that are available with Cholamandalam Car Insurance?

You can opt for the following add-on covers with your Cholamandalam car insurance policy.

  • Personal Belongings Cover
  • No Claim Bonus Protection
  • Key Replacement Cover
  • Waiver of Depreciation
  • Road tax and registration charges cover if the insured vehicle is declared as a total loss
  • License Loss Cover
  • Fixed Daily Allowance
  • Reinstatement Value

Q8. What is not covered in Cholamandalam Car Insurance policy?

The claim will not be provided for your Cholamandalam car insurance policy under the following circumstances.

  • Normal wear and tear
  • Consequential loss and depreciation
  • Electrical and mechanical breakdown
  • Driving under the influence
  • An accident resulting due to willful negligence
  • Driving without a valid driving license
  • Damage or loss resulting due to war conditions and radioactivity

Q9. How to calculate car insurance premium?

Car insurance premium is calculated based on the factors listed below:

  • Insured Declared Value or IDV
  • Age of the vehicle
  • Engine’s Cubic Capacity
  • Depreciation Value of the vehicle
  • Gross weight of the insured vehicle
  • Place of Car Registration

Q10. What is the importance of Insured Declared Value in car insurance premium calculation?

Insured Declared Value is the manufacturer’s listed price minus the depreciation value of the vehicle parts.  It is the amount the car insurance company will pay you in the event of a total loss claim.

Q11. What is Cholamandalam Car Insurance claim procedure?

Mentioned below is Cholamandalam Car Insurance step-wise claim procedure.

  • When filing a car insurance claim, the first step is to inform the Cholamandalam Car Insurance team at its helpline number.
  • For cashless claim settlement, you need to fix an appointment with the surveyor. Your vehicle will be then taken to any of Cholamandalam Vehicle Insurance registered workshops for repair.
  • You need to provide all the required documents to the surveyor.
  • The company will then confirm the liability.
  • If you avail cashless services,  Cholamandalam Car Insurance company will directly settle the bill with the network garage up to the amount assured.
  • But in case you opt for reimbursement, the cost of repair needs to be first settled by you. Later on, you will have to submit the original bills along with the duly filled claim form to Cholamandalam Car Insurance for claim settlement. Once the repair work is done vehicle be delivered to you.

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