Chola MS Car Insurance

Cholamandalam MS General Insurance Company Ltd., or Chola MS, is a joint venture between an Indian conglomerate called Murugappa Group, and a Japanese insurance company called Mitsui Sumitomo Insurance Group (MSIG). The insurer is headquartered in Chennai. Chola MS’ product offering consists of plans and policies that are varied in nature, to cater to the general protection needs of its customers. It offers several products like Health Insurance, Travel Insurance, Personal Accident, Motor Insurance and Home Insurance. The company has rapidly expanded in the last decade. It has a vast network of 90 branches across the country, supported by agency channels containing nearly 7000 agents. The company has also created value-added ties with various banks and auto financiers. Chola MS offers car insurance policies that provide a third-party liability cover, a personal accident cover, as well as an own damage cover, apart from benefits like cashless services and several discounts.

Who needs Car Insurance?

Danger lurks around the corner. Nobody can predict when or what kind of danger they might face. No one knows what kind of damage will result from an accident. Therefore, every vehicle owner needs a comprehensive car insurance policy to take care of the financial losses resulting from an accident. Moreover, Indian laws make it compulsory for all vehicle owners to purchase insurance for the same.

The idea vehicle insurance must provide third-party liability cover especially for all vehicles in use on Indian roads. Driving without a third-party insurance is illegal in India. Third-party insurance policies ensure that any loss or damage caused to another person in the event of an accident by an insured vehicle will be compensated for by the insurer. The damages include injury to property as well as human physical injury or death.

Own-damage insurance policies are not compulsory, but highly advisable. It assures compensation by the insurer for any loss caused by another person, be it physical injuries or damage to property or to the vehicle.

Chola Protect Car Insurance - Features

The all-round protection package by Chola MS offers unique features and benefits that are sure to provide the policyholder with financial safety and peace of mind. Here are its various features:

Coverage

Chola Protect Car Insurance offers the following covers:

• Third-party liability: compensation for death or injuries caused to another person, up to Rs.7.5 lakhs cover for damages done to another person’s property

• Own-damage: Coverage for losses incurred due to explosions, ignition, lightning, theft, civil unrest (strikes/ riots), terrorism, war, natural disasters, on-road accidents, etc.

• Personal Accident coverage - Compensation provided to both the owner/driver and the passengers in case of an accident.

Sum Assured

The payout for all claims is based on the sum insured. The sum insured is determined by two things. First, the invoice value of the car; second, the Insured’s Declared Value (IDV) of the vehicle - calculated by deducting the depreciation from the car’s selling price.

The depreciation amount for calculating the IDV is based on the vehicle's age in the following manner:

• If the vehicle’s age is less than 6 months, then the rate of depreciation is 5%.

• If the vehicle’s age exceeds 6 months, but within 1 year, then the rate of depreciation is 15%.

• If the vehicle’s age is over 1 year, but with 2 years, then the rate of depreciation is 20%.

• If the vehicle’s age is in between 2 to 3 years, then the rate of depreciation is 30%.

• If the vehicle’s age is in between 3 to 4 years, then the rate of depreciation is 40%.

• If the vehicle’s age is in between 4 to 5 years, then the rate of depreciation is 50%.

• For vehicles aged above 5 years and if the model has become obsolete, then the IDV for the concerned vehicle is the price mutually decided between the customer and Bajaj Allianz.

Discounts

• The attractive discounts provided under this insurance plan are:

• No-claim bonuses are awarded when no claims are made during a policy year

• Membership discounts are offered for Automobile Association memberships

• Cost benefits are provided for the installation of anti-theft mechanisms in the car

Benefits

A damaged car not just amounts to losing money but also involves the inconvenience of repair work. Chola MS realizes this inconvenience and thus presents the following added to its policyholders:

• A fixed daily allowance of Rs.500 or Rs.1,000 per day (for up to 5 days) is provided to the policyholder/insured person to pay for hired transport during the time his/her car is under repair.

• Reinstatement Value is an excellent benefit under which, customers can make claims for the original invoice value of the car (barring the registration charges and road tax). There won't be any deduction made for the depreciation.

• Personal Luggage Cover of up to Rs.10,000 per policy period is offered for the loss of personal luggage in the car that's damaged during the accident.

• Chola Assistance for Roadside Emergencies or CARE is a special benefit that provides assistance to policyholders in case of fuel shortage, breakdowns, flat tires, battery recharge and other on-site repairs that are covered in the CARE plan.

Additionally, the insurer also offers online purchase and renewal of policies, a very quick and easy settlement of claims and even cashless repairs at any of its authorized garages.

Exclusions

Like every insurance policy, Chola Protect Car Insurance also has certain exclusions. Claims pertaining to the following will not be entertained:

• Driving under the influence of drugs, alcohol or other intoxicating substances

• Unauthorized driving without a valid license

• Careless accidents that could have been prevented

• Using the vehicle outside the designated geographical limits

• Depreciation

• General wear and tear

• Mechanical and Electrical failures

• Damages arising due to nuclear disasters, war, terrorism, and related activities

Chola MS Insurance Customer Care

• Customers can contact the insurer by dialing their 24x7 toll-free number: 1800 200 5544 or send an email to [email protected].

• Customers staying abroad can contact the customer care department at 9144 3098 5300.

• Customers may also request for a call back from the customer care executives by submitting an online form available on the website.