Car insurance is no longer an optional investment. It would be best to buy car insurance as it safeguards your car from any externalities. When purchasing car insurance, you must look for an experienced car insurance provider like Cholamandalam MS Insurance. The company has been in the market for quite some time. It is a joint venture between the Mitsui Sumitomo Insurance Group of Japan and Murugappa Group. It has several insurance policies, out of which car insurance is a popular category. The company has gained the trust of several people who buy its car insurance policy. A private car package policy covering all car damages and accidents is one such option that helps customers immensely in tough times.
This guide will help you understand the benefits of the Cholamandalam MS car insurance . Therefore, if you are about to buy new car insurance, you can consider these benefits.
Features of the Cholamandalam MS Insurance Private Car Package Policy
The private car package policy is a comprehensive car insurance plan that covers different kinds of damages that can happen to your car. The policy also covers third-party injuries, death, etc. This particular car insurance covers even property damage of the third party.
There are several features of this policy, including:
- The package policy is quite comprehensive, and you can also get this car insurance online.
- The policy comes with seven add-on coverages that multiply the kind of protection your car receives after buying the policy.
- The policy offers discounts based on the subscriber's profile. Also, if you are subscribing to a motor insurance policy via a pharmacy or a diagnostic clinic, you can avail different kinds of discount offers.
Benefits of the Cholamandalam MS Insurance Private Car Package Policy
There are several benefits associated with the Cholamandalam car insurance policy. You can check a list of benefits on its website. Alternatively, you can contact one of their representatives, who will assist you with everything covered in the policy. Some primary benefits of the policy include the following:
- If any damage is caused to the car or its parts because of insured perils covered under the policy schedule, all these losses and damages will be covered under the insurance policy.
- You can easily file a car insurance claim for any visible damage to the car. There can be two causes for any damage: natural or man-made. Some of these causes include:
| Nature of the Cause | Cause |
| Man-made causes | Road accidents, damage during vehicle delivery, theft, riots or terrorist activities, strikes, etc. |
| Natural causes | Floods, frost, fire, lightning, storm, landslides, earthquakes or any other natural calamity or phenomenon that can damage a car. |
Generally, all of these causes will be listed on your insurance policy document. The private car package policy by Cholamandalam MS covers a wide range of man-made and natural causes, and it will keep your car covered.
- Covers total loss of the vehicle due to theft.
- Several third-party liabilities like property damage or accidents are also covered under this car insurance policy.
- Unlike several other car insurance policies, this policy insures the owner or the driver of the vehicle, depending on who was driving the vehicle during the accident. Hence, along with the vehicle, the driver is also insured.
- If you opt for an extra premium payment, the policy will be extended to provide you with the personal accident benefits of all the passengers in the vehicle. It will also extend to the legal liability of the driver in case you have hired one.
Read more - Is Personal Accident Cover for Car Owners Mandatory?
Add-ons of the Policy & Their Benefits
The best thing about the Cholamandalam MS Insurance private car package policy is its various add-ons. These add-ons have different features that ensure the protection of your vehicle in certain circumstances. These Cholamandalam MS car insurance add-ons are provided over and above the comprehensive roadside assistance services. These include:
Zero Depreciation
The company will pay for the parts that have experienced loss or damage. However, the cost paid to the insured will cover the entire amount that will aid the insured in repairing or acquiring a new part in place of the damaged part.
Reinstatement Value Basis of Fixing Vehicle Sum Insured
The company will follow reinstatement to insure the car and all the other accessories that come with it. Here, the market value is considered the reinstatement value throughout the policy. No further depreciation is applicable on the loss claims.
Daily Allowance
The policy allows the insured to avail of a fixed allowance per day option. This option can be exercised if the insured vehicle is unavailable for use because of some loss claims. This allowance will be given for the period between the dates when the car is in the garage for repairs. The allowance amount can range from INR 500 to INR 1000, depending on the plan opted for by the insured.
Cover for Personal belongings and Clothing
This is a unique add-on covering the cost of any personal belongings and clothes damaged during a car accident. However, these belongings should have been inside the car when the accident took place. The add-on does not include items like electronics, laptops, phones, cheques, cash, artwork, or other items listed under exclusions in the policy documents. The value of the compensation depends on the market value of that product.
Read more - Your Go to Guide on Personal Belongings Add-on Cover
Reimbursement of Duplicate Ignition Key
The policy covers the cost of obtaining a duplicate ignition key if the original is misplaced. However, an insured's maximum amount under this add-on is INR 1000.
Loss of Original Driving Licence
The insured will receive INR 500 if they lose their driving license. This amount can be used for obtaining a duplicate driving licence. The insured can avail of this amount once during the entire policy period.
Monthly Installment Cover
This add-on allows the insured to skip the insurance installments if the vehicle meets with an accident during the policy schedule dates. The company will pay one EMI if the repair takes around 15 to 30 days. The company can pay a maximum of two EMIs on behalf of the insured if the vehicle takes beyond 30 days to get repaired.
Final Words
The Cholamandalam MS comprehensive car insurance covers any accidental damage and other third-party liabilities. You must read the policy documents carefully before subscribing to car insurance.
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