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Tips to Reduce the Cholamandalam Car Insurance Online Premium

By Juhi Walia
27 September 2022, 11:47 AM

Cholamandalam MS General Insurance Company was founded as a business between the Murugappa Group, an Indian company, and the Mitsui Sumitomo Insurance Company, a Japanese Insurer.  

It is famous for offering one of the most lucrative car insurance online rates. One of the most significant features of buying or renewing your automobile insurance online plan from Cholamandalam is its optimal premium.

You need to know the appropriate ways to buy or settle for the best vehicular insurance online plan at the lowest premium. 

To help you decide better, you can also use the premium calculator available on Cholamandalam's website to assess the premium you need to pay. All you need to enter is a few relevant details such as the following:

  • The make or model of the car
  • Name of the manufacturer
  • The age of the car

How Can You Reduce Cholamandalam Car Insurance Online Premium Rates?

Let us learn how you can reduce the premium for Cholamandalam car insurance online plans:

Keep Your Accessories to a Bare Minimum

Don’t go overboard by accessorising and outfitting your cars with fancy gadgets and cutting-edge technology for luxury or convenience. This can significantly increase your vehicular insurance online premium. Buy only what is necessary.

Compare Different Car Insurance Online Premium Plans

You must do your homework well and take time to compare various plans and policies offered by Cholamandalam Insurance Company. Consider your budget and find the best possible coverage per your vehicle use and preference.

You can also take the help of the online car insurance premium calculator available on the insurer’s webpage so that you can wisely calculate the premium payable of different plans and settle for the one with the best policy features, coverage and premiums.

Maintain a Good Track Record

If you are a safe driver and don’t claim for minor car damages and losses, you get a reward for all those years wherein you haven’t filed a single car insurance claim. This reward is technically known as the NCB or no-claim bonus. This reward comes as a reduction in the premium amount, which you can get at the time of automobile insurance plan renewal. This discount can go up to 50% of the premium amount payable, provided you don't claim for five successive policy years.

Choose the Right Cover

Don’t under-insure or over-insure your vehicle. Add-ons or additional riders are pretty enticing, and you may want to add them all to get maximum coverage.

Some of the most common Cholamandalam  insurance add-ons -

  • Roadside assistance coverage
  • Engine coverage
  • Key replacement coverage
  • Personal accident coverage, etc.

Now, you must not unnecessarily add these riders as each comes with a price added to the premium. You surely must go for maximum coverage but avoid overdoing it.

Prioritize Safety

If you install safety gadgets on your car, it not only protects your vehicle from unforeseen financial damages and losses but also saves you on the premium. If you install anti-theft systems in your vehicle or anti-lock brakes, or if your car comes with airbags or immobilizers, these conditions can get you a lower premium on your Cholamandalam car insurance online plan.

Avoid Making Smaller Claims

As discussed above, if you make small claims each year, you lose out on the NCB in car insurance, eventually reducing the premium. Try and pay for minor and affordable car damages or repairs on your own

Reduce Your Driving

When you drive less, you have less chance of an accident. Think about how often you drive your car in a year, and then check with your insurance if you are eligible for premium low-mileage coverage.

Go Easy on the Voluntary Deductible

The voluntary deductible is the amount you have to pay yourself in the event of an accident. The policyholder determines this amount. The higher the voluntary deductible, the lower the premium and vice versa.

Key Takeaways

Cholamandalam offers a variety of car insurance policies and car insurance add-ons to customize automobile insurance online policy and extend insurance coverage. Premiums are affordable, and there are guarantees that your claims will be handled quickly and efficiently.

The vehicular insurance online policy by Cholamandalam is an excellent option that provides exceptional coverage benefits.

Thus, the next time you consider renewing your automobile insurance online policy or buying a new one from Cholamandalam, use the tips mentioned above to get you significantly lower premiums.

Read more -


1. What is an NCB under Cholamandalam’s car insurance online policy?

NCB is a reward which means a premium reduction you receive for each year without claims. It is a discount on the car insurance online premium you receive upon renewal.

2. What is the insured declared value under the Cholamandalam car insurance online plan?

IDV is the market value of your car after accounting for depreciation and is calculated separately for accessories. The higher the IDV, the higher the premium.

3. What kind of discounts on premiums are offered by Cholamandalam car insurance online plans?

When buying comprehensive Vehicular insurance online policies, you can take advantage of different types of premium discounts:

  • Installation of safety devices in the car
  • Purchase of long-term coverage
  • If you are a part of a well-known automobile association
  • No claim bonus discount

4. How does the premium calculator help assess the car insurance online premium by Cholamandalam?

The car insurance online premium calculator on the Cholamandalam automobile insurance website helps you calculate the approximate value of the premium you need to pay towards your vehicular insurance online plan. It helps compare various policies and allows you to choose the optimum premium as per your budget.

5. What is the NCB discount rate Cholamandalam car insurance policy coverage offers?

The following NCB discounts are offered:

  • One year without claim - 20%
  • Two consecutive claim-free years - 25%
  • Three consecutive claim-free years - 35%
  • Four consecutive claim-free years- 45%
  • Five consecutive claim-free years - 50%
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