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Cholamandalam MS Car Insurance
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Intro to Cholamandalam MS Car Insurance
Cholamandalam MS General Insurance Company Limited is a leading general insurance provider in India. The company is established by way of a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. Together the insurance company offers a wide range of general insurance products like Motor Insurance, Health Insurance, Property Insurance, Accident, Marine Insurance, Travel Insurance and Crop Insurance designed for both individual and corporate customers.
Types of Car Insurance offered by Cholamandalam MS General Insurance Company Limited
Cholamandalam MS General Insurance Company is known for providing a range of insurance products that cover the various car insurance needs of the customers. The following are the various types of car insurance products offered by Cholamandalam MS General Insurance Company:
- Third-Party Car Insurance Policy:
A third party car insurance policy as the name suggests is designed to cover for the expenses or legal liability arising due to an accident that resulted in damage to third party person or property. This car insurance policy covers the expenses arising due to damage caused by the insured car to the life or property of a third-party. Third-party insurance is mandatory insurance on Indian Roads. A car owner driving without a valid third-party insurance policy is fined and charged as it is deemed illegal to drive a car without a valid third-party car insurance policy
- Comprehensive Car Insurance Policy:
A comprehensive car insurance policy is designed to cover the expenses arising due to theft or damage caused to the insured vehicle. This car insurance policy covers for the damages caused to own car as well as third-party vehicle or property. Additionally, it also covers for the expenses incurred in case of damage to own life or third-party life i.e. death or disability.
- Zero Depreciation Car Insurance Policy:
Zero Depreciation car insurance policy is designed to provide insurance coverage to help you receive maximum compensation for your insured vehicle. Your insured vehicle will be covered for the invoice amount so that you do not face any loss.
Benefits of Cholamandalam MS Car Insurance Plans
Cholamandalam MS General Insurance Company offers a comprehensive car insurance package that takes care of the expenses incurred due to damages or theft. The car insurance policy offers a wide range of benefits to the car-owner. The following are the benefits of Cholamandalam MS Car Insurance Policy:
- Own Damage Insurance:
Car owner can secure the expenses of own damages caused to the vehicle due to natural events like cyclone, earthquake, flood or manmade events like a riot, burglary, terrorism, etc. It also secures the car owner against accidental damage.
- Third-Party Liability:
The Cholamandalam MS car insurance company offers to cover the damages caused to third-party for personal injuries caused due to accident and resulting into death or disability for which the car owner is legally liable to pay.
- Indemnity for third-party property:
The car insurance policy provides compensation up to INR 7.50 Lakhs for the damages caused by the insured vehicle to the third-party property for which the car owner is legally liable to pay.
- Compulsory Personal Accident Cover:
The Cholamandalam MS Car Insurance offers financial security of INR 15 lakhs to the family member or policyholder in the event of death or disability of the policyholder while driving the insured vehicle.
The Cholamandalam MS Car insurance policy offers additional discounts to the policyholders. The discounts offered under the car insurance policy are as under:
- No Claim Bonus:
No Claim Bonus is received by customers for every claim-free year. This benefit can also be enjoyed by customers who wish to shift from their previous insurance provider to Cholamandalam MS General Insurance Company.
- Automobile Association Membership Discount:
A car owner who is an active member of the Automobile Association of India is eligible to receive a discount on the purchase of Cholamandalam MS Car Insurance Policy
- Discount for Anti-Theft Devices:
Car owners are eligible for an additional discount if their car is equipped with anti-theft devices approved by the Automobile Research Association of India.
- Add-on Covers:
The Cholamandalam car insurance company offers a wide range of add on covers to make your base car insurance policy robust. The following are the various add-on covers offered under Cholamandalam MS car insurance policy:
- Waiver of Depreciation:
With this add-on cover no deduction is charged on replaced car parts
- Hydrostatic Lock Plus Cover:
Covers for the repair expenses caused due to waterlogging to the engine, engine parts, gear-box, differential assembly, etc.
- Vehicle Replacement Advantage Cover:
This cover offers for the entire invoice value of the car including the amount paid for road tax, motor insurance premium, and registration charges. This amount is paid in the event of total loss or constructive total loss of the vehicle. Kindly note, only one claim is allowed under the policy
- Conveyance Allowance:
Conveyance allowed in multiple of INR 100 per day payable up to 30 days in a policy period.
- Road-side assistance:
Road-side assistance is provided to the car-owner in the event of breakdown or accident of the vehicle
- EMI Cover:
EMI cover is offered to provide half EMI amount in event of partial/ total or constructive loss of the vehicle or in the event of theft of the vehicle.
- Fixed Daily Allowance:
In event of an accident or car repair, this cover offers for INR 500 or INR 1000 per day allowance to meet the cost of hiring alternate cars for commutation. This cover is offered for a maximum of 5 days per policy period
- Cover for Personal Belongings:
This cover offers insurance coverage to overcome the expenses incurred for damages caused to personal belongings and clothing in a fire or an accident.
- Key Replacement Cover:
An INR 1000 reimbursement is offered for expenses incurred towards obtaining duplicate keys in the event of loss of original car keys.
- Waiver of Depreciation:
What is Covered in Car Insurance Plans offered by Cholamandalam MS General Insurance Company?
The Cholamandalam MS Car Insurance policy will cover the following damages caused due to:
- Fire, Lightening, self-ignition or explosion
- Burglary, theft or housebreaking
- Strike, riot, etc.
- Flood, storm, cyclone, etc
- Accidental External Means
- Malicious Acts
- Terrorist Activities
- Damages caused in transit
What is not Covered in Car Insurance Plans offered by Cholamandalam MS General Insurance Company?
The damages or events that are not covered under a car insurance policy are referred to as exclusions. The following are the various exclusions of Cholamandalam MS Car Insurance Policy:
- Consequential Loss
- Wear and Tear of the vehicle caused due to general ageing
- Mechanical or Electrical Breakdown
- Failures or breakages
- Damages caused due to driving under the influence of liquor or drugs
- Accident occurring outside the geographical area
- Any claim arising out of contractual liability
- Damages caused due to War or War perils
- Damages caused due to Nuclear weapons or Radioactive contamination
- Loss or damage caused to the vehicle used for other purposes for example: using a private car as a taxi, or using a car for rallies, speed testing, etc.
How to Apply For Cholamandalam MS Car Insurance Plan?
If you intend to buy a car insurance policy from Cholamandalam MS General Insurance Company the customer need to follow the below-given steps:
To apply for Cholamandalam MS Car Insurance Plan Online:
- Visit the official website of Cholamandalam MS General Insurance Company at https://www.cholainsurance.com/WebSalesRevamp/Motor/PvtCarNewGuestUser#/
- Enter the required necessary information as asked and required by the insurance provider
- Next enter personal details of the car owner
- Next, enter the coverage details as asked by the insurance provider
- Based upon the above-given details the company will provide an online premium quote. If the car owner is satisfied with the premium amount and with the terms and conditions of the policy they can go ahead and purchase the policy
- Paying the premium amount signifies the purchase of car insurance policy. Once the premium payment is made the company sends the copy of your car insurance policy on your registered email ID.
To apply for Cholamandalam MS Car Insurance Plan Offline: Car owners can purchase the car insurance policy from Cholamandalam MS General Insurance Company through an offline channel. An Offline channel refers to purchasing of a car insurance policy directly from the car insurance company or from the authorised agents.
For purchasing the Car insurance policy the car owner has to submit the following documents to the insurance provider:
- Duly filled proposal form
- Copy of Address Proof
- Copy of Identity Proof
- Copy of RC Book
- And other relevant required documents as requested by the insurance provider
Cholamandalam MS Car Insurance Claim Process
Cholamandalam MS Car Insurance Claim Process is simple, quick and hassle-free. Aim of Cholamandalam MS General Insurance Company is to provide a smooth and stress-free claim settlement procedure. The company aims to provide maximum customer satisfaction by making it easier for the customer to resolve their claim procedure at the earliest and provide necessary financial protection in times of distress. The following is the Car Insurance Claim Process of Cholamandalam MS General Insurance Company
Event of mishap is when your car meets with an accident or there is an event of theft or damage.
- Register Claim:
In the event of an accident, the most important step in the car insurance claim process is to register your claim procedure with Cholamandalam MS General Insurance Company. The customer needs to call the toll-free number at 1800 208 5544 to register claim via telephone or they can register it online by visiting the official website at https://www.cholainsurance.com/
- Surveyor Visit:
Upon notifying the company about the accident and registering a claim with the insurance company. Cholamandalam MS will send their authorised surveyor to inspect the vehicle. Surveyors will either visit the accident spot or garage in case the car is being moved to the garage. A go-ahead from the surveyor is required for further processing of claim settlement
- Verification of Documents:
The insurance provider will ascertain the correctness of the documents and invoices submitted by the car owner. Document verification is an important step in the claim settlement procedure
- Claim process:
Post completion of surveyor visit the repair works shall start on the vehicle. Once the repair works are finished the network garage will submit the necessary relevant documents to the insurance company directly in case of a cashless claim process. While in the case of reimbursement claim process the company upon verification of documents shall credit the amount to the customer.
Cholamandalam MS General Insurance company settles the claim procedure in two ways i.e. Cashless Claim Settlement and Reimbursement Claim Settlement Procedure.
How to Renew Your Lapsed/Expired Cholamandalam MS Car Insurance Policy Online?
Car insurance is an important tool to secure yourself against the damages caused to your car. Renewing car insurance policy is important as it ensures continual safety of your vehicle. In case you miss to renew your existing car insurance policy within the grace period then the status of your car insurance might change to lapsed policy. A lapsed policy may take away the perks of financial security of your car insurance policy therefore even if your car insurance policy has lapsed it is important to renew it and bring it back to ‘in-force’ state. However, to renew a lapsed policy it is important to get it inspected from an insurance company authorised surveyor. A surveyor will provide information regarding the fitness of the vehicle. If your vehicle is fit for driving then you can easily renew your lapsed car insurance policy by submitting the following documents:
- Duly filled Proposal Form
- Copy of previous year’s car insurance policy
- Copy of RC Book
- KYC Documents of car owners like Aadhar Card, PAN Card, Voter Card, Passport, etc.
Upon submitting all the relevant documents and paying the due premium you can renew your lapsed policy and secure your car against unforeseen events.
Cholamandalam MS Car Insurance Review
Car insurance is mandatory for all car-owners in India. Additionally, a car is a joy and reason for happiness for all the families across India therefore the safety and security of the vehicle is one of the pre-requisites. Buying a Cholamandalam MS Car Insurance Policy ensures the safety of your prized possession. Cholamandamlam MS Car Insurance Policy will make sure that your car is safe and protected against unforeseen situations like theft or damage. Customers are very happy with Cholamandalam MS Car Insurance Policy as it secures the expenses of the car-owner incurred in the event of unforeseen incidents. Additionally, the 24*7 customer service and speedy claim settlement process strengthen customers belief in Cholamandalam MS General Insurance Company.
Zero Depreciation Car Insurance Policy
The company offers 24*7 customer service support to answer all the queries of customers. Customers in times of mishap or accident can call the customer service number and seek help for registration of claim procedure. The customers can reach Cholamandalam MS General Insurance Company in the following manner:
Toll – Free number for Indian Customers: 1800 208 5544
For customers outside India: +91 44 6166 3400
Customers can reach the company through email ID at firstname.lastname@example.org
You can also reach through SMS by sending text as ‘CHOLA’ to 56677
Registered Office Address: New No. 2, Old No. 234, Dare House, II Floor, N. S. C. Bose Road, Parrys.
CHENNAI-HO - 600 001, TAMIL NADU, India
The customers can also reach the company through social media pages as under:
Apart from the above channels of communication, customers can visit the official website of Cholamandalam MS General Insurance Company and can take help of ‘Joshu’ chatbot to connect with the customer service department via chat.
Add ons for your Car Insurance
Cholamandalam MS Car Insurance FAQs
1. How many add-on covers does Cholamandalam MS Car Insurance Company offer?
Customers can customise their car insurance policy by opting one or many add-on covers as under:
- Waiver of Depreciation
- Hydrostatic Lock Plus Cover
- Vehicle Replacement Advantage Cover
- Conveyance Allowance
- Roadside Assistance
- EMI Cover
- Key Replacement Cover
- Fixed Daily Allowance
- Cover for Personal Belongings
2. What is the incurred claim ratio of Cholamandalam MS Car Insurance Company?
The incurred claim ratio of Cholamandalam MS Car Insurance Company for FY 2018-2019 is 84%.
3. How can I check my Cholamandalam MS Car Claim status online?
For checking your Cholamandalam Car Claim Status Online kindly visit https://hub.cholainsurance.com/Claims/Account/Login?ReturnUrl=%2fClaims%2fClaim%2fClaimProductwiseSearch and enter the valid required details.
4. How can I download my Cholamandalam MS Car Policy Document Online?
In order to download your car insurance policy document online you need to visit the following link and register a request copy of car insurance policy https://www.cholainsurance.com/customer-service#policycopyrequest
5. How long does Cholamandalam MS General Insurance Company Limited take to process and settle car insurance claims?
Post completing all the documentation formalities the Cholamandalam MS General Insurance Company initiates the claim settlement process immediately. However, the maximum claim settlement time is 7 working days to reimburse the claim amount.
6. Does Cholamandalam MS General Insurance Company offer pay-as-you-drive car insurance?
No, the company does not offer pay-as-you-drive car insurance.
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