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Cholamandalam Car Insurance Add on Covers
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Cholamandalam Car Insurance Highlights
Chola MS General Insurance Company Limited is a joint venture between the Murugappa Group and the Japanese-based Mitsui Sumitomo Insurance Company Limited. Keeping in mind the insurance requirements of both individuals and corporates, the company has designed an array of motor, health, property, marine, crop and travel insurance products. The entity runs 157 branches and has 50,000+ intermediaries in India.
Claim Settlement Ratio
Available upto Rs 10,000
Accidental Repair Warranty
Warranty rest with Repairer
Warranty rest with Repairer
A car insurance add-on covers are supplementary covers that an owner of the car can acquire to boost his or her automobile's coverage level under his or her car insurance policy. The Cholamandalam car insurance add-on covers online enable automobile owners to enhance their vehicle's financial protection beyond the normal policy coverage. As a result, the provisions of a vehicle insurance policy provide coverage to the insured four-wheeler.
Cholamandalam car insurance add-ons online are not free because they provide additional coverage for an insured vehicle. Under his or her vehicle insurance policy, a car owner needs to pay an additional premium to buy car insurance add-on coverage. As a result, adding add-on coverage to your car insurance policy raises your prices.
7 Important Cholamandalam Add-on Covers for Your Car Insurance Policy
We now understand the importance of having a strong immune system due to the ongoing crises. Have you considered immunity for your vehicle as well? Yes, you read that correctly. You put your car at a higher risk when you get basic third-party insurance. Even comprehensive auto insurance can not always provide complete coverage for your vehicle. This is where the use of add-on covers comes into play. We understand that the expense of these add-ons concerns you, but what if we told you that they are well worth the investment?
Here are some of the Cholamandalam car insurance add-on covers that will help you save money.
Zero Depreciation Cover
One of the most prominent add-on covers is this one. It is a well-known reality that the value of your car depreciates with time. This is due to the car's age and wear and tear. If your car is met with an accident, the depreciation will be factored into the compensation. You can claim damages without taking into account depreciation if you add a zero-depreciation add-on policy. This keeps you from paying for repairs out of your wallet.
Hydrostatic Lock Cover
Floods have occurred in various places of India in recent years due to excessive rains. Water could get into your car's engine, gearbox, and differential, causing a hydrostatic lock. A hydrostatic lock cover protects the engine and other components from harm caused by waterlogging. This is perfect for folks who have just purchased a new car and live in a flood-prone location.
Consumables are items that cannot be reused in the automotive industry. Some of the items are engine oil, lubricants, oil filter, bearings, nuts & bolts, air filter, and other items. A normal car insurance policy doesn't cover consumables. You can avoid paying additional costs during repairs if you have a consumable cover. You should consider purchasing consumables coverage if you own a luxury car because consumables are often expensive.
Return-to Invoice Cover
So far, we've discussed damages. But what happens if your automobile is stolen or totalled? Isn't it terrifying? Return-to Invoice (RTI) coverage comes to the rescue in this situation. If you choose RTI coverage, you will receive the original/in-voice purchase value of your automobile if it is stolen or destroyed beyond repair.
No Claim Bonus Cover
If you have not claimed in a year, your insurer will give you a no-claim bonus (discount) on your premium. However, you won't be able to get the discount in your premium once you raise a claim. But with NCB protection cover, even if you make a claim, you will get the discount.
Roadside Assistance Cover
Insurers provide round-the-clock services to their customers during emergency scenarios such as a breakdown or an accident under roadside assistance (RSA) coverage. In such scenarios, you can contact your insurer for assistance. The insurer will notify and help the nearest network garage.
With an EMI cover, the insurance provider will pay the car's EMI on behalf of the policyholder. If the policyholder cannot make a payment, this is quite advantageous. However, several criteria and conditions must be met.
Now that you know how important Cholamandalam Car Insurance Add-ons are, you may select them depending on your risk exposure.
Add ons for your Car Insurance
Cholamandalam Car Insurance Add on Cover FAQs
1. Is the Cholamandalam zero depreciation add-on applicable to engine parts?
No, the zero depreciation add-on cover doesn't provide engine damage coverage. The Engine add-on is required to protect your car's engine from loss or damage.
2. What is the Cholamandalam licence loss cover add-on?
If you lose your driver's licence, this add-on will reimburse you INR 500 for obtaining a duplicate licence.
3. What is the Cholamandalam key replacement add-on?
At the time of a theft or burglary claim, this add-on covers the cost of replacing the car's lock and keys.
4. What is an EMI cover add-on in car insurance policies?
If the insured car is damaged, this add-on will cover the EMI due to the financial institution for the loan you took out to purchase the vehicle.
5. What is a daily cash allowance add-on in car insurance?
If you make a claim and your car is being fixed, this add-on will provide you with a daily cash benefit of INR 500 or INR 1000 (depending on your preference) for the time your car is being repaired.
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