Cholamandalam Standalone Own Damage Car Insurance

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Cholamandalam Car Insurance Highlights

Cholamandalam (Car Insurance)
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.
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Claim Settlement Ratio
92
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Video Claim
Available
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Spot Claims
Available upto Rs 10,000
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Accidental Repair Warranty
Warranty rest with Repairer
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close Warranty rest with Repairer

The Cholamandalam car standalone insurance online coverage adds an extra layer of security to the insured vehicle and policyholders against road hazards. Cholamandalam MS General Insurance provides standalone own-damage insurance, which is not mandatory but is very useful because it covers a broad range of situations such as accidents, theft, fire, explosion, burglary, man-made disasters such as riots, vandalism, and so on, as well as natural calamities such as earthquakes, floods, and landslides. Ownership of this coverage while driving gives car insurance policyholders a sense of assurance during a catastrophe.

How does Cholamandalam Standalone Car Insurance Policy Work?

A standalone car insurance policy is a policy that protects you against damages incurred by you and your vehicle in the event of an accident. It does not cover third-party expenses; but would provide coverage for injuries and physical damages to the vehicle and the driver involved in the collision. 

A standalone on Cholamandalam car insurance can be claimed right after a mishappening. When you fall into an accident, you must inform the insurance provider regarding the damages suffered by you. The company would access the claim and reimburse all the expenses borne by you in the accident. This would include vehicular as well as personal damages. 

Cholamandalam Standalone Car Insurance Vs. Third Party Car Insurance vs. Comprehensive Car Insurance

BasisStandalone Own Damage Car InsuranceThird Party Car InsuranceComprehensive Car Insurance
CoverageStandalone own-damage car insurance covers only your damages in the event of an accident or disaster. It also gives NCB rewards for each year without a claim.Third-party auto insurance pays out if your covered vehicle injures a third-party person, resulting in bodily injury, disability, death, or property damage.Comprehensive automobile insurance typically covers both own-damage and third-party liability. 
Add-onsIncludes several optional add-on coverages.Add-on coverage is not available with third-party insurance.Offers several add-on coverage options.
CostBecause it provides more coverage, standalone own damage auto insurance is more expensive than third-party insurance.Because it just covers the third-party liabilities, this insurance policy is the most economical.The most expensive policy is comprehensive auto insurance, covering third-party and own-damage claims.
Mandatory by LawOptional to buy.Mandatory to buy.Optional to buy.

What All is Covered Under Cholamandalam Standalone Car Insurance Policy?

The following features are covered by Cholamandalam standalone own-damage vehicle insurance: 

  • Damage caused to the insured car as a result of an accident.
  • Damage that is beyond repair or theft of the vehicle.
  • Damage to the car due to a fire or explosion.
  • Car damage or loss incurred during transportation.
  • Damage due to a natural disaster or a man-made disaster.

What All is not Included Under Cholamandalam Car Standalone Insurance Policy?

The following features are not covered by Cholamandalam standalone own-damage car insurance:

  • Third-party liabilities.
  • The car's depreciation value owing to wear and tear.
  • Damages resulting from wars, invasions, and other events.
  • Car breakdown due to a mechanical or electrical problem.
  • Theft or loss as a result of carelessness, such as forgetting to lock the automobile.
  • Damage caused by an accident that occurs outside of the geographical place.
  • Damages caused due to driving without a valid driving licence/policy.

Cholamandalam Car Insurance Standalone Benefits

The following are a few of the advantages of Cholamandalam standalone car insurance online:

  • Provides financial assistance in the event of an automobile accident or other misfortune
  • With standalone own-damage car insurance, you can choose from various optional coverages.
  • The insurance policy includes a no claim bonus for each year without a claim.
  • Special discounts will be supplied with the policy to lower the insurance policy premium.
  • You can file repeated claims for your damages with your car insurance company until the IDV is depleted.

Cholamandalam Standalone Car Insurance Policy Review

The Cholamandalam standalone car insurance is an ideal choice if you are looking for additional cover. You can buy this policy on top of your third-party insurance and make sure to safeguard your own interest in a challenging situation. You can buy the Cholamandalam car insurance policy online with minimum effort. 

The company deals with claims with promptness and resolves any issues raised by the policyholders. It also offers 24/7 customer service for policyholders. Annual policy renewals are also made easy with the option of completing the process online. You can also use the android Cholamandalam app so manage your policy and gather important information regarding the same. 

Cholamandalam Standalone Car Insurance FAQs

  • 1. Is Cholamandalam car insurance standalone policy mandatory?

    No, Cholamandalam standalone own-damage car insurance policy is not mandatory. Still, it is beneficial because it covers a wide range of situations like accidents, fire, theft, burglary, explosion, man-made disasters such as vandalism, riots, etc., and natural calamities such as floods, earthquakes, landslides, etc.

  • 2. When can Cholamandalam standalone own-damage car insurance policy be claimed?

    This policy's coverage is permissible in the following situations:

    • Damages occured to the car in case of an accident.
    • Natural disasters such as floods, typhoons, earthquakes, and other natural disasters inflict damage to the car.
    • Damages to the vehicle caused by man-made events such as theft, fire, burglary, explosion, malicious acts, riots, strikes, etc.
    • Damages to the car caused by transporting it from one location to another. 
  • 3. Does Cholamandalam standalone own-damage car insurance policy have add-ons?

    Yes, Cholamandalam standalone own-damage car insurance allows you to include several add-on coverages.

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