Cholamandalam Car Insurance Overview
Cholamandalam MS General Insurance Compant Ltd (Chola MS) is a joint venture between an Indian company, Murugappa Group and a Japanese insurance company, the Mitsui Sumitomo Insurance Company. The Murugappa Group with its headquarters located in Chennai is one of India’s biggest industrial houses. The Mitsui Sumitomo Insurance Company is an expert in insurance and is the third largest property insurance company in Japan. Cholamandalam Insurance is a rapidly growing insurance provider in India. It started operations in India in the year 2001 and has over 100 branches located all over the country. Cholamandalam MS General Insurance Company was awarded the best insurance company in India for ‘In time claims settlement for the year 2011 – 2012’. The car insurance offered by Chola MS can be categorised as being under Motor Insurance. These car insurance plans are offered by Cholamandalam MS with extra additions that may increase the scope of coverage of a customers’ car. The additions or extensions are added to the car insurance plan solely at the discretion of the customer.
Advantages of availing Cholamandalam car insurance plans
Chola MS is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance. company was awarded the best insurance company in India for ‘In time claims settlement for the year 2011 – 2012’. Thus, it is easy to understand the commitment that Chola MS places on claim settlement and how efficient its processes are. A point to be stressed is that car insurance is a prerequisite insurance for all car owners. It is of paramount importance as it protects the customer against damages when his or her car is involved in an accident. The Chola MS Car Insurance plan is an ideal plan for those customers who are searching for car insurance that will be provided in a hassle-free manner, by a company that aims to settle all claims quickly and efficiently and by a company that provides customer support that is responsive and helpful. Given below are the advantages and benefits of buying car insurance plans from Chola MS:
- Customers will be pleased to find that subscribing to a new car insurance plan from Chola MS or renewing an old one is a hassle-free process. Chola MS aims to make the application process as smooth and easy as possible.
- The Chola MS insurance plan may be purchased online through quick and easy application process. The potential customer just has to visit the company’s website and choose ‘car insurance’ tab under which car insurance plan is offered. With a few clicks of a button and by providing the necessary details, the potential customer will find that they have purchased a new car insurance plan from Chola MS without any hassles and wastage of time.
- The Chola MS car insurance is a comprehensive car insurance that provides protection and covers both third party legal liability and own damage liability under the single plan. Moreover, the customer has access to additional covers that enhance the protection; some of these additional covers are free but other additions require the customer to pay an additional premium to extend coverage.
- Customers may choose to enhance their protection by adding on add-on covers that are available such as Depreciation cover, Invoice Price Cover, Medical expenses cover, etc.
- Chola MS General Insurance has an authorized network of garages all across the country, which provides the facility of cashless settlements.
- A customer of the Chola MS car insurance may be entitled to a No-Claims Bonus if they have a series of claim-free years. The percentage of this No-Claims Bonus is dependent on how many years the car insurance has gone claim-free; the discounted percentage amount can go up to 50%. If a customer is transferring an existing car insurance policy to Chola MS for the first time, then the company will make sure to retain the number of claim-free years that has accumulated under the previous policy.
- Cholamandalam Insurance gives the facility of 24*7 customer support, thereby ensuring that all their customer queries and concerns are taken care of as efficiently and quickly as possible.
Features and benefits of Chola MS Car Insurance plans
Let us take a closer and more detailed look at the features and benefits of the car insurance plans provided by Chola MS General Insurance. These features and benefits are discussed below:
- Chola MS car insurance policy plans are provided to their customers very quickly and with minimal amount of time and effort spent, and with minimum documentation as well
- Potential customers of Chola MS face very little problems in applying for a car insurance from the company. In fact, the process of applying for the car insurance plan has probably never been easier, as today a new car insurance may be bought online just by visiting the company website and applying for the same. The new customer will not even need to submit documents for verifications.
- Similar to buying new car insurance online, old customers of Chola MS do not face any hassles in renewing an existing car insurance policy with Chola MS. The old customers have to simply log on to the company website and fill in the details. With a few clicks, the cholamandal car insurance renewal will occur.
- Chola MS Insurance has a certified chain of workshops/garages, all over the country that provide hassle-free and cashless settlement to its customers
- Cholamandalam Insurance takes pride in the fact that they provide claim assistance facility to their customers on all days of the week and even at all hours, i.e., 24*7. Such a claim may not be boasted by many insurance companies and Chola MS is proud to be available to its customers at any time of the day and night
- Customers of Chola MS may opt for Add-on covers under their car insurance plans. These covers are opted for by customer who wish enhance the coverage and protection of their car insurance plan
Cholamandal Car Insurance: Scope of coverage
The scope of coverage for car insurance plans that are offered by Chola MS provides protection against the following contingencies:
- Loss or damage that occurs to the car due to man-made causes like burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity.
- Chola MS car insurance plans provide a third party legal liability cover. This cover that is provided includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person. It also covers damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company and personal accident benefits for the proposer, paid driver and the occupants of the vehicle.
- Any loss or damage to the car that occurs as a result of natural calamities like fire, explosion, earthquake, self-ignition or lightning, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
- Damage that occurs to the car while it is in transit by road, rail, inland waterway, lift, elevator or air will be covered
Additional features and benefits provided by Cholamandalam Car Insurance Plans
- Chola MS Car Insurance has a network of over 600 plus garages spread all across the country. The advantage of using these particular garages within the network is that claims at these authorized garages are completely cashless.
- Chola MS car insurance provides a discount on premiums if the customer installs an anti-theft device as well as voluntary deductibles.
- For those insured customer who have memberships with recognized automobile associations, Chola MS provides discounts on their cash insurance policies.
- A customer may be entitled to a No-Claims Bonus when they have a series of claim-free years. This No-Claims Bonus is only permitted when the car is insured with Chola MS for an entire year without any breaks. The No-Claims Bonus is allowed when the customer renews his or her car policy plan within 89 days of the expiry of the previous policy.
- A Daily Allowance cover may be opted for where a fixed amount of Rs.500 or Rs.1,000 is provided to the insured person per day (up to 5 days) to pay for hired transport during the period his or her vehicle is under repairs.
- Reinstatement Value cover where Cholamandalam Car Insurance claims can be made for the original amount paid i.e. the invoice value (adjusted for registration charges and road tax). No deductions will be made towards depreciation on parts that are repaired.
- There is a Personal Luggage Cover where an amount of up to Rs.10,000 per policy period for loss of personal luggage locked inside the car during the accident/fire.
- CARE i.e. Chola Assistance for Roadside Emergencies, in this assistance is provided in case of fuel shortage/ breakdowns/flat tyres/battery recharge and other on-site repairs as outlined in the CARE plan.
The Insured Declared Value or the IDV of the car is fixed by Chola MS as follows:
- Up to 6 months – 5%
- 6 months to 1 year – 15%
- 1 to 2 years – 20%
- 2 to 3 years – 30%
- 3 to 4 years – 40%
- 4 to 5 years – 50%
Cholamandalam Car Insurance Add-on covers
The customers of Chola MS car insurance may enhance the coverage and protection on their vehicles if they opt to pay an additional amount of premium. This additional premium will go towards additional Add-on covers in the base plan that enhance the coverage on the vehicle. A closer look at the additional covers that are available under the Car Insurance plans offered by Chola MS General Insurance provides us with the following details given below:
- A third party property cover can be opted for which will provide an amount of up to 7.5 lakhs for damage to another person’s property.
- A Personal Accident Cover may be opted for where a 100% claim is available in case of death or the permanent disability of the owner, driver and passenger of the vehicle. The coverage under the plan is provided for, up to an amount of Rs.2 lakhs.
- There is a Monthly Installment cover that may be opted for, where the insured person will be covered for the non-payment of the regular Monthly Installment.
Exclusions – what the car insurance plans of Chola MS Insurance does not cover
- If the customer uses his or her outside of the geographical scope of the country then the car insurance plans will not cover any accidents that occur while the vehicle is being used outside the country. The scope of coverage of the Chola MS car insurance plans is for within India only.
- The general aging of the vehicle that is insured, which results in the natural wear and tear of the car will not be covered by the Chola MS Car insurance plans.
- Cholamandalam Insurance will not pay for any claim that might occur due to intoxication of the drivers or under the influence of any drug or alcohol at the time of the accident.
- It is to be noted that Chola MS as well as the law itself recognizes driving without a driver’s license as a cognizable and punishable offence. Therefore, Chola MS does not accept claims for accidental damage or liabilities that occur at the time when the car is being driven by drivers without a valid license.
- If a customer chooses to use their car for purposes not included in the policy conditions such as carriage of goods, hiring the car, racing or testing of speed and for use in motor trade, that is up to them. However, they should remember that if any accident or liability occurs during the time of such activities then Chola MS would not be entitled to cover the damages and liabilities that have occured. The car insurance plan provided by Chola MS Insurance is for private use only.
- If the car undergoes any loss or damage due to nuclear fission or radioactive contamination will not be covered by the Chola MS car insurance plans.
- The Chola MS car insurance plan provides protection and coverage to the policyholder or the insured for the loss to the car that have occurred as a result of accidents only.
Chola MS Car Insurance Premium Calculation
A car insurance premium is dependent on a number of factors that have to be taken into account. Some of these factors are the model of the car, the sub-model of the car, the year of purchase of the vehicle, the year of registration, the city where the car will be used, the Insured Declared Value (IDV), etc. The following are some of the instances where the premium has been calculated for car insurance:
- Ms. Roy, who is a resident of Kolkata, wants to apply for a Car Insurance Plan for her has a new vehicle, a Honda Accord purchased in the month of August 2015. On checking with the premium calculator and inputting the required details, she finds that the amount of total premium for her car works out to be Rs. 37,257.
- Mr. Balen, a resident of Delhi, approaches a Chola MS General Insurance representative, as he is interested in purchasing a car insurance plan for his new car- a Fiat Palio that he purchased in the month of June 2015. He finds that the premium for the car insurance plan as offered by L&T Insurance, comes to Rs. 17,192.
- Mr. Chinnaswamy, who resides in the city of Bangalore, checks with a Chola MS insurance agent as he is desirous of purchasing a car insurance plan for his Chevrolet Optra, which was purchased in the month of October 2015. He finds that the premium he will be charged is Rs. 21, 264.
The table tabulates the above data for an instant reference:
Type of Vehicle
Insured Declared Value (Rs.)
Honda Accord 2.4 A/T
Fiat Palio NV 1.2 ELX
Chevrolet Optra – 1.6 Elite
Applying for the Chola MS Car Insurance Plans
The Car insurance plans offered by the company can be applied to through multiple channels like:
- Individuals who wish to avail of the car insurance plans as offered by company can simply call the Sales helpline of the company and speak to the customer service representative.
- They can provide their name, mobile number and email id on the website of the company and request for a call back
- Interested individuals can send an SMS to 56677 with the keyword ‘CHOLA MOTOR’.
- Interested individuals can log on to the company website, go through the details mentioned there and opt to buy their car insurance online.
- Customers may also visit the company’s branches or get in touch with an agent, in order to get to know more details about the car insurance plans and to buy the car insurance plan that is suited to their requirements.
Chola MS Car Insurance – FAQs
1. How many modes of payment are allowed in Chola MS Car Insurance?
This policy allows you to pay the premium in three different ways:
- Direct Bank Debit (Auto Debit): Use the auto-debit feature to wire the money to the bank account of Cholamandalam MS General Insurance. This helps you to get a discount on your premiums as well.
- Online Payment: Offers e-Portal to pay your premium online using a debit/credit card.
- Mobile Payment: Use insurer’s mobile app to make the payment.
2. How to get to know about the policy status of my Chola MS Car Insurance policy?
You are provided with valid login details using which you can log into your profile and check the status of your policy.
3. How can I renew my Chola MS Car Insurance policy?
The renewal process is no longer a hassle, if you have registered online or use the mobile app. Those who have not yet registered online can visit a nearby branch and fill up the renewal form and attach a cheque of the premium amount.
4. What is the process for renewing the policy online?
Firstly, you need to log into the company’s e-Portal using your login credentials. Now, you can make the payment through any of the payment modes, such as Credit/Debit Card, Net Banking. Once the payment is successful, take a printout of the receipt.
5. What is the time taken by the company to settle a claim?
The company takes 30 days to settle a claim after the completion of the paperwork at your end. So, make sure you have correctly filled in the required details, such as your medical bills and proof of hospitalization expenses (if any) and other supporting documents.
6. How do I proceed if I need to cancel my Chola MS car insurance policy?
To cancel your policy, you need to walk into any of the nearest branch offices, and carry the policy documents and fill up the surrender form. After completion of these formalities, the company shall initiate a refund of the premium after deducting all the nominal charges.
7. Why should I buy Chola MS Car Insurance?
Considering the conditions of the roads of India, it is mandatory to have a cover for all the vehicles. Moreover, driving without having a third-party liability insurance policy is illegal as per Indian Motor Vehicle Act, 1988.
8. What are the exclusions of the policy?
Just like numerous benefits offered by the policy, there are certain exclusions too. Any expense or injuries arising out of the following comes under policy exclusions:
- The driver is driving under influence of alcohol, drug, or any other intoxicant
- The driver does not have a valid license
- The driver drives the car outside the geographical limits that are mentioned in the contract
- Depreciation, general wears, and tears
- Electrical or Mechanical failure
- If the car gets damaged because of a nuclear activity, terrorism, war etc.