Owning a four-wheeler has become a necessity rather than a luxury status. But no matter how expensive or low-end budget car you drive, you cannot overlook the importance of having dedicated car insurance. If you think there is nothing going to happen to me, you then might be making the biggest mistake of your life. Let’s face it- With almost 1.5 million road accident fatalities annually, India has the highest death toll in the world. So, you now must have realized the importance of having car insurance.
Now, it’s time to consider the best car insurance. Since the market is flooded with many, Bajaj Allianz car insurance and Chola MS car insurance are gaining significant traction among customers looking to get insured. Having car insurance protects against potential financial loss by paying for covered losses following an accident or incident. It can protect you and your passengers from third-party damages, depending on your coverage.
Without further ado, let’s dig deep into understanding both Bajaj Allianz Car Insurance and Chola MS Car Insurance.
Comparison Between Bajaj Allianz Car Insurance & Chola MS Car Insurance
Let’s compare Bajaj Allianz Car Insurance and Chola MS Car Insurance on the basis of these parameters.
|Parameters||Chola MS Car Insurance||Bajaj Allianz Car Insurance|
|Cashless network garages||Chola MS Car Insurance has 14,500+ cashless network garages.||On the other hand, Bajaj Allianz Car Insurance has 4500+ Cashless Network Garages.|
|Claim Settlement Ratio (Incurred Claim Ratio as per IRDAI report)||The claim settlement ratio is 65.05% (of Motor Insurance- 2021-22)||With Bajaj Allianz, there is a claim settlement ratio of 68.53 % (of Motor Insurance- 2021-22)|
|Loss due to natural calamities||Yes, Chola MS car insurance covers your four-wheeler against natural calamities.||On the flip side, Bajaj Allianz car insurance also provides maximum protection against natural calamities.|
|Special Add-On Cover||With Chola MS Car Insurance, only Basic Coverage options are Included.|
With Bajaj Allianz Car Insurance, there is a special V-Pay add-on cover.
It protects the insured’s vehicle with features like Rally, Depreciation Waiver, Tyre and rim Protection, Personal Baggage and key Replacement, Vehicle Retrieval and towing, Vehicle Replacement, 24×7 Roadside Assistance, and Rodent Bite, and also provides a Geographical Extension feature.
|Personal Accident Cover||Yes, it also offers personal accident cover for owner-driver (value of 15 lakhs).||On the other hand, Bajaj Car Insurance offers Personal Accident Cover with coverage of Rs. 15 lakhs.|
|Customization Options||No, such a special benefit is available to customize your car insurance.||Pay As You Consume: Flexible and customizable plans as per distance/day|
|Claim Disbursements||Yes, Chola MS car insurance also disburses claims. But there is anything mentioned like on the spot or instant.||There is an on-the-spot claim disbursement facility with Bajaj Allianz Car Insurance.|
|War, Mutiny or Nuclear Risk||No, Chola MS car insurance doesn’t cover such events.||No. These kinds of events are not covered by Bajaj Allianz Car Insurance.|
Understanding Bajaj Allianz Car Insurance
Bajaj Allianz car insurance offers maximum protection to your four-wheeler in case of unforeseen emergencies like accidents, theft, fire and more. Owning car insurance by Bajaj Allianz covers damage to the car as well as a liability against third parties. You can also opt for add-on coverage benefits as part of the private car package at an additional premium. With 4500+ cashless network garages, you can rest assured that you will get hassle-free and quick services to fix your vehicle with ease. Not only is it a perfect source of the necessary financial support that families need, but it can also provide coverage for you and the other occupants in the event of an accident-related death or permanent total or partial disability (loss of limb).
What are the Salient Features and Benefits of Bajaj Allianz Car Insurance?
Here are the key features and benefits of considering Bajaj Allianz Car Insurance.
It takes three minutes to purchase car insurance from Bajaj Allianz. Without having to fill out any paperwork or visit an insurance branch, you can purchase insurance whenever it’s convenient for you. You can also check the details and status of your car insurance online, renew your insurance online, and file a claim online.
You can contact the insurer at any time, and they will quickly arrive at your location to help with anything from tire replacements to expert engine inspections to accident settlement assistance.
Wide Range of Network Garages:
Because of its partnerships with over 4500 garages in India, Bajaj Allianz makes it simple for you to get a cashless claim settlement on your car insurance no matter where you are.
Ease of Claim Settlement:
Bajaj Allianz prioritizes its customers, which makes settling claims easier. In just twenty minutes, you can get your claims settled digitally and without using cash. The insurer created the mobile application, which enables on-the-spot claim settlement with just a photo upload of minor damages.
Add-ons are extra features or perks that you include in your Bajaj Allianz car insurance to increase its coverage. The additional coverage you purchase only lessens the financial strain an accident or disaster is likely to cause you.
This is an optional feature that you can include in your Bajaj Allianz car insurance. It is also called bumper-to-bumper coverage. In essence, you are cancelling out the depreciation on your vehicle when you purchase the zero depreciation cover add-on. This implies that, in theory, your car does not lose market value because your insurer does not take vehicle depreciation into account.
The best option to include in your car insurance by Bajaj Allianz is the engine protector add-on. It pays for costs associated with hydrostatic locks, oil leaks, water intrusion, and other issues. By doing this, you can save up to 40% of the cost of having the engine of your car fixed.
Key & Lock Replacement:
Car keys are easily forgotten, from leaving them at a restaurant to misplacing them at home. This add-on is designed to lower the costs you might incur if you misplace or lose your keys.
By purchasing consumable expenses coverage, you can let your insurer handle the costs associated with using consumables for your vehicle during maintenance or after an accident.
Your personal belongings are safeguarded and any losses resulting from theft or damage from the car are covered by the personal baggage add-on.
This add-on guarantees you receive payment from the insurer for your daily commute while your car is being repaired in a garage and after your claim is approved by the insurance. With this, you won’t have to stress about breaking the bank to cover the daily taxi fare or the transportation costs you’ll probably incur while your car is being serviced.
Now, What is Chola MS Car Insurance?
Chola MS Car Insurance offers overall cover for damages to both parties involved in an accident. Not only does the car insurance by Chola MS provide protection against damages or theft, but it also provides maximum protection against third-party and personal accident cover.
If you choose to add-ons like monthly installment coverage, roadside assistance coverage in the event of an accident, waiver of depreciation, coverage for personal belongings inside the vehicle, etc., your Chola MS car insurance can also be increased. The end-to-end coverage of this insurance offers the policyholder security and convenience, making it the preferred option. With over 14, 500+ cashless network garages, you can rest assured that the entire claim process is transparent, which ensures genuine billing and limits the possibility of fraud. Additionally, you won’t need to worry about paying money that you won’t get reimbursed or about unstated fees on bills.
What Distinguishing Features & Benefits Does Chola MS Car Insurance Offer?
Listed below are the major features and benefits of car insurance by Chola MS.
Protection Against Accidental Damages:
Dealing with car accidents can be challenging because they can result in both financial loss and mental stress. By covering the costs of treating any physical injuries and covering the damages to your vehicle, Chola MS car Insurance can help you manage the stress to a reasonable degree. Car insurance by Chola MS offers benefits to the surviving in the event of death.
Coverage Against Third-Party Liability:
All vehicle owners are required to carry third-party insurance. This implies that your insurance will cover costs if you are in an accident that results in harm to the other person’s car or inflicts physical injuries. Purchasing car insurance from Chola MS helps you obtain compensation for damages to your vehicle in addition to covering third-party liability.
A Large Number of Garages:
If you are involved in an unfortunate accident that results in damage to your vehicle, your Chola MS car insurance will cover the cost of the necessary repairs. Any garage that is a member of the insurer network can fix your car, and the insurer will pay the garage directly.
Monthly Instalment Cover:
The insurer would pay the Equated Monthly Instalment (EMI) of the loan you took out to purchase the car if your insured vehicle is damaged and you have selected this add-on. Depending on which add-on you choose, Chola MS will pay one or two EMIs.
Coverage for Disabled Vehicle:
This add-on will cover the cost of protecting, extracting, and removing the disabled vehicle if it is damaged and unable to be driven to the closest garage.
No Claim Bonus Protection:
If you don’t file a claim during the car insurance year, you receive a no-claim bonus. Additionally, this bonus rises with each additional year without a claim. The whole accrued no-claim bonus, however, is forfeited if a claim is filed during any period. This add-on guards against the add-on’s accumulation being lost.
Coverage of Insurance Cost:
This add-on would assist in paying the insurance premium for a new car if your old one is severely damaged and you file a claim for total loss or total constructive loss. Under this add-on, the insurer would pay the new car’s insurance premium if you purchase a comparable vehicle after the total loss claim is resolved.
This add-on pays for the supplies needed when doing repairs. Among the supplies that may be needed for auto repairs are lubricants, engine oil, screws, nuts, and bolts. If you choose this add-on, the cost of the consumables will be covered, even though they are not normally covered by insurance.
Hydrostatic Lock Cover:
In the event that water leaks into the engine, gearbox, or transmission, causing damage, this add-on would pay for the necessary repairs.
Key Replacement Cover:
In the event of a burglary or theft claim, this add-on pays for the cost of replacing the car’s lock and keys.
Loss of Key Cover:
This add-on would pay to replace the car’s entire lock system if you misplaced your keys as a result of a break-in or damage to them.
Consumables Plus Cover:
The cost of the consumables needed to fix the vehicle’s damages would be paid under this add-on.
Who is the Winner: Bajaj Allianz Car Insurance or Chola MS Car Insurance?
It is no secret that both car insurance offers a range of features and benefits. Whether you want to protect your own vehicle from damage or a third party’s death or disability, choosing Bajaj Allianz and Chola MS car insurance will never disappoint you. Since only one can be chosen, you should consider a few more aspects to make the right investment. If you are looking for car insurance with higher cashless network garages, then Chola MS Car Insurance will be an ideal choice. On the other hand, if you want a higher claim settlement ratio and plenty of other benefits, then considering Bajaj Allianz Car Insurance will get the job done.