Owning a car today is a must, not a luxury. Having a car makes moving around easier. Additionally, it lessens reliance on public transit. The need for car insurance to safeguard our vehicles against damage, theft, accidents, and other risks has now become incredibly important. Not just because it is required by law but also for other reasons, having car insurance is crucial. It spares from the financial and emotional stress of paying for accident-related damages.
When it comes to choosing car insurance, Chola MS Car Insurance and Royal Sundaram Car Insurance are popular names in the sector. Not only do they offer solid cover to compensate for the costs of repairs and fixing, but they also offer peace of mind that your vehicle is covered by a mishap.
Don’t know what to choose? Let’s dig down deep into everything you know about Chola MS Car Insurance and Royal Sundaram Insurance.
Chola MS Car Insurance and Royal Sundaram Car Insurance Comparison
Here is the list of the differences between Chola MS Car Insurance and Royal Sundaram Car Insurance.
|Parameters||Chola MS Car Insurance||Royal Sundaram Car Insurance|
|Cashless network garages||14500+||5100+|
|Claim Settlement Ratio (Incurred Claim Ratio as per IRDAI report)||65.05% (of Motor Insurance- 2021-22)||85.76% (of Motor Insurance- 2021-22)|
|Any intentional injury or damage caused to the insured vehicle||Not Covered.||Excluded.|
|Fast track claims settlement||Available.||Fast-track claims in less than 5 days.|
|Personal Accident cover||Yes, it also offers personal accident cover for owner-driver (value of 15 lakhs).||Personal Accident Cover for all passengers and paid driver up to a maximum of Rs. 50 lakh per person.|
|Mobile App for Car Insurance||No Specific App|
Car Inspection Process
App For All Policy Details, Claim Processes and Other Requests.
M- CHATRA App
Information on Chola MS Car Insurance
Chola MS Car Insurance acts as a shield that protects you from incurring financial losses due to theft, natural calamities, damage from accidents, and any subsequent liabilities. Along with your own vehicle, car insurance by Chola MS can also cover other third-party vehicles. You might also have accidents where you hurt others or cause property damage. These third-party liabilities are also protected by your Chola MS car insurance.
Chola MS car insurance provides a variety of customizations and add-ons for comprehensive car insurance, like depreciative waiver or zero depreciation insurance, return to invoice cover, etc., that enable you to tailor your insurance package to meet your needs.
What Distinguishing Features and Benefits Come with Chola MS Car Insurance?
The following are the key features and benefits of Chola MS Car Insurance:
Own Damage Insurance:
The car insurance by Chola MS can cover the costs of their own vehicle damage that results from either man-made or natural disasters, including riots, thefts, and terrorism. Additionally, it protects the car owner from unintentional harm.
The Chola MS car insurance provider promises to pay for third-party damages for injuries brought on by an accident that results in death or disability and for which the vehicle owner is held financially accountable.
Coverage for Third-Party Property:
The car insurance by Chola MS offers compensation up to INR 7.50 Lakhs for property damage to third parties caused by the insured vehicle for which the car owner is legally responsible.
Compulsory Personal Accident Cover:
In the event of the policyholder’s death while operating the insured car, the Chola MS Car Insurance provides a family member or policyholder with financial protection of INR 15 lakhs.
This is available for both brand-new vehicles and those that are being renewed. Choosing this add-on aids in the claims process.
Hydrostatic Lock Plus Cover:
It covers the costs associated with fixing water damage to the engine, engine components, gearbox, differential assembly, etc.
Consumables are things or components for cars that can’t be used again. Engine oil, oil filters, lubricants, nuts and bolts, bearings, air filters, and other items are examples of consumables. By having a consumables cover, you can avoid paying these costs for repairs and claims. It is advised to choose this coverage if you own a luxury vehicle because their consumables are frequently fairly pricey.
When a car breaks down or is in an accident, the owner is given roadside assistance under the Chola MS car insurance.
If the car is stolen or lost partially, completely, or constructively, EMI cover is provided to cover 50% of the remaining payments.
Key Replacement Cover:
The cost of getting a replacement ignition key for the insured’s covered vehicle will be paid if the insured loses their original ignition key. It could also entail changing locks, fixing them, or completely replacing the lock system because of theft, burglary, or key damage. For new cars, luxury four-wheelers, and high-end vehicles, the cover is advised.
Loss of Personal Belongings:
For loss or damage brought on by fire, burglary, or other external factors while inside your insured vehicle or secured inside the boot, the insurance provider reimburses you for the market value of your clothing and other personal belongings.
With this add-on, you are released from the obligation to cover the cost of depreciation during claim settlement. This makes it possible for you to obtain a higher claim than would otherwise be attainable. An additional premium, which is in turn determined by the IDV of your vehicle and its age, is needed for the Nil Depreciation cover.
What is Royal Sundaram Car Insurance?
Royal Sundaram General Insurance offers specifically designed car insurance products including third-party car insurance policies, standalone own-damage car insurance policies, as well as comprehensive car insurance policies. With 5100+ cashless garages, policyholders can easily fix the issues of their cars without any hassle. Car Insurance by Royal Sundaram provides comprehensive coverage for your vehicle, with third-party coverage paying for any financial obligations you might have to a third party while comprehensive coverage paying for any losses or damages to your own vehicle.
Key Features and Benefits of Car Insurance by Royal Sundaram
If you are still in doubt about whether to consider Royal Sundaram Car Insurance or not, then listed below are the key features and benefits that will make you think twice.
Protection Against Damages:
The major feature and benefit of choosing Royal Sundaram car insurance is that it covers any loss or damage to the insured vehicle.
Coverage Against Third-party Liability:
In addition to damage coverage, if the insured car harms a third party, the car insurance by Royal Sundaram will pay for that damage.
Personal Accident Cover:
Royal Sundaram car insurance offers Personal Accident Cover in the amount of up to Rs. 15 lakhs. Additional car passengers may also be covered under the Personal Accident Coverage provided by Royal Sundaram car insurance.
Minimal Documentation Required:
When you purchase Royal Sundaram car insurance, no further paperwork is needed. You may therefore get car insurance from Royal Sundaram in a couple of minutes with little paperwork, thereby saving you time and money.
Powerful Technology Support:
To make the entire process of purchasing and filing vehicle insurance claims hassle-free, Royal Sundaram is supported by strong technology. The M-Chatra app, on the other hand, gives all the information on the claim and other things, while the M-Inspect app enables you to inspect a car digitally.
Royal Sundaram car insurance includes a variety of add-on coverage options that increase the base policy’s protection. Listed below are the following supplemental coverage options:
Depreciation Waiver Cover:
The plastic or metal components of the vehicle shall not be subject to depreciation under this coverage, ensuring the full amount of any claims.
Windshield Glass Cover:
This add-on covers the costs in the event of windscreen damage while maintaining the No Claim Bonus.
Voluntary Deductible Cover:
The voluntary deductible is the sum that the car owner consents to shell out more than the predetermined claim amount. With Royal Sundaram Car Insurance, you will get a discount on your own damage premium amount ranging from 15% to 35% if you choose optional deductible coverage.
Full Invoice Price Insurance Cover:
If the covered vehicle is completely damaged or stolen, this add-on protection offers 100% repayment of the car invoice price.
Loss of Baggage Cover:
In the case of an accident or theft, this cover pays for any costs associated with damaged or lost luggage from the insured car.
Spare Car Clause:
While the car is in the garage getting repairs, this cover covers the costs associated with the owner’s daily commute.
This add-on coverage is given to car owners as a reward for not filing a claim. Based on the history of claims, a discount of 20% to 50% is provided on premium amounts.
Key Replacement Cover:
The cost of new or replacement keys will be covered by this coverage in the event of key loss, theft, or damage.
In most cases, tyre damage only qualifies for coverage if it resulted from an accident. Any tyre damage will be covered by this addition, though.
Lifetime Road Tax Clause:
There is currently no insurance for the lifetime road tax. Quite a bit of it is made up of lifetime road tax. In the event of theft or complete damage to the insured car, this coverage will protect you financially for the remaining road tax. Royal Sundaram car insurance will also compensate you if your car is stolen or damaged.
What is Ideal: Chola MS Car Insurance or Royal Sundaram Car Insurance?
With Royal Sundaram Car Insurance and Chola MS Car Insurance in the picture, choosing the right car insurance can become a daunting task. Keep in mind that the greatest car insurance is the one that meets all of your needs while still being affordable. Each penny you spend must be worthy and profitable for you in times of need.
When it comes down to choosing the right car insurance, ensure you do proper research and make the right choice accordingly. To help you out, if you want to choose car insurance with greater cashless garages, then Chola MS car insurance will be an ideal choice for you. On the other hand, if you want to choose car insurance that comes with dedicated apps specifically designed to manage your car insurance in a smooth and hassle-free manner, then consider Royal Sundaram car insurance.