Cholamandalam Comprehensive Car Insurance Policy
Chola Comprehensive car insurance, as the name suggests, offers overall cover for damages to both parties involved in an accident. This is an extensive policy because it covers damages to the car, theft of the car, legal liability towards third-party, and personal accident cover. The policy coverage can also be extended by opting for add-ons like Monthly Instalment Cover, Coverage for Roadside assistance in case of breakdowns, Waiver of Depreciation, Personal Belongings (inside the vehicle), etc. This cover is preferred due to its end-to-end coverage, which provides convenience and security for the policyholder. To know more about this policy, have a look at the following mentions.
What are the Key Benefits of Cholainsurance Comprehensive Car Insurance?
This policy offers a bucket full of benefits and facilities. Some of the important mentions are as follows.
Safeguard Against Damages:
It protects against damages due to accidents, theft, natural calamities
like floods, earthquakes, and social perils like riots, strikes, and terrorism.
Unlimited Liability for Third-party Own Damage:
The policy compensates if the vehicle accidentally injures any person or results in their death.
Compensation for Third-Party Property Damage:
This policy offers compensation if the vehicle accidentally damages another’s property which the owner is liable to pay.
Compulsory Personal Accident for Owner Driver:
It offers financial support in case of disablement/death due to an accident while driving, travelling, mounting, or dismounting from the vehicle.
No Claim Bonus:
One can avail of a discount on renewal premiums for no-claims in the last policy year.
There are many add-on covers available with this policy that can be purchased at a little extra premium to enhance the strength of the policy. The followings are a few important mentions.
Zero Depreciation Cover:
Zero depreciation, also known as Nil depreciation or Bumper-to-Bumper car insurance, leaves out the depreciation factor from the coverage, thus giving complete cover. It offers 100% coverage for all fiber, rubber, and metal parts without the deduction of depreciation. It does not cover engine damage due to water ingress or oil leakage.
Car engines are one of the most expensive and maintenance-intensive parts of a car. They can be susceptible to damage in conditions of waterlogging or due to constant overheating. Under such undesirable circumstances, the Engine Protector Add-on Cover can be very beneficial. It covers the complete replacement or repair of critical engine parts such as pistons, crankshafts, and cylinder heads.
If the insured person gets stranded in the middle of the road due to any reason, such as a mechanical or electrical breakdown, this add-on cover kicks in and protects him/her from bearing the cost of such sudden expenses. The roadside assistance add-on is also known as the breakdown assistance cover. This cover also includes towing service, fuel delivery, alternative vehicle, staying at a hotel, medical coordination, etc.
Return to Invoice Cover:
With this add-on cover, the policyholder can bridge the gap between the IDV and the invoice price. Return To Invoice Cover is also known as Invoice Protection Cover, and it helps the policyholder to receive a claim amount equivalent to the cost of the car mentioned in its invoice. With this car insurance add-on cover clubbed with a comprehensive or standalone own-damage car insurance plan, the policyholder can receive an amount equivalent to the on-road price of the car in the case of total loss.
Exclusions of Cholainsurance Comprehensive Car Insurance
A Chola Comprehensive Car Insurance Policy has come up with a sack full of benefits, but at the same time, it has a few exclusions as well, for which it does not provide any coverage. To understand a policy comprehensively and to avoid future complications, it is important to go through the exclusions thoroughly. Therefore, the general exclusions of this policy are as follows.
- While driving the car, if the driver is under the influence of alcohol, drug, or any other intoxicating substance, and the car meets an accident, the insurer does not take any liability for that.
- If the driver does not have a valid license or the car does not have any active insurance policy at the time of the accident, the insured person cannot get any benefit.
- At the time of the accident, if the insured car does not have any valid registration certificate, then also his/her claim will get rejected.
- If the insured car suffers any loss or damage due to riots, strikes, wars, war-like situations, nuclear radiation, etc., the insurer will not pay any compensation for that.
- If the car is used for any kind of adventurous sports or it is used outside the specified geographical area, then that will also fall under the category of exclusions.
- If the accident is intentional, or self-inflicted injuries, suicide or suicide attempt will not be covered under this policy.
- Mechanical or electrical breakdowns are not covered if it is not purchased as an add-on cover by the insured person.
- The expenses of general wear and tear of the insured car have to be borne by the policyholder only.
Buying Process of Cholainsurance Comprehensive Car Insurance Policy
One can easily buy this policy by visiting the official website of Probus Insurance and following the below steps carefully.
- Go to the official website of Probus Insurance Company.
- Click on the Products tab. Multiple options will appear. Select the Car Insurance option among them under the Motor Insurance tab.
- Select the insurer that is Cholamandalam Car Insurance, available on the right side of the landing page.
- Provide the required information, such as personal details and policy-related credentials.
- On the basis of the given data, the premium amount for the policy will be calculated. Go through that carefully.
- If satisfied, pay the premium amount online securely.
- Upon successful payment, a notification will be sent to the registered mobile number and/or email ID. download the policy document.
How Can You Renew Cholainsurance Comprehensive Car Insurance?
With the online facility, now you can renew your bike insurance policy online without visiting the official branch of the company physically or standing in a long queue, very smoothly by following the below steps.
- Go to the official website of the Chola MS General Insurance Company.
- On the right side of the homepage, there will be the Renew Chola MS Policy option. Click on that. You will be directed to a new page.
- Then, on the landing page, select the Motor tab.
- There one needs to provide certain details such as the car insurance policy number and the car registration numbers/engine numbers.
- Then, click on the Proceed option.
- The renewal amount will be displayed on the screen of the device. Check the details thoroughly, and if everything is fair, pay the renewal amount by choosing one of the suitable payment options available with the insurer.
- Once the payment is successful, the insured will get a notification about the same in his/her registered mobile number and/or email ID.
Claim process of Cholainsurance Comprehensive Car Insurance
Follow the step-by-step guide to avail of a smooth, hassle-free claim experience with the company.
- As soon as the incident/accident happens, the insured needs to inform the insurer about the same. For this, one can call their customer services Executive at 1800 208 5544 or mail to firstname.lastname@example.org, or else directly walk into any of their official branches and can get the claim registered with the company.
- Once the claim is registered, a surveyor or in-house loss assessor will be appointed on behalf of the company, who will reach the place of the survey to examine the extent of the event.
- After that, one needs to send the company the required documents. Do not produce any false documents. And co-operate with the surveyor. Preserve the report of the surveyor for future reference.
- The submitted documents will be verified and evaluated by the company.
- If no discrepancy is found, the settlement Advice, together with the discharge voucher, is sent within the stipulated time.
Necessary documents for a successful claim:
- A duly signed and filled Motor Claim Form
- Copy of the Registration Certificate of the car
- Copy of Driving License
- FIR in case of TP Injury, Death, or Accidental Case
- An authentic approximate evaluation of the loss or damage. (Ensure that you make an extra copy of this, too and keep it with you).
- The receipts of the payment and the repair bills.
Frequently Asked Questions
Chola Comprehensive Car Insurance Policy covers the following events:
- Fire explosion, self-ignition, or lightning
- Burglary, housebreaking, or theft
- Riot and strike
- Road accidents
- Earthquake (fire and shock damage)
- Malicious acts
- Terrorist activity
- Natural calamities like floods, typhoons, hurricanes, storms, cyclones
- 9Whilst in transit by road, rail, air, inland waterway, or elevator
IDV, or Insurance Declared Value, is technically your bike’s current market price/value. This price is the maximum amount that can be insured and is fixed while purchasing the insurance policy. This amount is also the one that would be paid; if so, it happens that you undergo a total loss or direct theft of your car.
This is an important consideration because, over the years, your car’s value will get lowered due to factors such as depreciation. This will also cause the IDV to get lowered, along with the premium.
After the sale of the existing vehicle, a No Claim Bonus reserving letter is issued by the existing Insurer. On the basis of this letter, this benefit is transferred to the new vehicle.
The existing insurance policy can be transferred to the buyer by passing an endorsement under the existing policy. Supporting documents required for this process include – the sale deed/form 29/30/NOC of seller/NCB recovery. You can also cancel the existing policy. Supporting documents like the sale deed/form 29/30 are required to cancel the policy.