Cholamandalam Third Party Car Insurance Policy
Third party car insurance ensures that you do not fall into any kind of legal or financial troubles if your car has met an accident out there on the roads, and that has caused damages or losses to a third party. Moreover, it is a mandatory car insurance plan if you are a car owner as per the Motor Vehicles Acts of India, 1988. So, Cholamandalam General Insurance has come up with this basic and yet must-have third party car insurance policy that can enable you to drive your car worry-free.
Benefits of Cholamandalam Third Party Car Insurance
This plan immune you from different types of financial and legal risks related to the third party. To know more about the benefits and inclusions of this plan, have a look at the below content.
- If your car has met an accident and that has created any damage to the third party vehicle, this policy will reimburse the amount of loss.
- If the third party property gets damaged because of an accident involving your car, this plan will compensate for the said loss. The IRDAI has fixed a maximum cover of Rs. 7.5 lakhs for the damage to property.
- If the third party gets any bodily injury because of the same afore-said situation, the policy will take care of that financially.
- If the third party suffers an untimely and unfortunate demise due to an accident that involves your car, this policy will compensate for the loss.
- If you have this policy, you can drive your car anywhere in India legally.
- With this third party policy, you can have peace of mind and can be out there on the roads without having many tensions.
Exclusions of Cholamandalam Third Party Car Insurance
Unlike a comprehensive car insurance policy, a third party policy has more limitations for which it does not provide any financial help. To have a comprehensive idea about this policy, and to avoid future complexities, have a look at the following general exclusions, below.
- If any damage or loss happens to the owner-driver’s car or properties in the car due to an accident, fire, or theft, the policy will not cover that loss.
- As a result of meeting an accident, if the owner-driver of the insured car suffers any bodily injury or unfortunate death, the policy will not compensate for that.
- Any type of accidental loss, damage, or liability borne outside the specified geographical area will not be covered by this policy.
- If the accident happens while you are under the influence of drugs, alcohol, or any other intoxicating substances, that will fall under the category of exclusions.
- If the accident is intentional, or it has incurred during a suicide attempt, or suicide the company does not take responsibility for that.
- If there is any breach of law and if that is proven, or if the claims arise out of contractual liability, you will not be compensated.
- If the driver is below the age of 18 or does not possess any valid driving license, or if the car is not properly registered, you will not get any reimbursement.
- If your car is registered as a private car, but you are using it for commercial purposes, or if the car is used in any way, which it is not supposed to be, your claim might get rejected.
- If the accident happens when the owner is not the driver, or the driver is not a designated one, the policy will not be of your help.
- It will also fall under the category of exclusions, in the case of pay-out for replacement in the event your car is written off.
Claim Process of Cholamandalam Third Party Car Insurance
For a Cholamandalam Third Party Car Insurance claim, you need to follow the following process.
- If you are a victim of an accident and wish to file a claim under third party car insurance, at first, you need to obtain the insurance details from the owner/driver of the insured car involved in the accident.
- The legal representative of the deceased, or the victim has to submit an application against the owner/driver of the car to generate the third party liability compensation.
- Once the application is submitted successfully, an FIR has to be lodged in the local police station stating the details of the accident, which must include the necessary information such as driver’s license number, name of the witness(es), and contact details, etc.
- You need to keep a copy of that FIR and the other records of the expenses incurred by the victim in their original form, for future reference.
- After that, you need to register the case with Motor Accidents Claims Tribunal. The Tribunal will evaluate and assess all the documents to reach a final verdict. In this case, the owner-driver will also be summoned along with any witnesses for the final arbitration.
- If no discrepancy is found, the victim or the deceased’s family will be compensated by the insurer the full amount decided by the court in its final verdict, or as per the law.
Documents Required For Filing a Claim
The followings are required documents:
- Duly signed and filled Claim Form
- FIR (First Information Report) registered by the police
- Copy of Registration Certificate (RC) of the car
- Copy of Driving license
- Surveyor’s Report
- Original Repair Invoice
- Payment Receipt
Frequently Asked Questions
No, the limit is decided by the court under the said circumstances. However, in case of property damage, the limit is Rs. 7.5 lakhs.
Cholamandalam has more than 8500 network garages spread all over the country.
Any person who is the owner of any car registered with the Regional Transport Authority in India can buy this Third Party Car Insurance.
Yes, this insurer has the facility of online purchase for this plan.
Within 60 days from the date of the accident, you need to file a claim with the Motor Accident Claims Tribunal.
Yes, you can. In that case, the transferee needs to submit an application to Cholamandalam for the transfer of insurance within a period of 14 days from the date of transfer of the car.
The usual validity is 1 year and the owner has to renew the policy on time regularly. But if you have bought the car after 1 September 2018, it is mandatory for the owner to buy a 3-year Third Party Liability Insurance Cover.