Car Insurance is a form of protection that shields you from the financial losses incurred by you due to accident, theft, natural calamities or any unforeseen situation. The Car Insurance lets you be protected from any legal liability, financial loss due to damage to the car, third party damages, and so on. This depends on the Car Insurance you choose.

There are two main types of Car Insurance.

Third-Party Car Insurance is the one that is mandated by the Indian Government and law to every vehicle owner in India. It protects against any loss or injury done to any third party by the vehicle. The legal force behind this insurance is provided through the Motor Vehicles Act 1968.

Comprehensive Car Insurance is within the discretion of the Car owner. It has no legal backing. However, this is an important type of car insurance that covers the damages suffered by the car owner and injuries to the vehicle if it gets involved in any mishap.

The Government of India makes it compulsory for every Car Owner to have a Third Party Car Insurance Cover. However, the Comprehensive Car Insurance Cover is not compulsory. Nevertheless, a Comprehensive Car Insurance Cover is highly recommended.

The Car Insurance Policy hedges you from any financial loss or liability in cases of damage or injury to your vehicle or inflicted by your vehicle to any Third-Party. Third-party Insurance is mandated through the Motor vehicle Act 1968.

The Chola MS Car Insurance Policy covers the following:

● Unlimited Coverage on Third Party Personal Liability: The vehicle insurance company compensates for the total amount as declared by a court as your liability towards the damage/injury/accident/ accidental death caused by your vehicle.

● Damage cover: In the case of private cars, a maximum damage cover of Rs.7,50,000 as Third party property damage.

● In case of Personal Car damages, the Chola MS insurance covers

➔ Fire, Self-ignition, Explosion

➔ Theft, Burglary or breaking in the house.

➔ Riots/ Strikes/Stone pelting

➔ Earthquakes (damages or Fire)

➔ Cyclone, Hurricane, Typhoon, Flood, Storm

➔ Landslide or Rockslide

➔ Terrorist Activity

➔ Malicious Activity

➔ In-Transit damage, if any by rail, road, inland waterway, air, or lift

➔ Personal Accident Cover with owner compensation

➔ LL for Paid driver

➔ Personal Accident Cover for passengers including spouse, parents, children etc

➔ Legal Employee liability arising out of an accident involving the Insured Car

The Personal Car Insurance provided by Chola MS does not cover the following:

● Damages or loss to the vehicle caused as a result of wilful negligence

● Accidental loss or damage suffered due to the driver being under the influence of alcohol or other intoxicating substances

● Loss or liability if the vehicle is used outside the scope of limitations of use or the person driving is not licensed to do so

● Loss due to depreciation, wear and tear

● Loss due to electrical or mechanical breakdown or breakages

● Loss due to war and other related activities.

A good insurance policy must have the following characteristics to offer you value for the premiums you pay:

● Easy and quick online buying and renewal process

● Complete Third-Party Damage Coverage

● Around the Clock assistance in cases of breakdown or accidents

● Hassle-Free and Smooth Claims settlement process

● A wide network of Garages for cashless and easy Claims settlement.

For all the new cars, the IRDAI has mandated a Third Party Insurance Policy Cover of three years. The insured may choose OD for one or three years, as per his or her preference.

For all the other cars (second hand/old cars), the insured may choose the Annual Comprehensive Policy or the standalone Liability Policy that needs to be renewed every year. Failure to renew the policy yearly can result in the lapse of coverage during an accident.

With Chola MS, you can easily renew your Car insurance policy by either calling the toll free number 1800-208-5544 or entering your policy number or registration number on our website and proceed with the renewal. Car Insurance renewals are quick and smooth at Chola MS.

The best time to renew your policy is about 60 days before its expiry date. You can easily renew it online at Chola MS. However, if your motor insurance policy has expired, our supervisors will first have to inspect your car before issuing the policy. This may be subject to a satisfactory inspection and the submission of all the valid documents.

Yes, an online car insurance document is equally valid to a printed insurance document. Once you make the payment and buy one of our policies, the document is sent to your registered mail within a few minutes

Comprehensive car insurance usually only covers the driver (owner) of the car. However, we offer a passenger cover as an add-on that you can buy with a little extra premium. This will cover the passengers in the car's insurance, keeping your loved ones safe.

The IDV refers to the Insured Declared Value. It is the maximum amount that the insurer agrees to pay you in case the car is stolen or damaged beyond repair. It is usually the market value of the car at the time of purchase. For example, if you bought a car worth Rs.7 lakhs, the IDV for the car will be 7 lakhs.

The IDV is directly proportional to your premium. If your IDV is lower, so will be your premium.

No Claim Bonus is a discount percentage in premium that the insurer may provide if the car owner has not claimed even once during the tenure of the Car Insurance Policy. The discount is applicable on the Own damages section of the car insurance policy.

Yes. If you plan to switch to Chola MS from another insurance company and have accumulated any NCB from the previous insurer, the same can be transferred if the car is insured within 90 days of renewal. This also applies if you want to switch from Chola MS to another insurance company.

The Policy deductible is an amount that the insured or the vehicle owner agrees to pay before the car insurance plan starts to pay. For example, suppose your policy deductible is Rs 2000, and the damages to your car are worth Rs.5000, then the Car Insurance Company will pay Rs. 3000 only for the damages.

There are two types of Policy deductibles- Voluntary Deductibles and Compulsory Deductibles.

Voluntary deductibles are the optional limit that the car owner chooses to pay as a part of the claim from his or her pocket. The higher the Voluntary deductible, the higher the discount on the premium that is offered by the Insurance Company.

Compulsory deductibles are the fixed amount set to be deducted as part of the claim by the Insurance Policy providers under the IRDAI guidelines. The amount is fixed based on the motor engine capacity of the car. As per the standard guidelines, the compulsory deductibles are as follows:

● For Cars, with motor engine capacity up to1500cc: Rs. 1000

● For Cars with motor engine capacity above 1500cc: Rs. 2000

The insurance company may, however, charge a higher Compulsory deductible if the car is old and poses a greater risk.

When your personal vehicle is involved in an accident which resulted in injury to the third party, then you are liable to pay for the damages caused as per the legal procedure of the Court. If you have a Car Insurance Policy, the Third-Party Insurance will cover all the compensations to be given to the third party.

OD refers to Own Damage Cover. This covers the damages caused to your vehicle because of any natural disasters, Fire, theft, Burglary or riots. This is a part of the Comprehensive Cover. It is highly recommended though not mandated by the Motor Vehicles Act 1968.

ARAI stands for Automotive Research Association of India. If your insured car has an anti-theft device (that is approved by ARAI and its installation is certified by them), then you are liable for a 2.5% discount on your own-damage premium.

It is a written proof of a change in terms of the insurance policy. The changes may include coverage, ownership, vehicle, etc. It is to be noted that these changes are not made in the original policy document but in the endorsement document. Endorsements can be of two types: premium bearing and non-premium bearing.

To make changes in the premium-bearing endorsement, you will have to pay an additional premium. It includes the transfer of ownership, the addition of the LPG/ CNG kit, change of RTO location, etc. In the non-premium bearing endorsement, no additional charges are applied. It includes a change in contact details, correction in engine/ chassis number, the addition of hypothecation, etc.

Loading is the amount that is added to a policy to cover the losses that turned out to be higher than the insurer anticipated. It leads to a rise in the insurance premium that is observed at the time of renewal. Loading comes into the picture when policyholders face certain risks or end up making many claims. This protects the insurance company against high-risk policyholders.

Call us on 1800-208-5544. We will be coordinating with you from there on!

At Chola MS, you can get all the car damages repaired without paying any cash from your pocket through availing the car repair services from our authorised garages. We have a wide network of garages that would provide you with car repair services free of cost.

Under the cashless claim facility, we pay the repair charges for your car to the garage directly, provided the garage is within our network. On the other hand, if the insured car is repaired in a garage that is out of our network, you will have to pay for the charges. You can ask for reimbursement of the claim amount by submitting the original bills and receipts to us.

Yes, you can. We understand the unavailability of our network garages throughout the country. You may prefer any garage of your choice to get your car repaired, and we will reimburse the cash spent by you as soon as you send us the invoices.

For Third-Party Insurance Claims, the following documents are required:

● A Claim Form that is to be duly filled and signed

● A copy of the FIR

● A copy of the first two pages of the car insurance policy document

● A copy of your valid Driving License

● A copy of the RC of your vehicle

When you buy a new car, you may transfer your old insurance to the new car. For this, you have to inform the Car Insurance provider regarding the same, and you shall be able to retain your NCB( No Claims Bonus).

The transfer of a Car Insurance Policy can be done with the help of the following documents:

● A copy of the Registration Certificate(RC) (Form29)

● The old Insurance Policy document

● New Application form duly filled

● NOC from the previous owner of the car( if bought second-hand)

● Inspection report or form that the Insurance Company fills after inspecting the vehicle.

Your basic car insurance policy covers most risks. However, some risk covers have to be added through add-on covers. These covers offer a way to customise insurance plans to suit the needs and requirements of the people against uncovered risks.

Your car may experience unexpected breakdowns and leave you stranded in unknown locations. Chola MS offers a Roadside Assistance cover that can be added to your insurance policy at an additional cost. Under this cover, we immediately send help to inspect and repair your car once we are informed about it. You can get 24/7 roadside assistance for breakdown, tyre replacement, towing, fuel replacement, etc., by contacting our customer care services

By taking this add-on cover, you can retain your No Claim Bonus even after raising a claim for your vehicle that is damaged by natural calamity or any other external impact. This cover can be claimed three times within the duration of the policy period.

When you file for a claim under your insurance policy, you have to pay for the cost of depreciation for the repair or replacement of your car parts. However, the Zero Depreciation Cover or the Nil cover provides complete coverage without any depreciation. In case your car is damaged, the insurer will pay for the complete cost or repair and replacement. This cover has to be bought additionally.

The value of electrical and non-electrical components is calculated as per the invoice copy submitted for the accessories. The value is deprecated as per the depreciation chart of the vehicle for every subsequent renewal.

When a vehicle incurs damage costs that exceed 75% of its IDV, the vehicle is called a Constructive Total Loss (CTL). This means the cost or repair or replacement is equal to or has exceeded the amount covered by your policy. A CTL mostly occurs in the case of head-on collisions.