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Cholamandalam MS Motor Insurance for Private Cars offers you a set of car insurance products that can fit your car insurance needs in a very holistic fashion. The substantial coverage includes unlimited compensation for third-party injuries/demise, up to ₹7.5 Lakhs for third-party property damage, and up to ₹15 Lakhs for personal accident coverage for owner-driver among other benefits. If you’d like to enhance this coverage, you are also offered a collection of 6 unique add-on covers that you can choose from, on payment of an additional premium.

 

Cholamandalam MS General Insurance Company Limited offers other car insurance benefits including cashless services, access to 13,500+ network garages, 24/7 customer care services, online application and claim processes, and much more. You can tap into all these perks at a starting third-party price of just ₹2,094 (for vehicles not exceeding 1000 cc!

Cholamandalam MS Insurance Products for Used Cars

Here are the details and specifications of the varied insurance products for used cars offered by Cholamandalam MS General Insurance Company Limited.

Product Name

Premium Price (excluding GST)

Coverage

Third-party Car Insurance (UIN IRDAN123RP0012V01200203)

₹2,094**

  • Unlimited compensation for third-party injuries or demise

  • Personal Accident coverage for owner-driver

Standalone Car Insurance (UIN IRDAN123RP0002V01201920)

₹2,094**

  • Coverage for loss or damage to your car

  • Add-on options available

  • Optional add-on covers at additional premium

Comprehensive Car Insurance (UIN IRDAN123RP0001V03100001)

₹2,094**

  • Combined coverage

  • Third-party and own-damage cover

  • Personal Accident cover included for owner-driver

  • Option to include add-ons covers at additional premium

** Base third-party premium for private cars not exceeding 1000 cc added with own-damage premium based on IDV, cubic capacity, registered location, and age of the insured bike. Legal liability and personal accident premium covers an additional premium.

Types of Cholamandalam MS Motor Insurance Products for Private Cars

The three types of Cholamandalam MS Motor Insurance products for used cars are explained below.

 

Third-party Car Insurance (UIN IRDAN123RP0012V01200203)

  • Unlimited compensation for third-party injury and demise

  • Property damage coverage up to ₹7.5 Lakhs

  • Personal Accident Cover for owner-driver up to ₹15 Lakhs

     

Standalone Own-Damage Car Insurance (UIN IRDAN123RP0002V01201920)

Loss of or damage to the insured vehicle due to

 

  • Act of God (AOG) perils

  1. Flood, Inundation, Storm, Tempest

  2. Earthquake-Fire & Shock Damage

  3. Typhoon, Hurricane, Cyclone, Hailstorm, Frost, Lightning, Landslide, Rockslide

  • NON-AOG Perils

  1. Fire, Explosion, Self-ignition

  2. Accidental damages

  3. Transit of insured vehicle by road rail, inland waterway, lift, elevator or air

  • Social Perils

  1. Riot, Strike, Malicious act

  2. Terrorist Activity

  3. Burglary, House-breaking

  4. Theft of vehicle and or inbuilt or fitted accessories

     

Comprehensive Car Insurance (UIN IRDAN123RP0001V03100001)

  • Own-damage coverage against the aforementioned AOG perils, non-AOG perils, and social perils

  • Third-party property damage, third-party loss of life, and personal accident coverage

  • 6 unique add-on covers at additional premium

How to Buy/Renew Cholamandalam MS Motor Insurance for Private Cars Online

Here’s how you can purchase a Cholamandalam MS Motor Insurance product for private cars online.

 

Step 1: Navigate to the car insurance premium calculator page on Bajaj Markets.

 

Step 2: Enter the details of your car insurance such as its make, model, location , manufacturing year, etc.

 

Step 3: Pick a coverage that suits your needs and budget.

 

Step 4: Customise your product by adding any insurance riders to enhance the plan.

 

Step 5: Pay the premium price through your preferred online payment method.

 

Your policy shall be issued soon and your policy documents will be sent to you on your registered email/mobile number shortly.

Benefits of Insuring With Chola MS

Cashless Services

By insuring with Chola MS, you can get access to 13,500+ network garages to have your motor vehicle repaired with cashless benefits. As part of this claim option, you aren’t required to contribute your Read More personal funds to paying the repair bills. The costs will be settled by the network garage and insurer.
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Add-on Covers On Payment of Additional Premium

You can choose from 6 add-on covers to enhance your Cholamandalam MS Motor Insurance for Private Cars product. These add-on covers will increase the number of benefits and the extent of the substantial Read More coverage you can claim.
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Top-notch Customer Care

You can contact Cholamandalam MS Motor Insurance’s customer care team for claim assistance, grievance redressal, doubt clearing, and more. You can contact them through their website, customer care numb Read Moreer, WhatsApp number, etc.
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Quick and Hassle-free Application

Purchasing your very own Cholamandalam MS Motor Insurance product for private cars will not take you more than a few minutes. This process is fully free of any paperwork and requires only minimal docum Read Moreentation. Moreover, the application is supported by an end-to-end online process to further ease your experience.
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No-claim Bonus

Cholamandalam MS Motor Insurance for Private Cars offers you the opportunity to earn up to 50% as a discount on your own-damage renewal premium. You can earn this discount by not claiming any benefits Read Moreor coverage for a prolonged period. Consecutive claim-free policy years bring you a higher no-claim bonus.
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Discounts and More

Apart from the no-claim bonus, Cholamandalam MS Motor Insurance for Private Cars can offer you additional discounts on your car insurance premium. For example, if you have any safety devices installed Read Morein your car, you can be subject to a reduction in premium prices. This also applies to voluntary deductibles.
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Inclusions and Exclusions of Cholamandalam MS Motor Insurance for Private Cars

Given below is a table which holds everything that is covered and not covered under a Cholamandalam MS Motor Insurance for Private Cars plan.

 

Inclusions

Exclusions

Damage caused due to an accident/collision

Driving under the influence of intoxicants

Loss of car due to theft

Damages caused by war-like conditions

Damage caused due to fire or explosions

Claims made through an inactive policy

Natural disaster damages

Regular wear and tear expenses

Third-party coverage

Driving without a driver’s licence

Personal Accident Cover

Claims for stolen/damaged personal items in car

Damages caused by riots or strikes

Maintenance servicing

Damages due to terrorist attacks/activities

Damage due to negligence

Note: Before purchasing a car insurance plan, please read the policy document or brochure very carefully. You can find detailed inclusions, exclusions, terms, and conditions in documents of this nature.

Factors Influencing the Premium of Cholamandalam MS Motor Insurance for Private Cars

Various factors can heavily impact the premium price of your Cholamandalam MS Motor Insurance product. Here are a few key factors that you must keep in mind to understand exactly how your car insurance’s premium price is computed.

 

Registered Location

When it comes to motor insurance, the region in which you registered your car matters a lot. If you registered your car in a city that is full of traffic and harbours a high-risk environment, you can expect the premium price of your car insurance to be on the higher side.

 

Age of the Car

The age of your car can determine how high or low the premium price of your car insurance will be. The older the car, the higher the premium price will be. If your car is brand new, there are high chances of you having to pay only the bare minimum price of a basic car insurance plan.

 

Engine Types

Premium prices can differ when it comes to diesel, petrol, and CNG cars. With a higher IDV, fuel price, and maintenance cost, diesel cars can invite a higher premium cost. Hence, as compared to petrol and CNG, the premium cost of a diesel-based car could be a little high.

 

Coverage Type

The coverage type that you choose could alter your expected premium price greatly. Should you choose to get a basic third-party car insurance plan, you will find yourself paying a price lesser than that of a comprehensive plan. If you customise your car insurance plan with add-ons, the premium price will increase simultaneously.

 

Safety Devices

Customising your car isn’t always an expensive affair. If you have customised your car by installing additional safety devices, the premium price would decrease significantly.

 

Voluntary Deductibles

A voluntary deductible refers to a predetermined amount of money that you choose to contribute to the coverage in the event of a claim. If you offer a certain percentage of voluntary deductibles, you might find yourself liable to pay a smaller premium price.

 

Cubic Capacity of the Vehicle

The premium price of your motor insurance product can vary depending on the cubic capacity of your car. For example, if your car’s cubic capacity is under 1000 cc, the base premium should start at ₹2,094.

 

Insured Declared Value

The insured declared value of your vehicle refers to the maximum amount your insurer can offer you after the theft or total loss of your insured vehicle. Hence, the higher the IDV the higher will be the premium price.

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Add-on Covers Offered By Cholamandalam MS Motor Insurance for Private Cars

Add-ons are extra covers you could purchase to enhance your Cholamandalam MS Motor Insurance for Private Cars. Given below are all the add-on covers offered by the Cholamandalam General Insurance Co. Ltd.

 

Key Replacement Cover

The security of your car could be compromised due to various reasons. It could be due to a break-in or a safety dysfunction. 

Hence, to avert any potential crisis of theft or total loss, the Key Replacement cover can help you with acquiring a brand new set of keys. You can also claim repair coverage for your car keys.

 

 

Chola MS Value-added Services

Help is only a call away with this add-on cover. Should you find yourself stranded with your car and require assistance, you can ask for help from the dedicated facilitators of Cholamandalam General Insurance Co. Ltd. You can get assistance for minor on-road repairs, battery jump starting, fuel delivery, and more.

 

Personal Belongings Cover (Inside the Vehicle)

Many individuals store objects in their cars which may or may not be valuable. However, losing those items to a fire, theft, or total loss of the car itself can be very stressful. Hence, this add-on offers coverage against the loss of objects stolen or destroyed when stored in the car under specific circumstances.

 

Consumables Add-on Coverage

The consumables cover offers one of the most rewarding coverage from the car insurance add-on collection. Car insurance plans often disregard the maintenance and/or damage of a car’s consumables. Hence, this add-on can offer you coverage for the replacements or repairs of bolts, bearings, fuel filters, etc.

 

Waiver of Depreciation

This refers to the deductions made from the sum insured of a car insurance while factoring depreciation accrued on your car’s components. The zero-depreciation cover helps you protect your sum insured from such deductions.

 

Hydro-static Add-on Cover

Sometimes, an ingress of water retention in the vehicle or a lubrication leak can occur. This can hinder the engine’s performance. This cover, hence, offers coverage for the expenses of fixing the components of the gearbox, engine, and differential assembly.

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Glossary

The following terms to be understood:-

 

  • Insured Declared Value (IDV): IDV is the amount (sum insured) for which the vehicle should be insured. This is also the maximum liability of an insurer towards settlement of an Own Damage claim.

 

  • Limitations As To Use: The Policy covers use of the vehicle for any purpose other than: a) Hire or Reward, b) Carriage of goods (other than samples or personal luggage), c) Organised racing, d) Pace making, e) Speed testing, f) Reliability Trials, g) Any purpose in connection with motor trade.

 

  • Depreciation: The word depreciation refers to the reduction in the value of a vehicle over a period of time due to usage and wear & tear. In case of Motor Insurance, while processing a claim, the insurance company will make a deduction towards depreciation before settling a claim.

 

  • Compulsory Deductible: A “Compulsory Deductible” is a portion of each and every loss (claim) which the insured will have to bear on his own. This is also known as “Policy Excess” and the deductible amount depends on the type of the vehicle

 

  • No Claim Bonus: A fixed percentage of discount is offered on the Own Damage (OD) premium if the no claims have been registered in the expiring insurance policy. Customers have the freedom to carry forward the NCB from an existing vehicle to a new vehicle purchased by him/her.

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Disclaimer

Cholamandalam MS General Insurance Company Limited (A Joint Venture between Murugappa Group & Mitsui Sumitomo Insurance Company Ltd., Japan)

Regd. Office: Dare House, No.2, II Floor, N.S.C Bose Road, Parrys, Chennai, TN - 600 001. India. Trade logo displayed above belongs to “CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED’ and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. Toll-free No. Motor Insurance: 1800 208 5544, Health & Other Insurance: 1800 208 9100, SMS: ‘CHOLA’ to 56677, Whatsapp: 7305234433 |www.cholainsurance.com.

 

For more details on risk factors, terms, conditions and exclusion please read sales brochure carefully before concluding a sale.

 

Bajaj Finserv Direct Limited is a registered corporate agent of Cholamandalam MS General Insurance Company Ltd. For Bajaj Finserv Direct Limited, IRDAI Registration Number CA0551.  

FAQs on Cholamandalam MS Motor Insurance for Private Cars

What are the three types of insurance products that are offered for used cars?

Cholamandalam MS Motor Insurance for Private Cars offers you three types of products for used cars, viz. Third-party Car Insurance, Standalone Own-damage Car Insurance, and Comprehensive Car Insurance. 

How can I file a claim under Motor Private Car Insurance with Chola MS?

You can file a claim under Motor Private Car Insurance with Chola MS through their various claim portals.

  • Login to website: https://www.cholainsurance.com/motor-insurance/car-insurance

  • Call at toll-free number: 1800-208-5544

  • Write to: customercare@cholams.murugappa.com

  • WhatsApp: Message "Hi" to 7305234433

 

What is the policy period of the Chola MS Motor Private Car Insurance product?

The basic policy period for these products is 1 year. 

Is an online Cholamandalam MS Motor Insurance for Private Cars renewal document valid?

Be it a renewal document or first policy document, car insurance papers hold equal importance and weight in soft-copy and hard-copy forms. Hence, an online renewal document is valid.

 

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