Cholamandalam third party car insurance

Cholamandalam Third Party Car Insurance Overview

There are types of Chola Third Party plan

Third-party car insurance policy

A third party car insurance coverage is mandatory as per the rules laid down by the Motor Vehicles Act, 1988. The policy allows coverage for physical and property damages suffered by third parties. The coverage for physical injuries and death is limitless. For property damage, coverage is allowed for up to INR 7.5 lakhs.

A third-party car insurance plan covers the following instances-

Death of a third party due to the car
The physical injury suffered by a third party due to the car
Damage to a third party’s property due to the car
Damages suffered by the car itself are not covered under third party liability plans

Cholamandalam Claim Settlement Ratio

95%

Cholamandalam

94.67%

Industry Average

Car claim settlement ratio is the percentage of claims settled against the total claims received by the insurance company in a given fiscal year. Cholamandalam has a claim settlement ratio of 95%, as compared to the industry average of 94.67%.

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Add-ons Available Under Cholamandalam Car Insurance Plans

Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the Car insurance policy. Cholamandalam Car insurance plans offer the following types of add-ons with the comprehensive policy:

If your insured vehicle is damaged and you have opted for this add-on, the insurance company would pay the EMI (Equated Monthly Instalment) of the loan which you had taken for buying the car. The insurance company would pay one or two EMIs depending on the add-on option that you have selected.

If the insured vehicle is damaged and cannot be moved to the nearest garage, this add-on would provide coverage for the expenses incurred in protecting, extracting and removing the disabled car.

You get a no claim bonus if you do not make a claim in a policy year. This bonus also increases after each successive claim-free year. However, if a claim is made in any policy year, the entire accumulated no claim bonus is lost. This add-on protects the loss of the accumulated add-on. With this add-on the no claim bonus is kept intact even if you make a claim under your policy

If your vehicle is badly damaged and you receive a claim for total loss or total constructive loss, this add-on would help in covering the cost of insurance in a new vehicle. If you buy a similar new vehicle after the total loss claim is settled the insurance premium of the new car would be paid by the insurance company under this add-on.

This add-on covers the cost of consumables used at the time of repairs. Consumables include lubricants, nuts and bolts, screws, engine oil, etc. which might be used when repairing the car. Under normal policies, the cost of these consumables is not covered but if you select this add-on, the consumables cost would be covered.

If you lose the original registration certificate of your car, this add-on would pay you INR 2000 to get a duplicate license issued by the RTO.

If you choose to pay INR 5000 from your own pockets at every instance of own-damage claims, you can claim a premium discount under this add-on.

This is a zero depreciation add-on which you can buy with a comprehensive car insurance plan. If you choose this add-on, the depreciation applicable on the parts of the car would be ignored at the time of payment of a claim. You can choose to waive the applicable depreciation by 25% to 100% depending on the suitability.

IDV means the Insured Declared Value of the car. It is the sum insured of the car insurance policy and is calculated by deducting the market value of the car by its age-based depreciation. In case of total loss or theft, the IDV is paid which is lower than the actual price of the car. If you choose this add-on, in case of theft or total loss claim, the invoice value of the car would be paid as a claim even if the IDV is low.

If the vehicle is badly damaged and a claim for total loss is payable, this add-on would help you get reimbursement for the registration charges and road tax paid when you bought the car.

If you lose your car keys then this add-on would reimburse you for the cost of availing duplicate keys of the car. The maximum reimbursement would be limited to INR 10,000.

If a claim is made and the car is being repaired, this add-on would give you a daily cash benefit of INR 500 or INR 1000 (as you choose) for the period for which the car is under repairs.

Under this add-on, you get an automatic extension of coverage duration by 30 days. You have to pay an additional premium of 20% and the coverage would be extended on expiry of the policy.

In case of accidental damages, fire or theft of the vehicle if you lose your personal belongings which were lying in the vehicle, this add-on would pay you for the loss suffered.

If you lose your driving license, this add-on would pay you an amount of INR 500 to obtain a duplicate license.

If you get your car repaired at a preferred garage you would get a premium discount of 5% (subject to a maximum of INR 500) on the own damage premium payable when you renew the policy.

If you choose this add-on and a wrong fuel is filled in the car you would get coverage for the costs incurred in flushing out the wrong fuel as well as for the costs incurred in replacing any damaged parts due to such fuelling. You would also get coverage for up to INR 1000 on the amount that you spent on the wrong fuel.

If water seeps into the engine, gearbox or transmission of the engine and damages it this add-on would cover the costs incurred on subsequent repairs.

This add-on covers the cost of replacing the lock and keys of the car in case of a burglary or theft claim.

If you lose the keys of the car due to burglary or damage to the keys, this add-on would cover the cost of replacing the entire lock system of the car.

Under this add-on, the cost of consumables used for repairing the damages suffered by the vehicle would be covered.

In case of damages to the insured car, this add-on would cover the EMI payable to the financial institution for the loan which you had acquired to buy the vehicle.

After the vehicle is damaged and is sent to the garage for repairs, this add-on would pay a daily benefit for meeting your conveyance costs.

Under this add-on, damages suffered by the engine, gearbox or transmission of the car due to water seepage is covered.

If the car is damaged beyond repairs and a total loss claim is settled, this add-on would ensure that the cost of buying the car, including registration cost, road tax and insurance would be paid to you so that you can buy a new vehicle.

This add-on covers a range of value-added services which you can avail for your private car. Some of the services include the following

On site minor repairs of the car
Fuel delivery
Flat tyre replacement
Removal or vehicle
Assistance on a phone
Towing in case of accidental breakdowns
Provision for a replacement vehicle, etc.

How To Raise A Claim Under Cholamandalam Third Party Car Insurance

Claims under your Cholamandalam car insurance policy would occur if there is a third party liability, if your car is damaged or if your car is stolen. At any type of claim incidence, you should follow a specified claim process. This process involves the following steps –

Inform Cholamandalam immediately of the claim by calling its toll-free number 1800 208 5544. You can also register your car insurance claim online on the company’s website
A police FIR would be needed if you suffer a third party claim or if the car is stolen
In case of own damages, the car should be taken to the nearest networked garage for cashless claims
The surveyor visits the garage and assesses the damages
Based on the report submitted by the surveyor, the company approves the claim and the repairs begin
You are also required to submit a set of documents for claim processing
When the car is repaired, the company settles the claim amount with the garage and you can take delivery of the car
In the case of third party claims, the claim is handled by the motor accidents tribunal. Depending on the ruling of the tribunal, the insurance company pays the claim
If the car is stolen, the police try and trace the car. If the car is not found, the police issue a non-traceable report. The insurance company, then, settles your claim based on this report.

Documents Required For Claims

Documents required for car insurance claims
To get your car insurance claims processed, you should submit the following documents to the insurance company