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About Cholamandalam Car Insurance

Cholamandalam MS General Insurance Company is formed as a venture between Murugappa Group and Mitsui Sumitomo Insurance Company. While Murugappa Group is an Indian entity, Mitsui Sumitomo is a Japanese insurance company which has international business interests. Chola MS offers a range of general insurance products like health insurance, property insurance, motor insurance as well as commercial insurance policies. Car insurance is also offered by the company and there are different types of car insurance plans that Cholamandalam offers.

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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%.

Cholamandalam Car Insurance Plans Overview

Cholamandalam car insurance offers 3 car insurance plans. The premium of these plans starts from Rs. 1327/yr. Details of the comprehensive coverage provided by the following 3 Cholamandalam car insurance plans are listed below:

Comprehensive

Starting Premium- ₹ 2,094/yr

There are types of Chola Comprehensive plan

Comprehensive car insurance policy

This is a comprehensive policy which offers a range of coverage benefits. The policy covers both third-party liabilities as well as the damages suffered by the car itself.

Coverage under comprehensive car insurance plans is allowed for 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 due to natural causes like floods, typhoons, earthquakes, etc.
  • Damages suffered by the car due to man-made causes like theft, fire, burglary, explosion, malicious acts, riots, strikes, etc.
  • Damages suffered by the car when it is being transported from one place to another

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Own Damage

Starting Premium- ₹ 1,327/yr

There are types of Chola Own damage plan

Standalone own-damage car insurance policy

This policy provides a standalone own-damage cover for one year. This policy is suitable for new cars bought on or after 1st September 2018 since such cars are mandatorily required to buy a three-year third-party cover. After buying the long-term third-party cover, you can opt for this standalone own damage cover for one year and make your policy a bundled policy.

The coverage under this plan is allowed for the following instances-

  • Damages suffered by the car due to natural causes like floods, typhoons, earthquakes, etc.
  • Damages suffered by the car due to man-made causes like theft, fire, burglary, explosion, malicious acts, riots, strikes, etc.
  • Damages suffered by the car when it is being transported from one place to another

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Third Party

Starting Premium- ₹ 2,094/yr

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

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Cholamandalam Premium Calculator

Use our Cholamandalam car insurance premium calculator to estimate Cholamandalam car insurance premium for your car within 30 seconds

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.

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Features Of Cholamandalam Car Insurance Plans

Here are the salient features and benefits which you can get when you buy Cholamandalam car insurance plans –

  1. The company’s products are quite popular. In the financial year 2018, the company’s Gross Written Premium crossed INR 41,000 million
  2. The company is present all over India with a network of 87 branches and more than 34,000 agents pan India
  3. The company has received various awards over the years. It was named as the Dream Company to work in the year 2017. This status was conferred by Times Ascent
  4. The company participates in CSR activities proactively. For these services, the company received the Best CSR Practice Award

Car insurance plans offered by Cholamandalam have the following features –

  • Separate policies are offered for third party coverage as well as comprehensive coverage
  • A personal accident cover is also offered under all types of car insurance plans offered by the company. This coverage is in accordance with the compulsory requirement of personal accident cover under car insurance plans
  • The Incurred Claims Ratio of the company for the financial year 2017-18 stood at 72.54% which shows good profitability of the company
  • There are a range of add-ons and services offered under the car insurance policy offered by the company
  • You get a network of more than 6912 cashless garages across India so that you can easily make a cashless claim settlement

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Exclusions Under Cholamandalam Car Insurance Plans

Now that you know the types of car insurance policies offered by Cholamandalam MS and their coverage benefits, let’s have a look into the coverage exclusions. It is important to know the instances which your car insurance policy does not cover so that you can understand which claims would not be honoured by your plan. The common exclusions under all Cholamandalam car insurance plans are as follows –

  • Damages caused or suffered when you are driving without a valid driving license
  • Damages caused or suffered when you are driving under the influence of alcohol, drugs or any other intoxicating substance
  • Damages caused or suffered when you are driving outside the geographical limits of India
  • Damages caused or suffered when you are committing a criminal act or in case of deliberate accidents
  • Damages suffered due to normal wear and tear of the car
  • Electrical or mechanical breakdowns
  • Damages suffered due to terrorist activities, radiation or war-like situations
  • Damages suffered due to negligence

Besides these exclusions, third party plans do not cover the damages suffered by your car. Similarly, comprehensive car insurance plans do not cover the depreciation incurred on the parts of the car.

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How To Raise A Claim Under Cholamandalam 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 –

  1. 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
  2. A police FIR would be needed if you suffer a third party claim or if the car is stolen
  3. In case of own damages, the car should be taken to the nearest networked garage for cashless claims
  4. The surveyor visits the garage and assesses the damages
  5. Based on the report submitted by the surveyor, the company approves the claim and the repairs begin
  6. You are also required to submit a set of documents for claim processing
  7. When the car is repaired, the company settles the claim amount with the garage and you can take delivery of the car
  8. 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
  9. 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.

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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

  • Copy of the car’s RC book
  • Copy of your driving license
  • Copy of the police FIR (if required)
  • Policy document
  • Identity proof
  • Any other document required by the company

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Cholamandalam Customer Care

Customer Care Number

4461 6634 00

Email ID

customercare@cholams.murugappa.com

Cholamandalam Car Insurance Renewal Process

Renewal of Cholamandalam car insurance policy is also a quick affair. You can visit the website of the company and on the home page, you would get the option to renew. Provide your policy number and its expiry date and the renewal premium would be calculated. Pay the premium online and the policy would be renewed instantly.

You can also renew your car insurance policy through Turtlemint. Turtlemint is tied up with some of the best car insurance providers in the market. When you renew your policy through Turtlemint you would be able to check the premium rates of other car insurance plans. You can then compare the available plans and if you find better coverage at lower premium rates you can port your Cholamandalam car insurance policy to another insurer.

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FAQs

You can earn a 20% to 50% discount in your renewal premium through no claim bonus by not making claims in your car insurance plan. The rate of no claim bonus depends on the number of consecutive claim-free years and is as follows-

Claim –free years No claim bonus rate
One claim-free year 20%
Two successive claim-free years 25%
Three successive claim-free years 35%
Four successive claim-free years 45%
Five successive claim-free years 50%

The rate of depreciation depends on the parts of the car. It is as follows–

Parts of the car Rate of depreciation
Rubber, plastic or nylon parts 50%
Fibreglass parts 30%
Tyres and tubes 50%
Metal parts As per the depreciation of the Insured Declared Value of the car

The Insured Declared Value is calculated by deducting depreciation of the car from its market value. The rate of depreciation on the car would be as follows –

Age of the car Depreciation rate
Up to 6 months 5%
More than 6 months but less than 1 year 15%
More than a year but less than 2 years 20%
More than 2 years but less than 3 years 30%
More than 3 years but less than 4 years 40%
More than 4 years but less than 5 years 50%

The market value is considered to be 100% and the depreciation is deducted depending on the car’s age to arrive at the IDV.

The Insured Declared Value is calculated by deducting depreciation of the car from its market value. The rate of depreciation on the car would be as follows –

Age of the car Depreciation rate
Up to 6 months 5%
More than 6 months but less than 1 year 15%
More than a year but less than 2 years 20%
More than 2 years but less than 3 years 30%
More than 3 years but less than 4 years 40%
More than 4 years but less than 5 years 50%

The market value is considered to be 100% and the depreciation is deducted depending on the car’s age to arrive at the IDV.

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