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Chola MS Car Insurance

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Introduction on Chola MS Car Insurance

Chola MS car insurance is an insurance type in Cholamandalam MS General Insurance. Cholamandalam MS General Insurance Company is a joint venture between the Murugappa Group of India and the Mitsui Sumitomo Insurance Company of Japan. The Murugappa Group is one of India’s largest industrial houses headquartered in Chennai. Chola MS car insurance is a very famous and popular insurance type. Thousands of people trust Chola MS car insurance to protect their car against physical damages, third party injuries and liabilities.

Chola MS car insurance provides a toll free helpline number accessible 24 X 7 X 365, which is completely interactive and user-friendly website which makes Chola SM accessible from anywhere in the world. Chola MS is the first Private Insurance company in India to get the ISO 9001:2008 for the Motor Claims division. Chola MS car insurance is the first motor insurance type which got ISo certified

Chola MS car insurance policy provides you with all the benefits required along with a complete peace of mind and sense of security.

Key benefits and features of Chola MS Car Insurance

  • For 24×7 spot assistance call 1800-103-5354 / 1800-209-5354.
  • Chola MS Car Insurance provides covers both Third Party Cover and Own vehicle Damage Cover.
  • Third Party Liability Cover that includes third party Personal Liability & Property Liability.
  • Personal Accident Cover for the owner, driver and passengers.
  • Protection for your vehicle against damage or loss due to accidents, external means, theft, burglary and various other causes.
  • Chola MS Car Insurance provides No Claim Bonus.
  • Optional cover for personal accident up to INR 2 lakhs for passengers in your car.
  • Cashless claims facility available at more than 600 Chola MS preferred garages.
  • Chola MS Car Insurance provides Seamless and trouble-free claims process.
  • Facility to buy Chola MS car insurance online through simple and hassle-free procedures.
  • Quick and easy online Chola MS car insurance renewal process.
  • Total financial coverage e.g., Reinstatement value / Nil depreciation.
  • Car emergency assistance. E.g., Fuel delivery / battery jump start.
  • Car breakdown assistance. E.g., Flat tyre / on-site repair e.g., fuel delivery / battery top up.
  • Post accident assistance. E.g., Daily allowance / Towing service.
  • Cover for Personal Luggage loss destroyed or damaged in a fire or an accident (the luggage must have been inside the locked car during the mishap). The maximum reimbursement in a policy period is Rs.10,000

Factors Covered and not covered under Chola MS Car Insurance

Chola MS Car Insurance coverage Chola MS Car Insurance non- coverage
  1. Third Party Personal Liability with unlimited coverage.
  2. Third Party Property Damage with a maximum cover of INR 7,50,000, in case of private cars.
  3. Own Damage Cover protects against the loss due to:
  • Fire, lightning, self-ignition or explosion.
  • Burglary, theft or housebreaking.
  • Strike or riot.
  • Earthquake (shock damage and fire)
  • Flood, inundation, storm, tempest, typhoon, hurricane, Cyclone and Hailstorm.
  • Malicious acts.
  • Terrorist activity.
  • During transit by rail, road, inland waterway, air or lift.
  • Landslide and rock slide.

4. Personal Accident Cover with compensation for owner cum driver.

      5. Personal Accident cover for named & unnamed passengers, including spouse, children, parents, etc
  1. Accidental damage or loss due to negligence.
  2. Accidental loss or damage if you are driving under the influence of alcohol or drug.
  3. Loss or liability while the vehicle is being used outside the scope of limitations of use .
  4. Loss or liability when car is being driven by a person not having valid license.
  5. Consequential loss due to depreciation, wear & tear.
  6. mechanical & electrical breakdown / failure of breakages.
  7. Loss due to nuclear weapons or radioactivity.
  8. Loss due to war and related activities.
  9. Any accidental damage and liability caused outside the geographical area.

Other Add on Covers available under Chola MS Car Insurance policy

  • Discounts : No Claim Bonus, Automobile Association Membership Discount, Discount for Anti Theft Devices approved by Automobile Research Association of India (ARAI) that are fitted in the vehicle.
  • Add-on Covers for Private Vehicles include a wide range of additional covers that you can choose from for additional protection of your vehicle.
  • Fixed Daily Allowance of INR 500 or INR 1,000 per day to meet the cost of hiring a car (for a maximum of 5 days per policy period). If the insured vehicle was involved in an accident and is under repair at a garage.
  • Reinstatement Value to ensure maximum claim benefit.
  • Full Car Investment Security with compensation based on the vehicle invoice value and zero depreciation charges on repaired parts
  • Reduction in depreciation for partial losses, such as replaced vehicle parts depending on the age of the vehicle.
  • Cover for personal belongings and clothing destroyed or damaged in a fire or an accident, that should be locked inside the car.
  • Reimbursement of expenses towards obtaining a duplicate ignition key up to a maximum of INR 1,000.
  • Compensation for obtaining duplicate license in the event that the original driving license for a light motor vehicle is lost.
  • Chola Assistance for roadside emergencies – 24×7 spot assistance available. It includes fuel delivery and battery top-up, as well as car breakdown assistance including fixing a flat tyre or on-site repair.

Calculation of Depreciation levels under Chola MS Car Insurance

Subject to a deduction for depreciation, the rates are mentioned below in respect of parts replaced :

  1. For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags – 50%
  2. For fiberglass components – 30%
  3. For all parts made of glass – NIL
  4. Rate of depreciation for all other parts including wooden parts will be as per the following schedule.
Age of the Vehicle % Of Depreciation
Not exceeding 6 months Nil
Exceeding 6 months but not exceeding 1 year 5%
Exceeding 1 year but not exceeding 2 years 10%
Exceeding 2 years but not exceeding 3 years 15%
Exceeding 3 years but not exceeding 4 years 25%
Exceeding 4 years but not exceeding 5 years 35%
Exceeding 5 years but not exceeding 10 years 50%

Sum Insured calculation under Chola MS Car Insurance

The Insured’s Declared Value (IDV) of the vehicle will be considered as the ‘Sum Insured,’ fixed at the commencement of each policy period for the insured vehicle.

Age of the Vehicle % Of Depreciation for fixing IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

Documents Required to buy Chola MS car insurance policy

  • Registration no.
  • Engine no.
  • Chassis no.
  • Previous policy number if you are holding any.
  • Month and year of vehicle manufacture.
  • Date and city of purchase.
  • Your address.
  • Phone no and email id.
  • Keep your RC copy by hand.

Claim Process in Chola MS Car insurance policy

Step 1
  1. Intimate your claim by calling – 1800-103-5354 / 1800-209-5354.
  2. Please provide the following details when you call customer care to intimate about claim.
  • Your Contact number
  • Policy number / Cover note no. or Vehicle no., Chassis no and Engine no.
  • Date & Time of loss.
  • Loss location.
  • Nature & extent of loss.
  • Nature of injury if any.
Step 2
  1. Chola MS insurance customer service center will register the claim.
  2. customer service center will provide you the claim registration number for all future references.
Step 3
  1. Send your vehicle to the workshop for repair.
  2. A detailed survey will be done on the accident.
  3. The surveyor will authorize the workshop to begin the repairing work .
  4. surveyor provide you the information regarding the claim settlement mode.
  5. Depending upon your case, claim can be  case cashless mode or reimbursement mode.
Step 4
  1. Workshop will carry out the repairs and inform the surveyor after completion.
Step 5
  1. Car will come to you after getting repaired.
  2. Then you need to give confirmation weather the car repaired is satisfactory or not.

Documents required for Chola MS car insurance claim settlement

  1. Claim form completely filled with signature of insured person.
  2. Original and Self attested photocopy of RC book for verification.
  3. Original and Self attested photocopy of license for verification.
  4. Police FIR (In case of Third Party property damage /Death / Body Injury).
  5. Estimate for repairs from the repairer where the vehicle is to be repaired.
  6. Repair Bills and payment receipts.
  7. Claims Discharge Cum Satisfaction Voucher if you have availed cashless facility at Bharti AXA preferred garages.

Additional Information under Chola MS Car Insurance

cholamandalam ms general insurance contact number:

cholamandalam ms general insurance avails 24×7 customer care facility for spot assistance to customers.

FAQ on Chola MS Car Insurance policy

1. What is Insured Declared Value (IDV)?

Ans. IDV is the current value of a vehicle. It is calculated as the current manufacturer’s selling price of the vehicle minus depreciation

2. What is No Claim Bonus (NCB)?

Ans. For every claim free year, the policyholder gets a discount on the renewal premium by the insurance company. This discount is known as NCB. It keeps on increasing consecutively every claim free year till it reaches a maximum of 50%.

3. What is Zero-Depreciation Cover?

Ans. A zero depreciation cover policy calculates the claim amount not on the depreciated value but on the present market value.

4. What are the common riders and benefits in a car insurance?

Ans. There are numerous riders and benefits that can add substantial value to the regular coverage.

  • Fixed Daily Allowance(for a maximum of 5 days per policy period)
  • Full Car Investment Security
  • Personal Accident Rider
  • personal belongings cover
  • Reimbursement of expenses towards obtaining a duplicate ignition key
  • Chola Assistance for roadside emergencies.

5. What should I do if my insurance company didn’t pay enough to cover the loss?

Ans. If you feel that your insurer is not playing clean in paying up the claim amount, you can invoke the appraisal clause. As per this clause, an umpire decided mutually by both the parties, the insured and the insurer, gives a final verdict on the payable claim amount. If you are still dissatisfied with the umpire’s decision, you can take the Ombudsman services. Ombudsman are authoritative bodies set up for redressal of insurance grievances in a timely manner.

Chola MS Car Insurance documents and forms

Chola MS Car Insurance policy wordings

Chola MS Car Insurance laibility policy wordings

Chola MS Car Insurance Claim Form

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