Introduction on Chola MS Commercial vehicle insurance
Chola MS Commercial vehicle 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 Commercial vehicle insurance is a very famous and popular insurance type. Thousands of people trust Chola MS Commercial vehicle insurance to protect their Commercial vehicles like school buses, goods carrying vehicles, cranes etc 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 Commercial Vehicle Insurance is a one-of-its-kind motor insurance policy designed to especially protect vehicles that are not used for personal purposes.
The vehicles covered under this policy include:
- Passenger Carrying Commercial Vehicles: School Buses, vans, taxis, etc.
- Goods Carrying Commercial Vehicles: Trucks, mini trucks, etc.
- Tractors
- Miscellaneous Vehicles: Excavation, Cranes, Loader, etc.
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.
PERSONAL ACCIDENT COVER FOR OWNER-DRIVER
Nature of injury | Scale of compensation |
(i) Death | 100% |
(ii) Loss of two limbs or sight of two eyes or One limb and sight of one eye. | 100% |
(iii) Loss of one limb or sight of one eye | 50% |
(iv) Permanent total disablement from Injuries other than named above | 100% |
- 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.
- Cashless claims facility available at more than 400 Chola MS preferred garages.
- Chola MS commercial vehicle Insurance provides Seamless and trouble-free claims process.
- Facility to buy Chola MS commercial vehicle insurance online through simple and hassle-free procedures.
- Quick and easy online Chola MS commercial vehicle insurance renewal process.
- The company will pay a fixed allowance of Rs.500/-, Rs.1000/-, Rs.1500/-, Rs.2000/- or Rs.3000/- per day as per option exercised during the period of non-availability of insured vehicle due to partial loss claim for specified days.
Factors Covered and not covered under Chola MS Car Insurance
Chola MS commercial vehicle Insurance coverage | Chola MS commercial vehicle Insurance non- coverage |
5. Personal Accident Cover with compensation for owner cum driver. 6. Third party liability
|
|
Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced :
- For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags – 50%
- For fibre glass components – 30%
- For all parts made of glass – NIL
- Rate of depreciation for all other parts including wooden parts will be as per the following schedule.
AGE OF 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 year but not exceeding 10 years | 40% |
Exceeding 10 years | 50% |
SUM INSURED -INSURED’S DECLARED VALUE (IDV)
The Insured’s Declared Value (IDV) of the vehicle will be considered to be the ‘SUM INSURED’ for the purpose of this policy which is fixed at the commencement of each policy period for the insured vehicle.
AGE OF 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% |
The insured vehicle shall be treated as a CTL ( Constructive Total Loss) if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.
Other Add on Covers available under Chola MS Commercial vehicle Insurance policy
-
Waiver of reduction in depreciation for partial losses
Reimbursement will be given for the cost of parts replaced due to accidental damages in full or reduced percentage of depreciation depending on the cover opted.
-
Reinstatement Value Basis(RVB) of fixing vehicle sum insured
Your vehicle and the declared accessories are insured on ‘REINSTATEMENT VALUE BASIS’ which is the original invoice value excluding the registration charges and road tax. This add-on cover will also provide for waiver of reduction in depreciation by 100%.
No Claim Bonus (NCB) protection
You will not lose NCB even if you make one Own Damage(OD) claim in the policy period.
-
Coverage for road tax and registration charges
You will be eligible for reimbursement of residual amount paid towards road tax and registration charges of the insured vechicle in the event of total loss of any nature.
-
Coverage of insured cost
If the insured vehicle suffers a Total Loss/Constructive Total loss(CTL), then the insurance cost for the new vehicle will be borne by the company subject to premium paid.
-
Consumables coverage
You will be reimbursed the cost of consumables like engine oil, oil filter, nut and bolt, screw, washers, grease, etc, actually consumed and utilized for repairing the accidental damages/losses.
-
Reimbursement of cost of duplicate key
You are eligible for reimbursement of cost of obtaining duplicate vehicle key of the insured vehicle if originals are lost.
-
Registration certificate loss cover
You will be paid a fixed amount of Rs. 2,000/- to obtain duplicate registration certificate if original certificate is lost due to any reason.
-
Cover for permit loss
You will be paid a fixed amount of Rs. 2,000/- to obtain duplicate permit if original permit is lost due to any reason.
-
Penalty coverage
The company will reimburse the penalty imposed by your client/customer on your for the delay in the delivery or damage of their goods caused due to accident to insured vehicle.
-
Franchise benefit
You will be offered a discount in OD premium for having agreed to a franchise of Rs. 10,000/- for each claim.Claims in excess of Rs. 10,000/- will be considered in full subject to policy terms.
Documents Required to buy Chola MS commercial vehicle 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 |
|
Step 2 |
|
Step 3 |
|
Step 4 |
|
Step 5 |
|
Documents required for Chola MS car insurance claim settlement
- Claim form completely filled with signature of insured person.
- Original and Self attested photocopy of RC book for verification.
- Original and Self attested photocopy of license for verification.
- Police FIR (In case of Third Party property damage /Death / Body Injury).
- Estimate for repairs from the repairer where the vehicle is to be repaired.
- Repair Bills and payment receipts.
- Claims Discharge Cum Satisfaction Voucher if you have availed cashless facility at cholamandalam ms general insurance preferred garages.
Additional Information under Chola MS Commercial Vehicle Insurance:
cholamandalam ms general insurance contact number:
cholamandalam ms general insurance avails 24×7 customer care facility for spot assistance to customers.
Chola MS Commercial Vehicle Insurance premium Calculator
Through Chola MS Commercial Vehicle Insurance premium Calculator we can calculate the annual premium based on depreciation value and IDV value given. Chola MS Commercial Vehicle Insurance premium Calculator gives you approx amount to be paid during buying new policy and renewing the old policy depending upon the details you have given.
FAQs on Chola MS commercial vehicle insurance policy
1. Which type of vehicles come under Chola MS commercial vehicle insurance policy
Ans. Chola Commercial Vehicle Insurance is a one-of-its-kind motor insurance policy designed to especially protect vehicles that are not used for personal purposes.
The vehicles covered under this policy include:
- Passenger Carrying Commercial Vehicles: SchoolBuses, vans, taxis, etc.
- Goods Carrying Commercial Vehicles: Trucks, mini trucks, etc.
- Tractors
- Miscellaneous Vehicles: Excavation, Cranes, Loader, etc.
2. What are the documents required to buy Chola MS commercial vehicle insurance policy?
Ans.
- 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.
Documents and forms under Chola MS commercial vehicle insurance policy
Chola MS Commercial vehicle insurance policy wordings
Chola MS Commercial vehicle insurance liability policy wordings
Chola MS Commercial vehicle insurance claim form
Chola MS Commercial vehicle insurance Addon covers