What is Standalone Own Damage Car Insurance?

With effect from 1st September 2019, Own Damage is no longer being bundled with Third Party and is being sold as a standalone annual policy. If you bought your car after 1st September 2018, you now have the option of buying a Standalone Own Damage Car Insurance for the second year. With a 3-year Third-Party Insurance policy now being mandatory for all bike owners in India, the purchase and renewal of Own Damage cover is now independent and optional.

With the new guidelines for car insurance, the IRDAI has made third party insurance mandatory for three years. If you purchased your vehicle after 1st September, 2020, you now have the option to buy Standalone Own Damage Car Insurance for the second year. The policy covers the theft of the car and damage due to natural calamities, man-made disasters, accidents or fire and explosions.

1Chola MS provides affordable and best-priced premiums to all the customers
2With a speedy turnaround on claim settlements, the process is designed to be quick and hassle-free for customers
3Chola MS provides 24/7 assistance with calls, emails or chat support
4With exclusive discounts, customers are provided with exclusive discounts from pharmacies and leading diagnostic centres in the country

1 Competitive Premiums In just a click, get the best prices for your vehicle insurance cover. Competitive prices that cover all your motor-vehicle needs.
2 Low IDV You get to customize your IDV to best suit your requirements
3 Quick Hassle-free Claims Get insurance with Chola MS and never wait too long to get your renewals and claims processed
4 Limitless Claims No restrictions on claims. Register as many as you need until the IDV is exhausted.
5 24/7 Phone, Email Chat Support We’ll be there for you via chat or even email, 24/7. Making sure your needs are taken care of is our top-priority.
6 Cashless Garages Get easy access to over 7100 cashless garages, across the whole country. You can find your nearest cashless garage by using your pin code, city and state details on our website.
7 Exclusive Discounts Be a Chola MS customer and get special discounts on purchases from Pharmacies and even services from leading diagnostic centres from all over the country.

Having an own damage cover in place goes a long way to protect you and your vehicle from various burdens that arise from accidents and mishaps. The financial burdens in such unfortunate situations can be very taxing for an individual’s pocket, hence having an insurance plan in place for your valuable motor vehicle can prove to be very helpful. Enjoy every little moment with your vehicle, worry-free with Chola MS motor vehicle insurance in place!

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The following events and situations are not covered under this policy -

For cars purchased after 1st Sep 2018 you can choose from the options listed below:

Third Party (liability only) Policy for a duration of 3 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
Bundled (Third Party & Own Damage) Policy for a duration of 3 years. This policy provides cover for Own Damage for 1 year and for Third Party liability for 3 years
Comprehensive Policy for a duration of 3 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage

For cars bought before 1st Sep 2018 (more than 1-year old) you can choose from the options listed below:

Third Party (liability only) Policy for a duration of 2 or 3 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
Comprehensive Policy for a duration of 2 or 3 years . This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage

Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals and corporates.

For individuals, there are products like Car Insurance, Travel Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Crop Insurance and Home Insurance. For SME's and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects Insurance, Engineering Operations Insurance, Liability Insurance, Marine Insurance, Fire Insurance and other Miscellaneous Insurance Solutions.

All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” (formerly known as TI financial holdings limited) and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. CIN : U66030TN2001PLC047977.

Important Message: By submitting your contact information on forms on our website, you agree to be contacted by our Customer Service Representatives.
The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale

Standalone Own Damage Car Insurance

The following events and situations are not covered under this policy -

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