As per the Indian laws, having car insurance is mandatory. Considering the road conditions of our country, insuring your car is the right step to take for the security of yourself and your car. There are certain myths that surround the buying of car insurance. Some think that car insurance is unnecessary while others believe that it is a tedious process. Read further to bust these myths -
Myth - Insuring your car is a long and tedious process.
Fact - Gone are the days when car insurance used to be a time-consuming activity. With the advancement in technology, buying car insurance is just a few clicks away. Renewing the policy has become easier than ever. Entering a few details about your vehicle is all you need to buy or renew car insurance policy. If you opt for car insurance by Chola MS, then you just have to log in on our website, get a quote and make the payment to insure your car. It is that simple.
Myth - Older car means a cheaper premium amount.
Fact - Calculation of the premium amount depends on various factors such as the model of your car, IDV and others. The age of your car is a factor too, but not the only factor. The kind of coverage, your age, your driving record, the kilometres your drive annually and your claim record also determine your premium amount. Chola MS offers the best premium rates regardless the age of your car.
Myth: No Claim Bonus will be lost if the policy is transferred from one insurer to another.
If you do not make any claims in a year, your insurance company rewards you with No Claim Bonus. While transferring your policy, you can transfer your No Claim Bonus to get the benefits. If you get a new policy within 90 days of the expiry of your old policy, you can retain your No Claim Bonus.
Now that we have cleared the misconceptions about car insurance, it is time that you get your car insured. Opt for a car insurance policy from Chola MS as we offer reliable and fast services.
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals as well as corporates. For individuals, there are products like Car Insurance, Two Wheeler Insurance, Travel Insurance, Health Insurance, Personal Accident Insurance, Home Insurance and Crop Insurance. For SMEs and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Engineering Projects, Engineering Operations, Liability Insurance, Marine Insurance, Fire Insurance and Miscellaneous Insurance.