Customer satisfaction lies at the heart of everything we do at Chola MS, and we extend this to the policies we offer. We know that owning a bike comes with a lot of responsibility, and part of that responsibility is to manage your two-wheeler insurance. No matter which insurance policy you take (either a Third Party Liability or a Comprehensive insurance policy), you’re investing in your security, and we are here to make sure that you receive maximum protection at the lowest cost.
Your safety is our concern, and so when you take the extra step to ensure your own safety, we reward you in the form of savings on your insurance premium. Here are some of the exclusive policy discounts that Chola MS offers, because your safety is our number one priority.
1) No Claim Bonus (NCB)
The No Claims Bonus is a discount you get on your insurance premium when you make no claims within your insurance policy tenure. This discount is applicable only on the Own Damage component of your bike insurance. The percentage of discount increases every year you don’t make a claim, and this discount percentage can go up to 50%. However, if you do make a claim within your policy period, this discount will not be applicable on your annual premium.
2) De tariff discount (DTD)
Previously, insurance premiums were paid based on a tariff structure, where there were fixed premium rates that were equal to all customers. While this structure benefitted some, it put others at a disadvantage as they would have to pay the same rate, even if the market value of their vehicle was lower. Hence, the de-tariff structure was implemented by the IRDAI.
Under this, the premium is calculated on a risk-based pricing system, so if you drive safely on the roads, you would come under the low-risk category and will be rewarded for it. Specific modifications to your bike, like anti-theft locks and alarms would also put your bike under a low-risk category, as they lower the chances of your bike being stolen, and so you will be rewarded with a discount on your premium.
As the premium is calculated based on the market value of the vehicle, car manufacturers etc., the de-tariff discount varies for different vehicles. At Chola MS, we provide de-tariff discounts that can go upto 75% - ensuring that you get the best insurance policy and the utmost safety at the lowest rate.
In addition to the discounts you can avail on your insurance premium, with Chola MS you can also get exclusive discounts along with your two-wheeler insurance on purchases from pharmacies, and for services in some of the leading medical diagnostic centres across the country. Find out more about the various discounts you can avail in pharmacies and medical centres here.