1. Waiver of Depreciation IRDA BAP UIN No.IRDAN123A0003V01200910
In consideration of payment of additional premium for this benefit, the company will indemnify the insured against loss or damaged to the parts subject to a deduction of depreciation at the rates mentioned below in respect of parts replaced.
Subject to a deduction for depreciation at the rates (%s) mentioned below in respect of parts replaced |
Sl. No. |
Content |
Present Percentages |
100% waiver of depreciation |
1 |
For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags |
50% |
Nil |
2 |
For fibre glass components |
30% |
Nil |
3 |
All parts made of glass |
Nil |
Nil |
Rate of depreciation for all other parts including wooden parts will be as per the following Schedule |
|
AGE OF VEHICLE |
% OF DEPRECIATION |
4 |
Not exceeding 6 months |
Nil |
Nil |
Exceeding 6 months but not exceeding 1 year |
5% |
Nil |
Exceeding 1 year but not exceeding 2 years |
10% |
Nil |
Exceeding 2 years but not exceeding 3 years |
15% |
Nil |
Exceeding 3 years but not exceeding 4 years |
25% |
Nil |
Exceeding 4 years but not exceeding 5 years |
35% |
Nil |
Exceeding 5 year but not exceeding 10 years |
40% |
Not Applicable |
Subject otherwise to the terms, exceptions, conditions and limitations of the policy.
2.Consumables Plus cover: UIN IRDAN123A0007V01201617
In consideration of payment of additional premium, the company hereby undertakes to reimburse cost of consumable items actually consumed and utilized for repairing the accidental damages / losses i.e. those articles or substances which have specific uses and when applied to their respective uses are either consumed totally or are rendered unfit for continuous and permanent use. Such Consumable Items will include nuts and bolts, screw, oil filter, fuel filter, bearings, washers, clips, wheel balancing weights, grease, wheel bearings, distilled water, engine oil, gear-box oil, power steering oil, AC gas oil, air conditioner refrigerant, battery electrolyte, wind-shield washer fluid, radiator coolant, oil filter, fuel filter, air filter element, brake oil , coolant and items of similar nature.
Consideration of this benefit is subject to subsistence of a valid Own Damage claim under Section -1 (Own Damage Section) of the policy.
Specific exclusions:
Insurance Company is not liable for payment of any claims of the following nature:
- Losses or damages covered under Manufacturer warranty or recall campaign
- Any claims related to loss or damage due to normal wear and tear.
This cover is subject otherwise to the terms, exceptions, conditions and limitations of the policy.
3.Hydrostatic Lock Plus Cover
In consideration of payment of additional premium, insured will be reimbursed the cost incurred to repair or replace parts of engine or gear box or differential assembly including packing kit & under body damage due to ingress of water into the vehicle covered under this policy or due to leakage of lubrication or loss or damage to engine cooling system. This cover is subject to the following terms and conditions:
- Claim due to water damage cover is payable only if there is an evidence of the insured vehicle being submerged or having stopped in water logged area.
- Claim has to be intimated to the insurance company immediately.
- All reasonable precautions are taken to protect the vehicle to avoid aggravation of damages / loss.
- The replacement value which is the cost of a new engine or gear box or differential assembly shall be subject to depreciation based on age of the vehicle as per policy terms.
Specific exclusions
Insurance company is not liable for payment of any claims of the following nature:
- Cost of Lubricating oils or coolant used in the assembly.
- Losses or damages covered under Manufacturer warranty or recall campaign.
- Increase in loss or damage including corrosion due to delay in intimation of claim beyond seven (7) days from date of loss.
- Any claims related to loss or damage due to normal wear and tear.
This cover is subject otherwise to the terms, exceptions, conditions and limitations of the policy.
4.Vehicle Replacement Advantage Cover:UIN IRDAN123A0011V01201617
In consideration of payment of additional premium for this cover, it is hereby agreed that the insured vehicle and the declared accessories are insured for the value of new replacement cost with all applicable taxes and charges paid for the insured vehicle on the date of total loss including registration charges incurred for the vehicle, Road Tax and total insurance cost of this policy availed with us and in force on the date of accident. This cover is subject to the following terms and conditions:
- Benefit under this cover is available only in the event of total loss of the vehicle due to an accident, theft or Constructive Total Loss (CTL) as defined in the policy.
- It is not mandatory to replace the vehicle.
- No imposed excess is applicable for this cover.
- Compensation payable under this cover will be the total cost incurred towards insurance of this policy availed with us and in force on the date of accident, road tax and registration cost incurred with the transport authorities for the insured vehicle and the Show-room value of brand new vehicle with all applicable taxes and charges of same make, model and variant with identical features and specifications on the date of loss. If identical vehicle is not available for sale, then the last available Ex-Showroom price of the insured vehicle with all applicable taxes and charges will be paid along-with registration charges, Road Tax paid for the insured vehicle and total insurance cost of this policy availed with us and is in force on the date of accident.
- Company is not liable for any other financial dues of the insured in respect of the vehicle covered.
- This benefit is available for the vehicles upto 6 years of age.
- No depreciation will be applied to assess the loss in the event of Total Loss (TL) or Constructive Total Loss (CTL).
- Any disbursement under this cover will be full and final settlement of our liability under the Motor Insurance Policy and The Motor Insurance policy shall expire on settlement of the claim under this cover.
For the purpose of this Add-on cover, Total Insurance Cost will include the Premium paid towards Own Damage Cover, Third Party Liability, Add-on Cover premium and Service Tax paid for the Motor Private Car Package policy availed with us and is in force on the date of accident.
This cover is subject otherwise to the terms, exceptions, conditions and limitations of the policy.
5.Chola Value Added Services – Private Car Package Policy UIN IRDAN123A0006V01201718
In consideration of payment of additional premium, the following services will be offered to Insured:
Sl. No. |
Services Offered for Private Car |
1 |
Assistance on Phone |
2 |
On site minor repair |
3 |
Battery Jump Start |
4 |
Flat Tyre Replacement |
5 |
Locked or Lost Keys |
6 |
Replacement Keys |
7 |
Fuel Delivery |
8 |
Emptying of Fuel Tank |
9 |
Transfer of Covered Vehicle for Non-Accidental Breakdown |
10 |
Towing for Accidental Breakdown |
11 |
Transfer cost reimbursement for services provided out of the Facilitators Service Provider Network |
12 |
Medical and Legal Co-ordination |
13 |
Information of Authorised Workshop |
14 |
Provision of Local Taxi |
15 |
Repatriation of the repaired or recovered vehicle |
16 |
Removal of Vehicle |
17 |
Provision of Replacement Vehicle |
18 |
Provision of Hotel Accommodation or Travel Forward or back to Residence |
Assistance handling procedure
✔ Insured shall call the Facilitator helpline “xxxx xxxx xx” to avail services and furnish the following details to the facilitator at the time of immobilization of Vehicle:
- Name
- Motor Insurance Policy Number and / or cover note
- Vehicle Registration Number
- Vehicle Make & Model
- Breakdown Location
- Policy start date and End date
- An indication as to the nature of the problem and Service requested
✔ Facilitator will despatch the Services after checking Supplier Network at the place of breakdown
✔ Facilitator will send service professional to the insured’s location to render necessary services.
✔ Facilitator will check with the insured on service arrival and if not will check with the supplier for alternate arrangement
✔ Services will be provided on 24 x 7 basis on all the days in a year.
Grievance Redressal:
If the Insured person is aggrieved in any way due to the following:
- Facilitator does not respond to the customer at the time of calling,
- Delay in despatch of services
- Any dispute on the services offered
- Any dispute on the amount to paid / payable in addition to what is mentioned in the Add-on cover wording
- Any other grievance
the Insured person can contact US with the details of grievance through:
Our Website: www.cholainsurance.com
E-mail: customercare@cholams.murugappa.com Call us @: 1800 208 5544
In case, if the insured person is not satisfied with the decision of our above Office or have not received responses within 7 days of the complaint, the Insured person can contact our
Grievance Redressal Officer,
Cholamandalam MS General Insurance Company Limited
Thambu Chetty Street,
Chennai – 600 001.
In case if the Insured person is not satisfied with our resolution, the Insured person shall contact Ombudsman at the address given in the Policy wording.
6.Loss of Key Cover: UIN IRDAN123A0006V01201617
In consideration of payment of additional premium, insured will be reimbursed the actual cost incurred towards repair / replacement of the keys and / or new lock set and / or Total replacement of lock mechanism due to theft or burglary or damage to keys and key mechanism of the insured vehicle including installation cost of the same.
This is subject to submission of:
- Original First Information Report (FIR) with the Policy Authorities for verification in case of burglary or theft.
- Original bills for expenses incurred to obtain duplicate key(s) from manufacturer/authorized dealer of manufacturer for material and labour costs.
The Sum Insured for this cover will be equal to the replacement cost of the keys and / or new lock set and / or Total replacement of lock mechanism.
This cover is subject to the terms, conditions, exceptions and limitations of the policy.
7.Tyre Protect:UIN: IRDAN123RP0001V02100001/A0001V01201920
In consideration of payment of additional premium for this cover, it is hereby agreed that insurance company will reimburse for the replacement of the tyre (s) fitted to the insured vehicle if it is damaged due to Burst, Cut, and Bulge including labour cost.
This cover is subject to the following terms and conditions:
Residual tread depth of the tyre (s) at the time of loss |
Admissible claim amount |
>= 7 mm |
100% of the cost of new tyre(s) |
>=5mm and < 7 mm |
75% of the cost of new tyre(s) |
>=4 mm and < 5 mm |
50% of the cost of new tyre(s) |
- This cover is available for a maximum of five (5) tyre(s) fitted to the Insured Vehicle including spare tyre during the policy period.
- The cover is available for a maximum of four (4) tyre(s) fitted to the Insured vehicle per claim during the policy period
- Company is liable to compensate only for the cost of make, model and specification of the tyres originally fitted by OEM even if upgraded tyres are fitted at a later date.
- If the same make, model and specification of the tyre(s) are not available in the Market, we will reimburse the price of the tyre of similar make, model and specification available in the market on the date of loss.
- Make, model, serial numbers of the tyres are to be disclosed by the insured in the proposal form.
- Compensation payable will be as per table given below:
- It is mandatory to replace the tyre, if claim is approved.
- Cover is subject to excess of 0.5% on the cost of the tyre in addition to Policy Excess, for tyres other than RFT. Cover is subject to excess of 1% on the cost of the tyre for Run Flat tyres (RFT) in addition to Policy Excess.
- Claim for tyre (s) payable under ‘Own Damage’ section of a package policy will not be considered under this cover.
Specific Exclusions:
- Tyre(s) worn out due to natural wear and tear.
- Any damage arising out of use of the insured vehicle beyond its passenger carrying capacity.
- Any damage caused due to non-maintenance of vehicle as specified by the Manufacturer of vehicle.
- Loss or damage arising out of modifications not approved by tyre manufacturer.
- Loss or damage resulting from hard driving due to race, rally or illegal activities.
- Loss or damage arising out of any manufacturing defect or design including manufacturer’s recall of product.
- Any minor damage or scratch or small cut not affecting the functioning of the product.
- Tyre which has been used for its full specified life as per manufacturer’s guideline.
- Theft of tyre(s) / tube(s) or its parts, accessories without vehicle being stolen or theft of entire vehicle.
- Any loss or damage due to over speeding, racing of the Car.
- Any loss or damage occurred prior to inception of the policy.
This cover is subject otherwise to the terms, exceptions, conditions and limitations of the policy.
Advantages of motor insurance:
- Coverage for damage incurred by third party or on one’s own In case the vehicle incurs any damage due to an accident, an environmental disaster or due to theft, motor insurance can help you stay protected and claim enough funds for the repair of the damage. This damage can range from minor to major, but with certain exceptions, motor insurance covers it all!
- Customer support provided: No matter the issue, our customer executives are always at hand to help you assess the damage incurred and seamlessly navigate the claim redressal process. With 24x7 support and live video capabilities for instant claim processing, you know that your car will always be protected.
- Large network of garages: We have over 71000+ service stations across the country to make sure that you car is well taken care of and that you never have to worry about fixing any damage caused. Pay cashlessly at these garages and live stress free!
- Hassle free claim processes: We have made claim redressal easy and stress-free, with simple online procedures that require only a small set of information. We support you at every step so that you can take advantage of motor insurance policies that suit your need.