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Chola - Car Insurance Policy Online Content

Buy/Renew Car Insurance Policy Online

What is Car Insurance?

Car insurance (or motor insurance) acts as a shield that protects you from incurring financial losses due to theft, natural calamities, damage from accidents, and any subsequent liabilities. Car insurance can cover third party vehicle as well as your own vehicle. There may also be instances where you end up damaging property or hurting others in an accident. A car insurance policy also covers these third party liabilities.

In India, to drive a car, it is mandatory to have third-party insurance under the Motor Vehicle Act of 1988. Apart from this basic car insurance policy, you can also opt to have an extra layer of protection with our comprehensive car insurance policy.

Under the comprehensive car insurance, Chola MS offers various customizations and a range of add-ons like depreciative waiver or zero depreciation insurance, return to invoice cover, etc., that help you personalize your insurance package and make it suitable for your needs.

Chola - Simple Steps to Buy/Renew Insurance Content

Simple Steps to Buy/Renew Car Insurance Online

You may be uncertain about getting a motor insurance policy as you have already spent a lot of money to buy a car already. We understand this and make the process of buying or renewing car insurance as simple as possible through our digital platform. You can now claim insurance by following a few simple steps.

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Step 1 Fill in the Relevant Details

A car insurance premium is based on a few factors like the car's make, model, and variant; its age, the history of claims, and location. Rest assured, you don't have to worry about the hassle of submitting all the related documents in person. You can now entirely ditch the paperwork to register your claim and upload all the documents online.

Step 2 Get an Instant Quote

Before you go ahead to choosing your plan, you can ask for a quote, so you have a better understanding of the various policies that apply to your car. All you have to do is provide your car's registration number and your contact details.

Step 3 Choose Your Plan

You can choose the insurance policy that fits you best at Chola MS. The best option may be the Comprehensive car insurance policy as it covers the mandatory third-party liability and insures your car against accidents, theft, and calamity. Adding various add-on covers will strengthen your plan.

We also offer a No Claim Bonus (NCB) to our policyholders at the time of renewal. If you haven't raised a claim during the policy period, you are eligible for a discount. However, when renewing the policy, make sure to include this information in the renewal quota.

Step 4 Make a Cashless Payment

You can reduce the number of paper transactions and pay from anywhere by opting for cashless payments. You can pay through Net Banking, Debit Card, Credit Card, etc., after which you will receive your car insurance in the registered mail within a few minutes.

Step 5 Keep Track of the Renewal Date

Renewing your car insurance online takes only a few minutes. You can also know how much time you have before the end of your insurance policy at Chola MS. We recommend that you renew your motor insurance well before its expiry date to avoid any break-in policy and an increase in the car insurance premium.

If the policy renewal is delayed by over 90 days of its expiry date, you may also lose your acclaimed NCB (if any), and it will be reset to zero.

Chola - Comprehensive Car Insurance Content

What does your comprehensive car insurance policy give you?

Accident

Accidents or external damages are the situations when the damage occurs in an accident or a collision of some sort. In such cases, you don't need to panic as an insurance company will take care of the expenses.

Theft

Being in a situation where your car is stolen can be one of the worst nightmares of a person. Thankfully, in cases of theft or burglary, if you lose your car, the car insurance company will bear the loss of the damage.

Fire and Explosion

If there occurs a situation where there is an outburst of fire or if there is an explosion, then the damages suffered by you in terms of your car will be borne by the insurance providers.

Natural Disasters

Any damage or loss suffered by your car in case of a natural disaster such as a landslide, earthquake, cyclone or tsunami etc., will be taken care of by us at Chola insurance, the best car insurance company.

Personal Accident

If there occurs a car accident in which by unfortunate means, and there is any requirement for own damage insurance, then an insurance company is bound to bear the loss or damages. They will also be paying for any of your treatment charges.

Third-Party Losses

An insurance company also covers the losses that occurred to a third party, his car or property, as a result of damage caused by your car. The third-party car insurance comes under the provision of third-party security benefits.

Riot and Strikes

If there is some sort of riot or strike going on in your area and your car suffers the damage, you can be rest assured that an insurance company is here by your side to help you deal with the damage. You will not be at a loss in such situations.

Terrorism

Terrorist activity may generate fear and add to your worries if your car is damaged as a result. Therefore, the insurance company can cover the car damages and provide you with some relief.

Driving when intoxicated

If you were driving the car under the influence of alcohol or drugs of any sort, and the accident takes place under that circumstance, the insurance company is not liable to bear the loss or damage of any kind.

Damage during war or similar conditions

If there is any damage or loss to your car when there is an ongoing war or a war-like situation in your area, the insurance company cannot be held liable for any loss that occurred as a consequence of that war-like situation.

Damage against incident when the insurance was inactive

If during the time of the accident or the incident when the car suffered damage, the insurance that you applied for was not active, you will not be entitled to any claims.

Damage due to regular wear and tear

Any damage which arises as a result of normal wear and tear of the vehicle in the course of driving will not be borne by the insurance company.

Driving without a license

If you were driving the car without a valid driving license, or if you are a holder of a learner's licence and were not driving with a valid driving license holder in the front passenger seat, your insurance company will not be liable for any damage or loss borne.

Claims regarding any personal item in the car

If there was some personal item in your car and that gets stolen, no matter how precious it is, the insurance company is not liable to pay damages.

Regular servicing

Regular servicing of the car is a part of the means to keep the car in a healthy situation and to increase its lifespan. It is not considered to be any damage or loss. The cost of regular servicing is hence to be borne by the owner itself and not by the insurance company.

Damage due to wilful negligence

If the car suffers damage due to willful negligence on the part of the owner, like racing the car or doing stunts with the car, the insurance company is not liable to pay for the damages.

Chola - Strengthen Your Car Insurance Cover Content

Add-on covers to strengthen your Car insurance cover

Zero Depreciation

This can be availed for brand new vehicles and can also be opted for at the time of renewal. Opting this cover helps during claim process. Entire claimed amount will be processed without considering any depreciation of the car value.

Hydro Static

This add on cover will be applicable when there is ingress of water into the vehicle or leakage of lubrication which prevents engine from starting. It compensates for repair or replacement parts of engine or gear box, etc.

Consumables

This add on cover will be applicable for consumables items such as bolts, screw, oil filter, fuel filter, bearings cost at the time of replacement or refilling.

Key replacement

In case of vehicle break-in or due to security risk arising out of lost keys or damage to keys or key mechanism, if the key set has to be replaced/repaired, this add on will compensate for the amount incurred.

Personal belongings

This cover compensates for the loss or damage to clothes and personal belongings due to fire, burglary or accident to the Insured Vehicle

Road side assistance

Breakdown of cars leaves us stranded without any help in sight. This addon cover helps you in getting assistance through a simple call.Read More

Chola - Car Comparison Content

Compare Car Insurance

Recommended

Product features

Comprehensive Insurance Cover

Third-Party Insurance Cover

Damages due to Natural disasters like Floods, Earthquakes, etc.

Damages due to theft or vandalism.

Add On Covers- Zero Depreciation, Roadside Assistance, etc

Damages due to Fire

Car Value Customization

Personal Accident Insurance Cover

Injury to the Third party

Damage to the Third party

Absence of hefty Fines if Policy is valid and put in place

Chola - How To Choose Your Car Insurance Content

How To Choose Your Car Insurance

Selecting the right kind of insurance for you, out of the plethora of options available both offline and online, can be a tedious task. Before you decide on an insurance policy for your car, there are a few crucial points you must consider that are listed below.

The Insured Declared Value (IDV)

The Insured Declared Value, or the IDV, is the minimum value that the insurance company agrees to pay you at the time of claim settlement. The IDV is the final amount determined based on your premium and kind of policy.

It is a crucial thing to consider before deciding which insurance policy you wish to purchase. You cannot know in advance exactly how much money you will need in case of an accident, and so the payout amount must not be taken for granted.

Add on Riders

Insurance plans are mostly accompanied by rider options. A rider is an additional clause that can be added to the pre-set policy terms to make it more personalised and appropriate for the policyholder.

Riders are only available for comprehensive policies. Before determining the plan you wish to purchase, you must consider the riders you would want to add and decide accordingly.

Claim Process

The claim process should be simple enough to not cause additional stress in what can only be an already stressful situation. You must check and understand what the claim procedure will be, should anything unfortunate happen, before you agree on the car insurance policy. Asking your advisor or reading about the claim procedure in advance is a crucial step and must not be taken for granted and missed.

Renewal Process

You must be aware of the exact tenure of your car insurance policy and mark it in your calendar or select a reliable service provider like Chola MS that sends you a reminder well in advance before your policy term comes to an end.

Forgetting to renew your insurance or failing to do it for any reason whatsoever can lead to negative legal as well as financial consequences. You must be aware of the renewal date as well as the procedure before you purchase the insurance policy.

The Type of Cover You Need

The first thing you must determine is the kind of cover you require according to your needs. It is compulsory by law to at least have a third-party cover that only includes cover for third-party damages and is subsequently cheaper.

The Vehicle Type

The make of the car, the model type, and the fuel family to which it belongs make a difference in the premium amount you pay. Vehicles that run on diesel tend to have a higher premium than their petrol counterparts. Similarly, sports cars and SUVs have higher premiums than hatchbacks and regular multi-utility cars. This difference in premium is because the former category is the subject of more claims each year than the latter. You must select the kind of policy you want after considering this price difference.

Insurance History

If you have not claimed insurance while its term lasted, renewals can come with a no-claims bonus in the form of a discount. Vehicles for which insurance has never been claimed will have a lower premium, while one with a history of insurance claims will have a higher premium. You must consider this while selecting your policy type, as it will affect your budget.

Your Location

The location of your car has an impact on the premium amount, and hence you must consider this while selecting your policy. Cars belonging to urban areas have higher premiums than those belonging to rural areas. The reason for this is because the probability of accidents and thefts is higher in the former. Similarly, people living near highways, densely populated areas, or areas that are infamous for thefts will all incur higher premium amounts.

Policy Terms and Conditions

Chola MS believes in complete transparency and will never hide an important detail from you. However, we strongly recommend that you always read the fine print and only agree to purchase after understanding the terms and conditions completely. This is extremely important so that you are never unknowingly misled and enter a policy agreement completely understanding what it does and does not include.

Chola - Make A Claim Car Insurance

Make A Claim On Your Car Insurance

Call us at 1800-208-5544 or file your claims online. Now we provide better alternative of intimating claims through Live video streaming(LVS)
The Surveyor will visit the accident spot or garage and inspect the damages in intimation process. Through LVS, we conduct real time assessment of damages sustained by your vehicle, thereby saving time.
The documents related to the Insurance policy will be verified.
Sit back and relax! Let the claim process be underway. You may track your request by contacting our Customer Support at the click of your mouse.
Stay cool and calm while we settle your claims in no time!

Chola - (White)Modifying/Endorsing Your Insurance Details Content

Modifying/Endorsing your Insurance details

In case of change in name, address or any other details in the policy, you can contact Chola MS for endorsement request. The request will be raised and the same changes will be updated in the policy.

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Chola - Car Insurance FAQs Content

Frequently Asked Questions

1. What is Car Insurance?

Car Insurance is a form of protection that shields you from the financial losses incurred by you due to accident, theft, natural calamities or any unforeseen situation. The Car Insurance lets you be protected from any legal liability, financial loss due to damage to the car, third party damages, and so on. This depends on the Car Insurance you choose.

2. What are the different Car Insurance types?

There are two main types of Car Insurance.

Third-Party Car Insurance is the one that is mandated by the Indian Government and law to every vehicle owner in India. It protects against any loss or injury done to any third party by the vehicle. The legal force behind this insurance is provided through the Motor Vehicles Act 1968.

Comprehensive Car Insurance is within the discretion of the Car owner. It has no legal backing. However, this is an important type of car insurance that covers the damages suffered by the car owner and injuries to the vehicle if it gets involved in any mishap.

3. Is it compulsory to buy Car Insurance?

The Government of India makes it compulsory for every Car Owner to have a Third Party Car Insurance Cover. However, the Comprehensive Car Insurance Cover is not compulsory. Nevertheless, a Comprehensive Car Insurance Cover is highly recommended.

4. What is the need for Car Insurance?

The Car Insurance Policy hedges you from any financial loss or liability in cases of damage or injury to your vehicle or inflicted by your vehicle to any Third-Party. Third-party Insurance is mandated through the Motor vehicle Act 1968.

5. What is included in the Chola MS Car Insurance Policy?

The Chola MS Car Insurance Policy covers the following:

 

● Unlimited Coverage on Third Party Personal Liability: The vehicle insurance company compensates for the total amount as declared by a court as your liability towards the damage/injury/accident/ accidental death caused by your vehicle.

● Damage cover: In the case of private cars, a maximum damage cover of Rs.7,50,000 as Third party property damage.

● In case of Personal Car damages, the Chola MS insurance covers

➔ Fire, Self-ignition, Explosion

➔ Theft, Burglary or breaking in the house.

➔ Riots/ Strikes/Stone pelting

➔ Earthquakes (damages or Fire)

➔ Cyclone, Hurricane, Typhoon, Flood, Storm

➔ Landslide or Rockslide

➔ Terrorist Activity

➔ Malicious Activity

➔ In-Transit damage, if any by rail, road, inland waterway, air, or lift

➔ Personal Accident Cover with owner compensation

➔ LL for Paid driver

➔ Personal Accident Cover for passengers including spouse, parents, children etc

➔ Legal Employee liability arising out of an accident involving the Insured Car

6. What is excluded in the Chola MS Car Insurance Policy?

The Personal Car Insurance provided by Chola MS does not cover the following:

● Damages or loss to the vehicle caused as a result of wilful negligence

● Accidental loss or damage suffered due to the driver being under the influence of alcohol or other intoxicating substances

● Loss or liability if the vehicle is used outside the scope of limitations of use or the person driving is not licensed to do so

● Loss due to depreciation, wear and tear

● Loss due to electrical or mechanical breakdown or breakages

● Loss due to war and other related activities.

7. What are the characteristics of a good Insurance Policy?

A good insurance policy must have the following characteristics to offer you value for the premiums you pay:

● Easy and quick online buying and renewal process

● Complete Third-Party Damage Coverage

● Around the Clock assistance in cases of breakdown or accidents

● Hassle-Free and Smooth Claims settlement process

● A wide network of Garages for cashless and easy Claims settlement.

8. What is the tenure of a vehicle insurance policy?

For all the new cars, the IRDAI has mandated a Third Party Insurance Policy Cover of three years. The insured may choose OD for one or three years, as per his or her preference.

For all the other cars (second hand/old cars), the insured may choose the Annual Comprehensive Policy or the standalone Liability Policy that needs to be renewed every year. Failure to renew the policy yearly can result in the lapse of coverage during an accident.

9. How long does it take to renew a Car Insurance policy?

With Chola MS, you can easily renew your Car insurance policy by either calling the toll free number 1800-208-5544 or entering your policy number or registration number on our website and proceed with the renewal. Car Insurance renewals are quick and smooth at Chola MS.

10. When should I renew my car insurance?

The best time to renew your policy is about 60 days before its expiry date. You can easily renew it online at Chola MS. However, if your motor insurance policy has expired, our supervisors will first have to inspect your car before issuing the policy. This may be subject to a satisfactory inspection and the submission of all the valid documents.

11. Are the online insurance documents valid?

Yes, an online car insurance document is equally valid to a printed insurance document. Once you make the payment and buy one of our policies, the document is sent to your registered mail within a few minutes

12. Does the Car Insurance cover passengers as well?

Comprehensive car insurance usually only covers the driver (owner) of the car. However, we offer a passenger cover as an add-on that you can buy with a little extra premium. This will cover the passengers in the car's insurance, keeping your loved ones safe.

1. In the event of an accident involving the insured car, what should I do?

Call us on 1800-208-5544. We will be coordinating with you from there on!

2. What is a Cashless Car Insurance Claim?

At Chola MS, you can get all the car damages repaired without paying any cash from your pocket through availing the car repair services from our authorised garages. We have a wide network of garages that would provide you with car repair services free of cost.

3. What is the difference between a cashless and a non-cashless claim?

Under the cashless claim facility, we pay the repair charges for your car to the garage directly, provided the garage is within our network. On the other hand, if the insured car is repaired in a garage that is out of our network, you will have to pay for the charges. You can ask for reimbursement of the claim amount by submitting the original bills and receipts to us.

4. Can I pick a Garage of my choice?

Yes, you can. We understand the unavailability of our network garages throughout the country. You may prefer any garage of your choice to get your car repaired, and we will reimburse the cash spent by you as soon as you send us the invoices.

5. What are the documents needed for third party insurance claims?

For Third-Party Insurance Claims, the following documents are required:

● A Claim Form that is to be duly filled and signed

● A copy of the FIR

● A copy of the first two pages of the car insurance policy document

● A copy of your valid Driving License

● A copy of the RC of your vehicle

6. Can old insurance be transferred to your new car?

When you buy a new car, you may transfer your old insurance to the new car. For this, you have to inform the Car Insurance provider regarding the same, and you shall be able to retain your NCB( No Claims Bonus).

The transfer of a Car Insurance Policy can be done with the help of the following documents:

● A copy of the Registration Certificate(RC) (Form29)

● The old Insurance Policy document

● New Application form duly filled

● NOC from the previous owner of the car( if bought second-hand)

● Inspection report or form that the Insurance Company fills after inspecting the vehicle.

1. What do you mean by an add-on cover?

Your basic car insurance policy covers most risks. However, some risk covers have to be added through add-on covers. These covers offer a way to customise insurance plans to suit the needs and requirements of the people against uncovered risks.

2. What is Roadside Assistance?

Your car may experience unexpected breakdowns and leave you stranded in unknown locations. Chola MS offers a Roadside Assistance cover that can be added to your insurance policy at an additional cost. Under this cover, we immediately send help to inspect and repair your car once we are informed about it. You can get 24/7 roadside assistance for breakdown, tyre replacement, towing, fuel replacement, etc., by contacting our customer care services

3. What is the NCB Retention cover?

By taking this add-on cover, you can retain your No Claim Bonus even after raising a claim for your vehicle that is damaged by natural calamity or any other external impact. This cover can be claimed three times within the duration of the policy period.

4. What is the Zero Depreciation Cover, and how does it help?

When you file for a claim under your insurance policy, you have to pay for the cost of depreciation for the repair or replacement of your car parts. However, the Zero Depreciation Cover or the Nil cover provides complete coverage without any depreciation. In case your car is damaged, the insurer will pay for the complete cost or repair and replacement. This cover has to be bought additionally.

5. How are the values for the electrical and non-electrical components calculated?

The value of electrical and non-electrical components is calculated as per the invoice copy submitted for the accessories. The value is deprecated as per the depreciation chart of the vehicle for every subsequent renewal.

6. What is Constructive Total Loss?

When a vehicle incurs damage costs that exceed 75% of its IDV, the vehicle is called a Constructive Total Loss (CTL). This means the cost or repair or replacement is equal to or has exceeded the amount covered by your policy. A CTL mostly occurs in the case of head-on collisions.

Testimonial

Hear from our Happy Customer

4.8 Stars Rating

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Prahalath Vijay

09 September 2021

“Thanks Awesome Experience :)” Thanks awesome experience :) Easiest process

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Lakshmikanthan

09 September 2021

“car insurance extra benefits” I liked the add on covers offered with the car insurance policy. I added some to my policy while doing my car insurance policy renewal

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Brijesh Mishra

09 September 2021

“thanks to the claim assistance team” Special thanks to the claim assistance team. They are cordial and patient. When I called them, they immediately set up an appointment for inspection and showed up. The claim process went smoothly. Overall a good car insurance product with addons.

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Dhirendra Sharma

09 September 2021

“I am satisfied with car insurance claim service” Got my car insurance policy claim. Thanks a lot for quick response. Great customer satisfaction policy

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Monish Menon

09 September 2021

“Quick car insurance quotes” got an instant car insurance quote online by filling minimal details in the car insurance quote form.

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Ramanandh

09 September 2021

“renewed car insurance” I renewed my car insurance online and I was happy that it took really less time.

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Shashank Avadhani

09 September 2021

It's a best experience to your team . we can easy touch with you . that's why i like your services

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Sanjay Srivatsava

09 September 2021

“add on covers are useful” My car insurance add on cover proved to be beneficial for me

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Vijender Patil

09 September 2021

“Reliable car insurance plan” I purchased a car insurance policy for my 4 wheeler which covered the cost for repairing the damages in an accident. Would recommend everyone to get a comprehensive plan

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Vijayraj

09 September 2021

I would like to appreciate customer support team for the quick service on claim settlement.

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Tapan Rana

17 August 2021

"Quick car insurance quotes” got an instant car insurance quote online by filling minimal details in the car insurance quote form.

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Rahul Kumar

17 August 2021

“add on covers are useful” My car insurance add on cover proved to be beneficial for me

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Manish Chouhan

17 August 2021

“car insurance extra benefits” I liked the add on covers offered with the car insurance policy. I added some to my policy while doing my car insurance policy renewal

Chola - More Things to Know About Car Insurance Content

More Things To Know About Car Insurance

The following is all the additional information that there is to know about car insurance policies to help you make an informed decision regarding yours.

Chola - Factors that decide the cost Content

Factors that decide the cost (premium) of your car insurance policy

Your rating decides how much premium you will have to pay for your car insurance online. It is different for every individual and is calculated as per the risk factors of a policyholder. Given below is the list of certain factors that can affect the rating or the premium cost when you get car insurance online policy.

The Market Value of the Car

One of the major things that affect the premium amount for your insurance is the cost of your car. The insurance companies set the premium amount as per the IDV. IDV or the Insurer Declared Value is the current value of your car as per the market rate. It is calculated by decreasing the amount of total annual depreciation from the selling price of the car.

The Age of the Car

One of the important factors for the insurance policy is the age of the car. For instance, if the car is brand new and has recently come into the market, the cost of replacement of the parts or the repairing cost can be higher. Plus, the value of the car is reduced due to wear and tear. Thus, if the car is older, its value would be lower and would result in the reduction of the premium amount.

However, it is also to be kept in mind that with greater age, the car becomes more susceptible to damages. This is why the insurance companies check the health of your car at the time of calculation of the premium amount.

The Age of the Insured

The age of the insured is a very important rating factor. The insurance companies regard teen drivers as the ones who are much more likely to take risks, as compared to the older drivers. Moreover, the older drivers tend to be much more experienced and are less prone to get into an accident. This is why the younger individuals need to pay significantly more premium as compared to the older drivers.

However, age does not remain a very important factor when the person reaches the age of 20. In fact, it has an even lesser impact if the person is above 25 years of age. The least amount of the insurance premium reaches for the drivers at around the age of 50, and it again starts to rise if the driver is aged 70 plus.

The Geographical Location

The place where you live and where you park your car is also taken into consideration by the insurance providers during the calculation of the premium amount. If you live in an area that is more prone to theft and vandalism, the rate of the premium will go higher. On the contrary, individuals with safer geological locations will have to pay a lesser amount of premium.

Moreover, if you are living in a metro city, it is bound to have a greater concentration of vehicles on the road, as compared to the smaller cities. This means that the chances of damage increases in the metro cities, resulting in higher premium costs, as compared to those who live in smaller cities or towns.

The Car’s Fuel Type

The fuel type that the car uses is also a deciding factor of the cost of your premium amount. The cars that run on diesel and CNG are susceptible to more premium amounts being charged, as compared to the cars that run on petrol.

The Model of the Car

The model of the car tells you what the engine cubic capacity (cc) of the car is, and this affects the cost of the insurance policy. The engine cubic capacity or cc is the volume of the engine's cylinder. Now, the expensive models of cars like SUV or luxury sedans have higher engine capacity (exceeding 1500 cc). These cars will have higher premium charges as compared to the car models with lower engine cubic capacity.

Claims History

Claims history refers to the data regarding your past insurance claims if any. The insurance companies will check how many times you have claimed for the insurance in the past and what level claims they were. Were they minor claims, or were the claims of a high amount. Accordingly, they set the premium rate for you.

The person who has had a history of claiming more times and/or has had high claim rates will be considered as a red flag for the insurance companies and will have to pay a higher premium amount as compared to the one who has a lesser or no record of claims in the past. This is because the one with no claim history as such is considered to be a safe driver, who is less likely to take risks.

How Much the Car is Driven

Insurers tend to observe how much you use your car. For someone who has a long distance to cover to get to work, that is someone who uses the car more, may have to pay a greater amount for the premium of the insurance as compared to someone whose use for the car is much less, for instance, just on weekends, or occasionally for that matter. This is due to the presumption that more miles behind the wheels would mean a greater risk factor.

Type of Coverage

Put in simple words; the wider your cover is, the costlier your policy will be. The premium for the third-party policy tends to be lower as compared to the comp car insurance plan. However, the coverage is always going to be limited. It might seem that the comprehensive plan, i.e., full car insurance plan is costlier, but it also offers more protection to your car.

The type of coverage chosen by you also has some effect on the cost of your car insurance policy premium. Most places have the provision of auto insurance requirements, which involves liability coverage. The types of coverages which are typically inculcated in the case of a car insurance policy are comprehensive insurance coverage, collision coverage, uninsured or underinsured motorist coverage, and medical payments or personal injury protection, varying from one place to another.

To add to it, there are certain optional protections, which might intrigue you, for instance, towing and labour costs, rental reimbursement, and sound system coverage, etc.

Add-on Covers

There are provisions by which you can enhance your comprehensive car insurance plan by including some add ons. These add ons provide an extra sheath of protection to your insurance policy. We offer various add ons from which you can choose one or more to form a combination as per your requirement. With the addition of these add-ons, however, the price of the premium amount goes high.

Limits and Deductibles

The maximum amount your policy will pay toward a covered loss is termed as the limit of the insurance. Generally, every coverage in a policy consists of its limit; as per the needs of the insured, these limits may be adjusted. It can be noticed that the more coverage you purchase, the higher the premium cost will be.

A deductible is the amount of money that you agree to pay before it is time for your insurance to help you pay for the covered loss. Your deductibles also play an important role in deciding the amount of your premium. Now, if you set a higher deductible, this would result in a decrease in the amount that you will have to pay as the premium.

Chola - The importance of a car insurance policy Content

The importance of a car insurance policy

Nobody can accurately predict the future and know when something unfortunate may befall someone. It is thus always in your best interest to be prepared for anything. Having car insurance can protect you in several ways and is extremely important because of the following reasons.

Car insurance reduces your liability

Since the most basic kind of insurance, which is also mandatory by the law, is the 3rd party car insurance cover, one thing every insurance policy helps with is reducing your liability. As the name suggests, the third-party insurance cover protects the interests of the third party vehicle and protects you from any legal consequences that you may have to face in case of an accident.

If you are involved in an accident where there is damage incurred to the other party in terms of vehicle damage or injuries sustained, and it is proven that the accident was caused by you, there can be legal ramifications.

However, the insurance policy can cover the compensation for the third party's medical bills and vehicle repair. As a result, you can save yourself from legal persecution. Furthermore, if you also wish to cover your own interests, first-party or comprehensive insurance is the way to go.

Car insurance pays for damage repairs

The simple reason for more expensive cars having higher insurance premiums is the possible repair costs should any damages incur. Be it any kind of accident, one that needs a major repair or a minor accident that requires a simple window change, your car insurance can help you pay for it. Some major repairs can end up costing a lot, including the cost of new parts and labour. New parts for some high-end cars can possibly cost as much as a brand new cheaper model.

Due to this reason, even though only third-party insurance is mandatory, we still recommend a comprehensive plan, as it benefits you in covering the expenses of damages caused to your own vehicle. Since accidents can happen anytime, and you cannot know in advance when you might need a major repair, it is best to be insured.

Chola - How Does Purchasing Car Insurance Content

How Does Purchasing Car Insurance Online Benefits You

In the last decade, almost every sector has undergone a digital makeover and changed for the better. The insurance sector is no different, and buying or renewing an insurance policy is easier than ever through online portals. The major benefits of buying or renewing car insurance online are enumerated below.

Convenience

If you buy or renew your car insurance online, you will be free from certain restrictions that you may face in an offline transaction. You will not be restricted to the regular working hours for finding and purchasing the policy you want. You can do everything according to your schedule and from the comfort of your home or anywhere you are. Otherwise, you would have to visit an office and carve time from your schedule to keep the whole transaction within working hours.

Save Time

Using an online portal for buying or renewing your car insurance can save a lot of time for you. Any travelling time or waiting time that involves visiting an office gets eliminated, and you can get a quote instantly. Furthermore, there is concise information that you can read online to find out more about your policy. This is proven to be more time-efficient than talking to an agent.

Save Money

Since there is no travelling involved, you save money there. Furthermore, since all the information you could need to make an informed decision is right in front of you, you do not have to listen to an agent. Making your decision according to your budget gets easier this way. When you buy or renew your car insurance online, you deal directly with the company since there is no need for a middleman, and you do not have to pay a commission.

Tailor-Made Service

You are free to go through all the cover options and add ons and select a tailor-made policy that suits your needs. Online services these days are known to present personalised and tailor-made options. This personalised experience is highly preferred by customers, which has made companies driven to provide more of it. You can simply apply a filter to your search according to what you want when buying or renewing your car insurance online and get the perfect results within minutes.

A Better Selection

No matter what the service or commodity is that you are looking for, online portals always present more options than offline ones. This is possible because of fewer restrictions and more concentrated resources. Since there are no offices or agents involved, insurance companies can allocate more resources towards better policies online. And as a result, when you buy or renew your car insurance policy online, you always get a better selection to choose from.

Get The Policy Instantly

There is no physical paperwork necessarily involved in an online insurance purchase or policy renewal. However, the customer can choose to get a hard copy delivered to them or simply print the document sent to them via email; neither of these is necessary.

A soft copy of the insurance will be just as valid as the paperwork. Since it is possible to get a soft copy instantly, it saves time and money for you and the company. You can download your car insurance policy documents just minutes after the transaction is complete.

Genuine Policies With Easy Claim

The belief that all insurance policies sold online are fraudulent has been proved wrong by companies like Chola MS with their guaranteed genuine policies and easy claim settlement support. You can find the right policy at a cost-efficient platform and have it be one hundred percent genuine.

The claim procedure is also extremely easy, contrary to what some people believe. Many find seeking help online an easier alternative to contacting insurance offices. Online portals are a more reliable and easier-to-access source of information as well as filing for a claim.

Better Customer Support

Online platforms are known to have a better customer support system than offline offices. They have designated problem management staff, specifically trained to solve your problems and provide answers to your queries.

Seeking help from an insurance office employee can be tiresome as frustrating as there are often no designated customer support posts, while major online platforms have several. This better allocation of resources makes it possible for the company to provide more customer-oriented service.

Chola - Calculate Car Insurance Premium Content

How to Calculate Car Insurance Premium

Your car insurance premium is based on the following three components:

The Third Party Liability (TPL) covers any damage done by your insured vehicle to a person or property that leads to financial loss or loss of life of that person. It is insured by the Insurance Regulatory and Development Authority of India (IRDAI).

The TPL is directly proportional to your car's cubic capacity and does not cover any expenses for repairs.

The OD cover reimburses any damages incurred by natural disasters (earthquakes, fires, storms, etc.) or accidents. It is not compulsory to have this in your policy, but it is highly beneficial.

You can calculate the own damage amount by using this formula:

IDV X [Premium Rate (this is decided by insurer)] + [any Add-Ons] – [applied Discount & benefits]

The higher the Insurance Declared Value (IDV), the higher the premium will be and vice-versa. In other words, the older your car is, the lower is the IDV. IDV is calculated by the formula:

IDV = Car's showroom price + cost of any accessories – depreciation value as per (IRDAI)

Every year, more people are gravely injured or disabled due to car accidents. The personal accidents cover of your car insurance premium safeguards you from any mishaps that may occur during an accident that may lead to severe injuries. You can also include unnamed passengers under this cover. However, this will increase your sum insured.

Apart from the above three components, additional covers such as Engine Secure, RoadSide Assistance, NCB Protection, etc., are also included in your premium cost.

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