Car Insurance: Buy/Renew Four Wheeler Insurance Online | Chola MS
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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.
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
Chola - Strengthen Your Car Insurance Cover Content
Add-on covers to strengthen your Car insurance cover
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.
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.
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.
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.
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
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Compare Car Insurance
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
Chola - Make A Claim Car Insurance
Make A Claim On Your Car Insurance
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.
Chola - Car Insurance FAQs Content
Frequently Asked Questions
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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
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.
Call us on 1800-208-5544. We will be coordinating with you from there on!
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.
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.
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.
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
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.
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.
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
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.
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.
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.
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.
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.
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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.
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.
There is a legal mandate for car insurance
By Indian law, more specifically, the Motor Vehicles Act , it is mandatory for vehicle owners in India to meet a minimum insurance requirement. A vehicle running in any public space must have an insurance cover, be it a two or a four-wheeler. The act makes it mandatory for you to have at least third-party car insurance and carry the paperwork as proof at all times, either as a hard or soft copy. Digital insurance documents hold the same value as physical paperwork.
Failing to produce insurance documents at the time of inspection can result in legal consequences and having to pay a fine.
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.
Chola - Calculate Car Insurance Premium Content
How to Calculate Car Insurance Premium
Your car insurance premium is based on the following three components: