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Chola - What is Commercial Vehicle Insurance Content

What is Commercial Vehicle Insurance?

Commercial Vehicle Insurance is a type of motor insurance for commercial vehicles covering only commercial vehicles that transfer goods, produce or passengers and miscellaneous vehicles like tractors, cranes, JCBs, excavators, etc. Chola MS General Insurance’s commercial vehicle insurance policy covers employees, third-party property, persons at high risk and passengers.

It provides financial protection and support during natural disasters, thefts, etc. It acts as a support for legal disputes after accidents.

Chola - Commercial Vehicle insurance offer you Content

What does Commercial Vehicle insurance offer you?

Accidents

At Chola MS, you are covered for Third Party claims and liabilities arising due to any damages suffered by them by your vehicle. In case of any accidental death or injury, the liability amount awarded by the court will be covered under your commercial insurance policy.

Natural calamities

Tremendous financial investments and resource utilization are required to recover from natural calamities. If your vehicles suffer from any damage, either directly or indirectly, due to a calamity, you can file a claim if you have an Own Damage Cover offered by Chola MS.

Fire

Getting insurance against fires, irrespective of their cause, is important when machinery is involved. Any careless move on your part can result in a serious consequence, and commercial insurance provides a protective cover against that.

Theft

Burglary, theft, or Housebreaking under commercial vehicle insurance benefits fall under the same category for commercial insurance. With the Own Damage Cover of Chola MS, you can rest assured that you will receive returns and claims for the material you have lost.

Private cars

In case the commercial vehicle is involved in an accident with a third party which is a private car, the case can get very serious very quickly. With Chola MS, You get coverage against Third Party Property Damage of up to Rs 7,50,000.

Terrorist activity

This activity falls under the category of Own Damage Cover and enjoys protection with the Chola MS commercial vehicle insurance. Any damage caused to your vehicle due to such riots or activities is covered completely by the policy.

Personal accident cover

The personal accident cover is available under the Own Damage Cover and provides compensation for the driver or owner of the vehicle in the event of an accident, damage or loss of the vehicle.

Transit

Any damage to the commercial vehicle during its transit via rail, road, inland waterway, air or lift, is covered by the commercial vehicle insurance policy. This also includes damage to any material being transported during the transit with the aid of the vehicle

Driving under the influence

If your vehicle is involved in an accident and suffers damages or loss while driving under the influence, your insurance will not cover the cost of repairs, replacement, medical care, or lawsuit.

Lack of valid license

If your vehicle is involved in an accident or suffers damage or loss, but you do not have a valid driver’s license, you lose your insurance. Chola MS does not offer coverage for those driving without adequate permission.

Wilful negligence

If you are involved in an accident that results in damage to the vehicle or to the passengers present inside the vehicle, and it is proven that the accident was due to negligence on your part, you lose the insurance cover.

Contributory negligence

Any act which contributes to the negligence, also called contributory negligence, does not find a claim under commercial insurance. This form of negligence refers to an activity partaken by the owner or the driver, which further adds to existing negligence.

Loss of vehicle under certain specific conditions

Commercial vehicle insurance does not cover any loss or damage to the vehicle when it occurs due to radioactivity or nuclear weapons, as these conditions are beyond the control of the company and its policies.

Loss arising out of war and other related activities

Chola MS does not offer commercial vehicle insurance coverage for any damage, loss or accident of the vehicle caused due to war, consequences of war or other related activities such as riots.

The vehicle used for unlawful reasons

If an insured vehicle is used for unlawful reasons and suffers an accident or any damage during this period, the subsequent costs will not be covered by the insurance policy.

Mechanical breakdown of the vehicle

If your insured vehicle suffers damages, loss, wear and tear or complete malfunctioning due to mechanical or electrical breakdown, or failure of breakages, then any associated costs cannot be covered by the commercial insurance at Chola MS.

Chola - Add-ons for Commercial Vehicle Insurance Content

Add-ons for Commercial Vehicle Insurance

Roadside assistance cover

This cover allows you to simply contact the insurance company, who will then provide emergency pick up services, medical help, towing of the vehicle, battery jumpstart, minor repairs, arranging for fuel, and even provide alternate transportation.

Zero depreciation

With this additional coverage, you can receive reimbursement for the cost of the parts that you have had to replace following an accident. This form of coverage applies only to vehicles that are less than 5 years old.

Consumables coverage

Under this additional cover, consumables such as oil filter, engine oil, grease, and other consumables are also covered. Additionally, the 5-year old vehicle policy also does not apply in this coverage, which is an added benefit.

RVB (Reinstatement Value Basis) cover

This cover is applicable for fixing vehicle sum insured and refers to the cover provided for your vehicle and the declared accessories. It is calculated by subtracting the registration charges and the road tax from the original invoice value.

Chola - Compare Commercial Vehicle Insurance Content

Commercial Vehicle Insurance

Product features

Comprehensive cover

Third-party cover

Coverage for third party property damage

Coverage for third party

personal liability

Coverage for own damage cover

Personal accident cover with compensation

Covers Own vehicle

Additional covers available

Mandatory under the Motor Vehicle Act of 1988

Chola - Types of Commercial Vehicles Covered Content

Types of Commercial Vehicles Covered

There are various types of vehicles covered under our Chola MS Commercial Vehicle Insurance, namely:

Passenger Carrying Vehicle Insurance

Insurance specifically for vehicles that ordinarily convey at least one passenger, such as taxis, cabs, auto-rickshaw, school buses, private buses, and so forth. Passenger conveying vehicles, especially school buses and customary cabs have a colossal responsibility as they convey several passengers consistently.

Some of India's populace's lives and incomes rely upon driving these vehicles. A commercial vehicle insurance guarantees that they will always be secured against losses, in case of any unforeseen circumstances.

Goods Carrying Vehicle Insurance

Vehicles that regularly convey goods to be transported starting with one spot then onto the next. These principally include trucks, mini trucks, tempos, and lorries. Goods conveying vehicles are usually huge and are inclined to a ton of risk because of it. Commercial vehicle insurance not just protects damages and losses to outsiders yet in addition protects the proprietor driver and the vehicle from losses that can arise out of accidents, regular calamities, or other shocking situations.

In case your business effectively uses trucks to transport goods starting with one spot then onto the next, commercial vehicle insurance also protects losses against any loss or harm of goods that can happen because of circumstances such as normal calamities, accidents, fires, and so on.

Miscellaneous & Special Vehicles Insurance

Aside from cabs, taxis, trucks, and buses, there are numerous different vehicles frequently used for and by business. Some of these may incorporate special vehicles used for cultivating, mining, and construction, among others. Commercial vehicle insurance online for the same will shield the insured vehicle from any mishaps and losses induced to and by the vehicle and its particular proprietor driver.

Given both the investment and capacity of these vehicles, it's invariably a safer decision to insure the same with commercial vehicle insurance. This way, the business or sole owner will lessen its risk and shield itself from any monetary losses that could happen because of tragic mishaps.

Tractor

Tractor Insurance is a sort of commercial vehicle insurance that provides complete coverage to the insured vehicle and third parties. The Own Cover section preserves the tractor and the proprietor of the tractor from outer harm like thievery and theft. Commercial tractors and ranch tractors are insured under various categories of the Motor Vehicles Act. Outsider obligation compensates for any loss or harm to another vehicle or person because of the insured tractor.

Tractor insurance safeguards the vehicle from all potential harm and risks. Following are the inclusion offered:

● Damages or loss to the tractor because of normal calamities like floods, seismic tremors, fire, and landslides, etc.

● Personal Accident Cover for the proprietor, driver, and the passengers of the tractor. Covers risks, such as theft, accidents, thievery, strikes, riots, and so forth.

The policy term for commercial vehicle insurance for tractors policy is one year and the amount insured depends on the Insured Declared Value (IDV).

Chola - Make A Claim Commercial Vehicle Insurance

How To Register A Claim

The first step is to report the loss or harm immediately by contacting Chola MS on our online portal or our helpline number.
Once you provide your policy number to our executives, they will take over the legalities for you.
After determining the type of claim and providing adequate documents, the claim is approved and processed.
Cashless claims will be directly settled by our representative, while reimbursement claims will be remunerated to your account.
Once the claim settlement is completed, the amount will be deducted from your sum insured.

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 - Commercial Vehicle Insurance FAQ's Content

Commercial Vehicle Insurance Frequently Asked Questions

Q1: What are the advantages of buying commercial vehicle insurance online?

There are many benefits of purchasing an online insurance commercial vehicle at Chola MS General Insurance, which is as follows:

● In any case, it is a lot simpler than purchasing a policy at an office branch. You can keep away from the tedious and meticulous errand of visiting the branch and purchase an arrangement from the solace of your home.

● The online cycle can likewise be finished a lot quicker.

● You additionally have the convenience of finishing the interaction at whatever point you need, and from any place you like!

● Ultimately, there is no paperwork included; the policy document will be mailed to you – this guarantees that you generally have a softcopy within reach and don't need to stress over losing your insurance document.

Q2: What are the Documents Required for Insurance Policy?

To get a commercial vehicle insurance policy with Chola MS, you are required to submit all documents given below.

● Properly filled and signed application form.

● Driving license of the driver of the vehicle at the time of the accident.

● Certificate of fitness of the driver from a qualified doctor.

● Registration certificate of the vehicle and one photocopy of the same.

● Proof of Identity of you and your partners (Aadhaar Card, PAN Card, etc.)

● Proof of Identity of your business.

● Tax receipt of the latest financial year.

Q3: What sort of risks are covered under a third-party policy?

The risks covered by this vehicle insurance online third-Party policy include:

● Demise or injury to a third party.

● Damage to third-party property.

In insurance, there are two fundamental gatherings, including the insurer and the insured. In case the damages and misfortune happen to anyone else other than the insurer, it constitutes a 'third-party'.

When an insurer purchases insurance, it needs to shield itself from its own damages and misfortunes, whether it was brought about by its own errors or a third party's. The insured additionally need to shield himself/herself from any legitimate liabilities it might host towards a third party if the mistake was at his end.

Q4: Would I be able to renew my commercial vehicle insurance?

Chola MS gives you the option to renew your commercial vehicle insuranceonline or offline. Simply visit our commercial vehicle page and snap on the renew options. After this, essentially enter your policy number, confirm/personalise the coverage of your policy, and make the payment in order to renew your policy.

Do you have a commercial vehicle insurance policy from some other insurance company? No issue! You can renew your coverage with Chola MS commercial vehicle insurance! Simply visit our site and round out a new proposition. We may send one of our agents to review your vehicle and give you the best quotation as per your necessities. Best of all, you can hold your NCB from your current policy – this guarantees you get quality coverage at discounted rates!

Q5: What is the time of a commercial vehicle insurance policy?

In India, a commercial auto insurance policy is legitimate for one year, and it must be renewed before the due date. The policyholder should make the payments on schedule and not let the policy lapse. We at Chola MS General Insurance perform complete vehicle inspection in the event that the insurance policy lapse in any event, even for a single day. You can likewise lose your no-claim bonus in case you permit your extensive insurance policy to lapse for a period of over 90 days.

Q6: When precisely do I need business auto insurance?

In case you need to utilise your vehicle for business motives, you need to enlist it as a commercial vehicle. Each commercial vehicle must have commercial motor insurance along with a commercial license plate.

Commercial vehicles having commercial vehicle insurance are generally used to complete the accompanying functions:

● For shipping hardware and other substantial gear's

● For transporting inflammable or inebriating material

● For transporting housekeeping instruments for your business

● For moving cranes, starting with one spot then onto the next

● For transporting wholesale or retail supplies

● For distributing newspapers

● For utilising the vehicle as a taxi or cab administration

● For performing different additional exercises for a said business corporation

● For utilising the vehicle to perform miscellaneous activities for some other business

Q7: What should I do if my vehicle is stolen with the original Insurance policy?

If your vehicle is stolen with the insurance policy inside, we first recommend informing the police and filing an FIR. You should also inform the RTO where the vehicle was registered. You should call your insurance provider and apply for a duplicate copy of the insurance policy.

Once you have completed the process, you can begin the process of filing a claim. Along with all the documents required to file a claim, you will also have to submit an FIR and a letter from RTO confirming the theft. After the claim is registered, an investigator may be appointed to trace your vehicle. Depending upon the outcome of the investigation, you may be offered a settlement.

Q8: What is the procedure for making any changes in the insurance policy?

If you have recently changed your address, phone number or other contact details or modified your vehicle in any way, you should first inform your insurance provider. You will be required to submit a letter confirming all the changes you have made. You will be provided with an endorsement acknowledging all the changes. Your insurance premium may change depending upon the changes you have made.

Q9: Can I continue the insurance policy in the name of my father even after the RTO records have transferred in my name?

No. The name on the insurance policy and the registration should always have the same name and address. Names of family members, including those of spouses/children/parents, are not accepted.

The claim may not be payable if the details do not match. Once you have transferred the vehicle under your name at the RTO, we recommend filling a fresh form requesting a policy. Nominal fees are charged for the transfer of the insurance policy.

Q10. What does "Drive Other Car" Coverage mean?

"Drive other car" is an insurance policy that makes provision for the insured individual for the use of an unowned commercial vehicle.

This insurance policy provides the following benefits:

● Coverage of Liability.

● Payments to cover Medical costs.

● Coverage for Uninsured/Underinsured motorists.

● Coverage for any physical damage caused.

For instance, if a person without a personal, commercial vehicle insurance plan drives someone else's vehicle, this policy provides benefits against inconveniences that may happen around there.

Q 11. What are some common commercial vehicle insurance terminologies?

Accident and health insurance: A type of policy that provides covers to policyholders against injury, disease or death due to an accident. This includes compensation for medicines, doctor's consultations and any surgeries.

Accident hit and run: An accident caused by a collision with an unknown vehicle and leads to injury or death of the policyholder.

Accidental bodily injury: Bodily Injury or harm caused due to a motor accident with a third-party vehicle or property.

Additional cover: Adding an extension cover to an existing insurance policy. This type of policy cover riots, strikes, etc.

Add-ons: Purchasing additional benefits or covers to an existing policy.

Adjuster: Theinsurance company representative who carries out the accident investigation and settlement process.

Breach of condition: Violation of the terms of the insurance policy previously agreed upon by the insurer and insured. This may lead to the withdrawal of the contract.

Bulk cargo: Any goods or products that are not packed but are loaded directly in the transportation vehicle.

Bad faith: The insurer's refusal to pay a valid claim or process a claim request to the policyholder during a reasonable period of time.

Benefits: Amount that the insurance company needs to pay the beneficiaries or policyholders.

Cancellable policy: An insurance policy that can be cancelled before the tenure by the insurer or the insured person.

Causes of loss: The reasons or situations covered under the insurance plan that may cause the policyholder to incur the loss.

Claimant: Person seeking reimbursement for damage or loss for any assets or individuals covered under the insurance policy.

Contract carrier: Any business that provides transportation services for goods or people for selected people. This does not include public transportation services.

Coverage: Details of the protection provided under any insurance policy.

Covered: Individuals covered under the valid insurance plan provided they meet the plan's eligibility criteria.

Covered expenses: Medical or other expenses incurred by the insured person that is covered by the insurance policy.

CSR: CSR stands for a customer service representative. An employee of the insurance company who provides support to the customers by handling queries or requests.

Date of issue: The date on which the insurance plan is provided to the policyholder.

Declinature: Insurance company's refusal for proposed risk or to renew an existing insurance policy.

Dangerous or hazardous goods: Solids, liquids or gases that can be dangerous to the environment, individual or other living organisms. These are usually regulated by the government.

Earthquake zone: An area in any particular state or city that is more prone to earthquakes than others. The Tariff Advisory Committee divides India into four different earthquake zones. Details of this can be found on the official website.

Economic loss: Estimated insured and uninsured economic loss incurred by a person, family or business as a result of a motor vehicle accident. This is inclusive of funeral costs, legal and medical expenses, property damage, loss of income and any third-party liability.

Economically backward class or Economically vulnerable class: According to the Insurance Regulatory and Development Agency (IRDA), any person(s) living under the poverty line.

Effective date: The date on which the insurance policy becomes valid.

Employee: Any personnel on the business's payroll, including those with full-time, part-time, temporary or contractual persons.

Endorsement: Memorandum issued by the insurance company acknowledging the mutually agreed changes in the standard policy, including additions, deletions and alterations. This can be issued at the commencement period of the policy or any time during the validity.

FIR: First information report filed with the local police authorities in case of theft, accidents, explosion, fire or another type of permanent damage to the assets.

Goods carriage: A motor vehicle adapted or constructed specifically for carrying goods.

Gross vehicle weight: Total weight of the vehicle as certified by the Registering Authority.

Insurer: The insurance company or individual providing the insurance policies and paying the claims.

Insured: The policyholder or individual protected by the insurance policy.

High-risk automobile insurer: Insurance company specialising in providing insurance policies to drivers with a poor record who have previously been refused by other companies or have had their policy cancelled.

Hit and run motor accident: A motor vehicle accident where the identity of one vehicle and its owner is uncertain despite reasonable efforts.

Judicial bond: A court-ordered document that informs a person or a company of the amount they have to pay and any obligations they have to fulfil. The document also lists legal consequences if they fail to comply or delay.

Known loss: The damage or loss to the assets that the policyholder and the insurance company is aware of during the purchasing of the policy.

Lag: The period between filing a claim and the payment of the amount.

Lapsed policy: An insurance policy that has expired before the actual expiration date due to non-payment of premium.

Light motor vehicle: Any commercial vehicle whose gross weight is less than 7500 kilograms.

Minimum premium: Minimum premium amount that the insurance company will accept to provide a certain insurance policy.

Named insured: The person, business, or organisation in whose name the insurance policy is issued.

Natural Losses: Loss or damage to a motor vehicle as a result of natural disasters, including hurricanes, earthquakes, lightning, etc.

Negligence: Failure to use caution that other individuals would have done in similar circumstances.

Nominee: Individuals, institutions or firms who are elected as the beneficiary in case of demise during a motor vehicle accident.

Own damage premium: Additional premium payment that provides you compensation in case of theft or damage to your own vehicle.

Policy period: The period during which the policy is valid.

Policyholder: The person who owns the policy and is responsible for completing premium payment.

Premium: The monthly or annual amount that the policyholder decides to pay to ensure their policy is valid.

Proof of loss: Documents that prove damage or loss to the policyholder's vehicles. These documents are used to determine the validity of the claim.

Replacement costs: Cost of replacing or repairing damaged property or asset covered under the policy.

Q1. Does the owner of a commercial vehicle need to pay tax in any event when the commercial vehicle is not working on the road?

Certainly not; the owner of a commercial vehicle can profit from tax benefits for the period when his/her vehicle was away from the road. For this, he/she must move toward the transport department to understand the process as each state has an alternate process to profit from this tax benefit.

Q1: What is the sum for which I need to ensure my commercial vehicle?

A commercial vehicle is generally insured up to its IDV. This is the vehicle's ex-display area value, less depreciation. In case the vehicle is taken or damaged beyond, Chola MS General Insurance will give the IDV of the vehicle to the insured. Do note that depreciation can diminish the IDV of the vehicle considerably. For example, after only 4 years, the estimation of your vehicle would have decreased by half because of depreciation.

Subsequently, in case you wish to eliminate depreciation from the equation, you can decide on the return to revoice add-on. This will guarantee your vehicle is insured up to its present posting cost in the event of theft or damage that results in complete loss of the vehicle.

Q2: What factors are considered for determining the premium of commercial vehicle insurance?

Diverse insurance suppliers charge distinctive expenses relying on different elements identified with the vehicle. The primary boundaries which are mulled over incorporate the cubic capacity of the vehicle, the deductible measure of the policy, the coverage you have selected and the insurance declared value (IDV) of the vehicle.

Certain motor insurance providers charge a lower expense yet consequently make you pay a higher deductible, though there are vehicle insurance online providers that give less coverage and less IDV.

You can track down the best combination of premium rates and coverage at Chola MS commercial vehicle insurance.

Q3: What is depreciation in commercial vehicle insurance?

As it is known in commercial car insurance, the value of a vehicle diminishes by a specific rate after each spending year. This progressive reduction in the value of the vehicle is known as depreciation. If there should arise an occurrence of a case, Chola MS commercial vehicle insurance offers compensation dependent on the depreciated value of the automobile.

If there should be an occurrence of repairs, the policy plan will give compensation dependent on the depreciated value of the components that need substitution. In the event of an all-out misfortune, we will give the IDV of the vehicle, which is the vehicle's ex-showroom value, less depreciation.

Q4. What is implied by total loss?

By total loss, it means damages brought about on the insured's vehicle where the cost of repairs amounts to over 75% of the IDV on his commercial vehicle insurance policy

Q1: What does the term "Deductible" signify?

Before the insurance gives compensation to a claim, the insured needs to pay some sum from their own wallet. This sum is called deductible or excess and depends on the sort of vehicle you possess. For bike proprietors, the deductible sum begins from Rs. 50 and for private vehicles and commercial vehicles, the base deductible is Rs. 500.

The deductible sum relies on the cubic /seating capacity of the vehicle. The more eminent the cubic capacity of the vehicle, the higher will be the deductible sum. It can likewise increase if the vehicle is too old or the recurrence of claims made by the policyholder is high.

Q1: What is a No Claim Bonus(NCB) in insurance?

In the event that you don't make a claim against your insurance policy during the coverage duration, you will be qualified for a discount when you get your policy renewal. This discount is recognised as No Claim Bonus or NCB.

Your NCB discount likewise increments for each resulting without claim year. As such, NCB discounts can go from 20% to 50%. Notwithstanding, the second you make a claim, this NCB discount may be withdrawn totally.

NCB is normally appended to the insured and not the vehicle. Subsequently, when you purchase another vehicle, your NCB will be moved to the insurance policy of your new vehicle.

Q2. My commercial vehicle met with an accident, yet fortunately, the damages were truly minor. Do I still need to hold up a claim, or is it optional to make a claim, especially when the damage is minor?

It is not necessary to always hold up a claim, especially for minor damages. Indeed, most insurance experts advise policyholders to cease making claims for such damages. There are numerous reasons for this.

Regardless, when you make a claim for commercial vehicle insurance for minor damages, the cost of depreciation and deductible will be paid from your pocket. Not to mention, you may also lose out on any NCB you have gathered in the process, which could be more prominent than the compensation you get when the claim is settled.

Q3. Is it permissible to transfer No claim benefit?

Yes, you can transfer your NCB benefits when you change insurance providers. This is because NCB is appended to the policyholder, not the plan, the insurance company or the vehicle. Nonetheless, you must transfer the plan within ninety days of the renewal date to stay away from any undesirable complications.

Q1. How will I know which add-on is suited for me?

Prior to purchasing a commercial vehicle insurance policy, you can research the benefits of various add-ons and choose the one which you think will suit you. You can also take help from our insurance providers, who will suggest add-ons based on your vehicle's age, kind, and claim settlement record. Our site will also suggest some must-purchase add-ons that you can choose from

Q2. What kind of add-on can I purchase to protect myself in an accident?

Personal accident and Own Damage covers are available, both as an add-on and as individual policies, which you can purchase to protect yourself in the event of an accident while you are present in the commercial vehicle. An add-on has comparatively lower premium charges than an individual policy as it gets included in the original sum insured of the policy.

Q3. Are any add-ons available for hospital charges?

With a specific hospital cover, you can receive protection if you need to be hospitalised for any injury acquired during an accident. If you, your employees, or your family members were present in the vehicle at the time of the accident, they could also receive coverage if you opt for a more comprehensive plan.

This cover will include all the charges incurred during the hospitalisation, ranging from doctor consultations, medical second opinion, surgery, medications, investigations, room rent, nursing care and many more.

Testimonial

Hear from our Happy Customer

5.0 Stars Rating

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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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Vijayraj

09 September 2021

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

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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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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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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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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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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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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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Prahalath Vijay

09 September 2021

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

Chola - More things to Know About Commercial Vehicle Insurance Content

More Things to Know About Commercial Vehicle Insurance

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

Chola - What are the Key features of Commercial vehicle insurance Content

What are the Key features of Commercial Vehicle Insurance?

Chola MS provides their customers with some of the best policies available in the market! You can easily avail of our insurance because it provides top of the line features and benefits. Some of the key features of our Commercial Vehicle Insurance policies are as follows:

Easy-to-follow claim process

Complete the entire claim process hassle-free. You can choose to complete the claim process online or offline according to your preference. Our claim process is simple and can be completed within 4-8 hours, with minimum documentation.

Cashless repairs

Chola MS has partnered with various garages and car service centres across the country. Complete repairs on your cars by choosing cashless repairs. We can focus on getting the right repairs, while we handle the expenses.

Unbeatable Settlement Ratio

Chola MS has a claim settlement ratio of [#]%. We have proudly served our customers and settled all claims without hassle for our clients.

Third-Party Damages Cover

Our insurance policies, including online commercial vehicle insurance policies, provide unlimited liability for personal damages. This service can be availed up to [#] for individual, property and vehicle damages or repairs.

24x7 Customer Support

You have our employees at your disposal. Regardless of the day or time, you have access to our excellent customer services. Our customer service representatives are trained to provide systematic and precise solutions to all clients. With almost no call on-hold time, you can get swift answers to all queries.

Online Policy Renewals

The commercial vehicle insurance online renewal service allows you to renewal any insurance policies with the same premium and coverage without any additional hassle. The entire process can be completed within seconds!

Chola - Benefits of commercial vehicle insurance Content

What are the benefits of commercial vehicle insurance?

If you are looking for ways to make your commercial vehicles more secure, Commercial Vehicle Insurance is something you just cannot miss out on! Here are some of the benefits of getting this type of insurance -

Damage protection

As a business owner, if you are responsible for multiple vehicles, commercial vehicle insurance is imperative for you. Single insurance covers all your vehicles, at no extra cost. Additionally, you get protection from damages, be it theft, fire, natural calamities or even terrorist attacks. You do not have to purchase insurance separately every time it faces any damage.

Additional Coverages

Commercial vehicle insurance comes with additional coverages such as extra benefits to the survivors in case there are any deaths during the accident. It also includes covers for third party penalty claims, lawsuit coverage, and a no-claim bonus during renewals.

Easy Claims

Consider a situation where you are charged with negligent driving, or some other claim is made against you by a third party. The entire process of proving this claim wrong, and then receiving compensation for the same, is a long and tiring one. But if you have opted for commercial car insurances, your life is made much easier. These insurances provide coverage for third party claims and accident claims as well, and simplify the complicated process of proving the claim.

Personal Protection

If you have been unfortunate enough to be involved in an accident, you know how difficult it can be to take care of legal matters afterwards. In addition to recovering from the physical and emotional injuries, you also have to claim insurance to make up for the financial losses. Life has been infinitely easier with commercial vehicle insurances. Commercial insurances provide you with personal protection in the form of a Personal Accident Cover for all the persons present inside the vehicle in the event of an accident.

Comprehensive Policies

A personal auto policy is not as comprehensive and all-encompassing as commercial auto insurance. Commercial insurances will cover property damage, medical payments, liability and even cargo coverage in the same policy. This is in addition to other coverages that are offered by most companies these days.

Chola - Why choose Chola MS commercial vehicle insurance Content

Why Choose Chola MS Commercial Vehicle Insurance?

There are several companies out there that offer Commercial Vehicle Insurance. So what makes Chola MS different? Here are some reasons why you, as a business owner, must choose Chola MS for your commercial car or vehicle insurance.

Wide Coverage

The policies of Chola MS cover several types of vehicles. These include passenger-carrying commercial vehicles such as school buses, vans and taxis; goods carrying commercial vehicles such as trucks and mini trucks; tractors and other vehicles like excavation cranes, loaders and many more. Therefore, whether you own a small commercial vehicle or a large one, you can find appropriate policies under one roof itself. Additionally, you only need one insurance cover for multiple vehicles.

Comprehensive Policies

Chola MS offers the most comprehensive policies for your vehicles. Enjoy benefits such as third party claim covers and own damage covers. You also get a discount on premiums by applying the no-claim bonus for the policy years where claims were not made. Hence, you do not lose out on the money you invested in the form of premiums for your insurance policies.

Multiple Discounts

Chola MS offers multiple discounts to its clients and customers. These include the no claim bonus, AAM (Automobile Association Membership) discount, discount for anti-theft devices approved by the ARAI (Automobile Research Association of India), and many more. With such extensive benefits and additional covers, this insurance policy is undoubtedly a popular choice among vehicle owners.

Attractive Price Ranges

The company offers covers ranging from prices as low as Rs. 10,000 to a maximum of Rs. 2,00,000 for personal coverage which includes spouse, children, parents, and other family members. With such a sweeping price range and such low commercial car insurance costs, the company ensures that every individual can enjoy the benefit and security of commercial vehicle insurances.

Saving up on lawsuits

While accidents are unlikely events, they are more common than you might think. And with accidents come their aftermaths in the form of lawsuits. In case the third party makes a claim against you in an accident, which results in a lawsuit, our insurance policy will help cover it under the Third Party Liability Cover which includes both Personal Liability and Property Liability.

All-Inclusive Coverage

The policies available under Chola MS provide protection in the events of riots, earthquakes, strikes, burglaries, other natural calamities, or any other disaster. With such wide coverage, you can rest assured that your property and vehicle will be protected regardless of the nature of the unfortunate event that strikes it.

Online Insurance Claims

If you are in the process of recovering from any physical or emotional damage, claiming insurance might be the last thing on your mind. Perhaps the effort of having to request for the claim in person puts you off the idea. But with Chola MS, claiming your insurance has never been smoother!

Simply register for your claim online or call us on our toll-free number from the comfort of your own home. Our surveyor will visit the spot of the accident or event, acquire and verify the documents. The claims process will begin as soon as the settlement has been decided. With commercial car insurance online, you can receive your claims at your convenience and comfort.

Customisable IDV

Before elaborating on this benefit, let us briefly understand what IDV means. The term stands for Insurer Declared Value and is calculated by subtracting the depreciation from the listing price of your vehicle.

In the event of complete loss or theft of your vehicle, you can receive IDV as the maximum compensation that your insurance provider offers you. With Chola MS, you can customize and tailor your IDV to suit you. This also allows you to enjoy the maximum benefit from your insurance purchase.

Customer Service

Waiting for long hours to connect with the customer support team, or not being able to contact them at all is the worst way that a company can lose their clients. Chola MS does not fall short in this department.

Our customer service team is prompt, efficient, and easily available on live chat, email, and phone call. Our FAQ section is answered in detail. We are here for you if you have any additional queries. It has several team members which work on different aspects of commercial vehicle insurance and help you accordingly.

For example, the technical support team is available in case you are not able to access your insurance details online or make cashless payments or are facing any difficulty in accessing their site. The legal support team is available for any issues involving legalities, such as lawsuits, insurance contracts, and so on.

Furthermore, the surveyor team is available for surveying the site of the accident, determining the insurance claim amount, and whether you are eligible for it or not. With a well-organised support team, you can get solutions for your problems at your fingertips!

Chola - What is Commercial Vehicle Insurance Eligibility Content

What is Commercial Vehicle Insurance Eligibility

Commercial vehicles insurance is not limited by a type or class of vehicle. You may require a commercial vehicle insurance policy if you fulfil one of the following criteria:

Transportation service

If you provide any type of free or charged transportation service, you are required to get commercial vehicle insurance.

Higher liability

If you don’t provide any type of transportation service, however, your nature of work includes higher liability, you are eligible to obtain commercial vehicle insurance online or offline.

Delegate vehicles

If your business requires your employees to operate company vehicles, you are eligible for commercial vehicle insurance.

Chola - How to get commercial vehicle insurance Content

How to get commercial vehicle insurance from Chola MS?

At Chola MS, we aim to ensure all your vehicles and liabilities are covered with the minimum possible premium.
We follow a simple, no-hassle method to allow all clients to buy appropriate insurance. The process of buying
Commercial Vehicle Insurance is as follows:

Evaluation

To determine the sum assured required for any business or vehicle, you first need to determine which assets you want to insure. We conduct a preliminary meeting to find out the type and number of vehicles you want to insure and the services these vehicles are used for.

Policies

Once you have assessed the sum assured you need, we provide you with the perfect commercial vehicle insurance policy. This will be tailored to your needs.

Add-on covers

From the various additional covers available, choose an add-on to your selected policy to provide your vehicles more comprehensive protection.

Form Filling

Once you have decided on the policy and add-on covers you require, apply for the same. Include copies of all the necessary documents, waivers and licenses with your form.

Approval

Once you have submitted the form, our representative will analyze the form, the sum assured and the documents you have attached.

Financial Checks

Before approving any insurance applications, Chola MS conducts an extensive financial check. This includes checking your business's credit score, claim history and revenue. This is not limited to the last financial year. We may also conduct individual checks in case of small businesses or start-ups.

Stay protected

Once your application is approved, you can enjoy maximum protection and comprehensive coverage. Chola MS operates all over India, so you can remain safe regardless of where you are.

Chola - Factors Deciding Premium Commercial Vehicle Insurance Content

Factors deciding premium of commercial vehicle insurance?

Chola MS provides affordable, minimum premiums for all their customers! Commercial vehicle insurance cost and premium are decided by the following factors:

Age of the vehicles

Older vehicles have lower premium rates. Brand new vehicles or those that are only 3-5 years old face severe depreciation in their price. Therefore newer vehicles are provided higher premiums.

Vehicle type and use

The type of vehicle you own and the service is it used for are key factors in deciding the premium. Heavier vehicles can do more damage to third-party vehicles in case of an accident, which increases their premium rates.

Claim history

Drivers that have higher claim ratios indicate that they are more likely to cause accident thereby increasing the premium.

Location

All states have been divided into different zones or territories which are rated by the risk of an accident. The frequency of your operation in these zones can increase your premium.

Chola - Insured Under Commercial Vehicle Insurance Content

Who all are insured under commercial vehicle insurance?

Chola MS provides extensive coverages for the following persons involved in any unforeseen and unfortunate event -

In addition to the damage to property, the passengers of the vehicle, including the driver, may also face injuries. These may be major or minor injuries and may require hospitalisation and extensive treatment. Therefore, besides protecting the property or the vehicle, it is equally important to provide adequate financial protection to the passengers of the vehicle.

Any unnamed passenger, spouse, child, or parent present in the vehicle at the time of the accident or event receives coverage ranging from Rs. 10,000 to Rs. 2,00,000 (in multiples of Rs. 10,000). The owner or the driver also receives a compulsory coverage of Rs. 2,00,000 under the Personal Accident Cover, and a Limited Liability (LL) to the paid driver in the event of an accident. Chola MS ensures that both the vehicle and the people inside it can enjoy the protection that commercial vehicle insurances provide.

Accidents may occur when an employee or employees are transporting goods, shipping them to a specific location, or in the process of transmitting material. If they face any injury on the job, they are liable to receive insurance claims for the physical and emotional damage they suffer from. Therefore, under Chola MS, legal liability is applicable and available to the employees when an accident involves the insured vehicle.

It may so happen that the insured vehicle may be involved in an accident when the owner himself or herself is not present in the vehicle, but it is in use by an employee or a third party. While the passengers of the vehicle may receive claims, the owner of the vehicle is equally liable for the insurance claim.

This is to compensate for the emotional damage and financial losses the owner is likely to face due to the reduced efficiency and functioning of the vehicle. It is also to make up for the damage that the vehicle has faced and to remunerate the cost of repairs. With Chola MS, even owners who were not present at the site of the accident can enjoy the coverage of insured vehicles.

Certain jobs put persons at high risk during the job process. This could include the transport of certain goods that may contain highly toxic chemicals which are dangerous for humans. It could also pertain to the terrain over which the vehicle is travelling, such as an area where landslides or rockslides commonly occur. This puts the person inside the vehicle at high risk.

While the passengers may be employees or even the owner themselves, the additional risk posed to them makes them liable to receive additional insurance claims under the commercial auto insurance policies. The reason why this type of coverage is mentioned specifically in the policies is that it does not fall under natural accidents or calamities, but refers to man-made accidents.

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