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Chola - What is Comprehensive Car Insurance Content
What is Comprehensive Car Insurance?
Comprehensive car insurance, as the name suggests, offers overall cover for damages to both parties involved in an accident. This is an extensive policy because it covers damages to car, theft of car, legal liability towards third-party and personal accident cover. The policy coverage can also be extended by opting for add-ons like Monthly Instalment Cover, Coverage for Roadside assistance in case of breakdowns, Waiver of Depreciation, Personal Belongings (inside the vehicle), etc. This cover is preferred due to its end-to-end coverage, which provides convenience and security for the policyholder.
Chola - Why choose Chola MS Comprehensive Car Insurance Content
Why choose Chola MS Comprehensive Car Insurance?
Customer convenience lies at the heart of everything we do.
Overpriced premiums have no place at Chola MS. We offer competitive and best-priced premiums to all our customers. Get a quote and find out for yourself. It’s just a click away.
Chola MS ensures customer delight always. Our customers are eligible for discount on purchases from Pharmacies and for services in leading Diagnostic Centres spread across the country.
Quick & Hassle-free Claims
15,000 claims settled within a month and 60% claims settled in 10 days. Our claim process is designed to assist customers with a speedy turnaround on their claim settlement.
No restrictions on claims. Register as many as you need until the IDV is exhausted.
Doorstep Pickup & Repair
Doorstep pickup, repair and drop.
Customize your IDV to suit your requirement.
24*7 Phone,Email& Chat Support
Phone and Email Support is available even on national Holidays.
8500+ Cashless Garages spread across the country for your convenience.
Chola - Benefits of Comprehensive Car Insurance
Benefits of Comprehensive Car Insurance
Comprehensive Car Insurance attracts a higher premium when compared to Third Party Car Insurance, but with good reason. A comprehensive cover provides an extensive insurance cover benefits with the option of ‘Add on’ covers. A standard comprehensive car insurance policy covers you for the following:
Chola - Here are some of the features of Car Insurance
Here are some of the features of Car Insurance
Receive quick and hassle free claims at Chola MS which is designed for speedy turnarounds on claim settlement for the comfort of the customer
With zero restrictions on claims, you can register as many claims as you need until your IDV is exhausted
Receive 24*7 customer support via chat, email and phone calls, even on national holidays
Chola - What does your comprehensive car insurance policy give you 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 - Comprehensive Car Insurance Frequently asked questions
Comprehensive Car Insurance Frequently asked questions
Car insurance provides protection to your car against damages which may result in financial losses. Additionally, it also insures you to the extent of any third party liability arising from the use of the insured vehicle.
There are two types of Car Insurance policies – Third Party Insurance and Comprehensive Insurance policy.
Third Party Insurance is the most basic prerequisite by law to drive a vehicle in India and is also the most economical insurance coverage option. It is a liability only policy that provides cover against any legal liability, damages and injuries caused by the insured vehicle to a third-party person or property.
A comprehensive insurance policy provides protection from road accidents, fire, theft, vandalism, falling objects, damage to insured vehicle by animals, natural disasters, civil disturbances and third party liability in the event of third party property damage, bodily injury and death.
As per the Motor Vehicles Act, 1988, it is mandatory for every motor vehicle plying on the road to be insured with a Third Party Liability only policy at the very least.
As per the law, a third party liability only policy is mandatory, without which one cannot use the vehicle on the road. However, under a third party liability only policy, damage to your vehicle from events such as theft, fire, earthquake, terrorism etc. is not covered and could result in huge financial losses. Thus it is advisable to buy a comprehensive cover because it provides financial and third party liability protection.
No Claim Bonus (NCB), as the name suggests, is a reward or bonus from the insured to the policyholder for not making a claim in the preceding years. NCB is a discount ranging from 20-50% on premium payable which cannot be claimed right away but needs to be earned by maintaining a claim-free record.
No Claim Bonus (NCB) carries a validity of 90 days from the policy expiry date. The NCB will become 0 and if the policy is not renewed within 90 days. No benefit shall be passed on to the renewed policy if renewed after 90 days.
After sale of existing vehicle, a No Claim Bonus reserving letter is issued by the existing Insurer. On the basis of this letter, this benefit is transferred to the new vehicle.
After the expiry date Chola MS has a 30-day grace period within which the customer can renew the policy and the NCB will be continued. If the customer wants to renew the policy after the 30-day grace period, s/he should call the Toll Free Number 1800-208-5544 (in India) where the Customer care personnel will guide the customer through the Break-in vehicle inspection app, post which the renewal process will be initiated.
Contact the Insurer with supporting documents - sale deed/form 29/30/NOC of seller, Old RC copy, Transferred RC copy and NCB recovery amount for transfer of insurance.
IDV or Insured Declared Value is the current market value of your car. For instance if the purchase price of your car is Rs. 8 lakhs, its value after a year will certainly be less because a car is a depreciating asset. Once you start using your car, its worth also decreases due to regular use, wear and tear. Thus after a year its value will be around Rs. 6.40 lakhs. This amount (the current market value) is called the IDV of the car. IDV is the maximum Sum Assured determined by the insurer and given to the policyholder on damage/loss or theft of the car.
The following parameters are taken into account for IDV calculation - Vehicle’s Age, Manufacturer, Make, Model of the Vehicle and City/Vehicle Registration Details.
IDV is important in determining the premium amount. The IDV of a vehicle usually falls within a certain range based on the vehicle’s ex-showroom price. Thus it is important to know the IDV for your vehicle to ensure you pay the correct premium amount. In the event of an accident, damage, theft you might receive a lot less than is due if the IDV is incorrect. Make sure the IDV is correctly stated for accuracy of sum assured.
Zero paperwork and physical documentation and your policy is delivered instantly to you.
The existing insurance policy can be transferred to the buyer by passing an endorsement under the existing policy. Supporting documents required for this process include - sale deed/form 29/30/NOC of seller/NCB recovery. You can also cancel the existing policy. Supporting documents like sale deed/form 29/30 are required to cancel the policy.
You may register a claim either on Chola MS’ website or through the call centre using the Toll Free Number 1800-208-5544 (in India).