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Chola - What is Standalone Own Damage Car Insurance Content
What is Standalone Own Damage Car Insurance?
With effect from 1st September 2019, Own Damage is no longer being bundled with Third Party and is being sold as a standalone annual policy. If you bought your car after 1st September 2018, you now have the option of buying a Standalone Own Damage Car Insurance for the second year. With a 3-year Third-Party Insurance policy now being mandatory for all car owners in India, the purchase and renewal of Own Damage cover is now independent and optional.
With the new guidelines for car insurance, the IRDAI has made third party insurance mandatory for three years. If you purchased your vehicle after 1st September, 2020, you now have the option to buy Standalone Own Damage Car Insurance for the second year. The policy covers the theft of the car and damage due to natural calamities, man-made disasters, accidents or fire and explosions.
Chola - Standalone Here are some of the features of Car Insurance
Here are some of the advantages of the Chola MS Standalone Own Damage Car Insurance
Chola - Why choose Chola MS Standalone Own Damage Car Insurance
Why choose Chola MS Standalone Own Damage Car Insurance?
Customer convenience lies at the heart of everything we do. An Own Damage Car Insurance is a special motor-vehicle insurance plan that provides you with protection against against theft, burglary, fire, explosion, man made disasters such as terrorism, riots, strikes, vandalism, etc. and natural disasters such as floods, earthquakes, landslides, etc. The plan also provides cover for damages and losses incurred due to an accident or road mishap. Here are some Own Damage Insurance benefits you stand to gain when choosing Chola MS:
Get best prices for all your motor insurance needs at just a tap of a button. We at Chola MS, offer some of the most competitive rates available out there.
You get to customize your IDV to best suit your requirements
Quick Hassle-free Claims
Get insurance with Chola MS and never wait too long to get your renewals and claims processed
No restrictions on claims. Register as many as you need until the IDV is exhausted.
24*7 Phone, Email Chat Support
We’ll be there for you via chat or even email, 24*7. Making sure your needs are taken care of is our top-priority.
Get easy access to over 8500+ cashless garages, across the whole country. You can find your nearest cashless garage by using your pin code, city and state details on our website.
Be a Chola MS customer and get special discounts on purchases from Pharmacies and even services from leading diagnostic centres from all over the country.
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Make A Claim On Your Car Insurance
Chola - Modifying/Endorsing Your Insurance Details Content
Modifying/Endorsing your Insurance details
In case of change in name, address or any other details to changed/added to 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 - Standalone Own Damage Car Insurance FAQ's Content
Standalone Own Damage Car Insurance Frequently Asked Questions
The most basic type of Car Insurance is Third Party Car Insurance and it only covers third-party liability. As per the Motor Vehicles Act, buying a 3-year third-party car insurance is now mandatory in India.
In addition to external market forces which influence the cost of premiums, own damage premium is mainly determined by the Insurance Declared Value (IDV) of the car.
On 1st September, 2019, the Insurance Regulator (IRDAI) made way for Standalone Own Damage Motor Insurance Cover for cars. Thus it is no longer compulsory for you to buy your own damage cover bundled along with your third party cover from the same insurer. You can buy Third Party cover from one insurer when buying your car and buy the Own Damage Cover after considering all the options offered by other insurers.
Car owners who purchased their cars after 1st September 2018 and have a Third Party Car Insurance Cover for 3 years, are eligible to buy this cover.
Third Party is a liability only policy which provides cover against any legal liability, damages and injuries caused by the insured vehicle to a third-party person or property. While Third Party Insurance is mandatory, Own Damage Car Insurance is optional. Own Damage Car Insurance is important to have if you want to be compensated for damages caused to your car due to natural calamities such as storms, earthquakes, floods etc, man-made disasters such as vandalism, riots and terror attacks and coverage for external accidents. A Comprehensive Car Insurance Policy includes the scope of coverage within Third Party Policy and Own Damages Policy. Additionally it also covers you for personal accidents leading to injury, disability or death.
For cars purchased after 1st Sep 2018 you can choose from the options listed below:
• Third Party (liability only) Policy for a duration of 3 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
• Bundled (Third Party and Own Damage) Policy for a duration of 3 years. This policy provides cover for Own Damage for 1 year and for Third Party liability for 3 years
• Comprehensive Policy for a duration of 3 years. This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage
For cars bought before 1st Sep 2018 (more than 1-year old) you can choose from the options listed below:
• Third Party (liability only) Policy for a duration of 2 or 3 years. This policy provides cover against third party property damage and third party liability in terms of death or injury
• Comprehensive Policy for a duration of 2 or 3 years . This policy provides a comprehensive cover to protect your bike from damage/loss in fire, theft, earthquake, etc. Additionally it also provides cover against any third party liability related to death, bodily injury and third party property damage