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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 MS provides affordable and best-priced premiums
With a speedy turnaround on claim settlements
Chola MS provides 24*7 assistance with calls, emails or chat support
With exclusive discounts from pharmacies and diagnostic centres

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:

Competitive Premiums

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

Limitless Claims

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.

Cashless Garages

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.

Exclusive Discounts

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.

Chola - Standalone own damage party car insurance policy offer Content

What does your Standalone own damage car insurance policy offer?

Theft of your car.

Damage to your car due to natural calamities namely earthquake, landslide, floods etc. and man-made disasters such as riots, terrorism, vandalism etc.

Damage to your car due to an accident.

Damage to your car due to fire or explosion.

The following events and situations are not covered under this policy -

If the event occurs post expiry and prior to renewal of the policy, your car will not be covered. Policy must be in force at the time of damage thus it is important to renew on time.

Depreciation in the value of the car is not covered.

Any electrical or mechanical breakdowns are not covered under this policy.

Driving under the influence of drugs/alcohol counts as illegal driving and is not within the scope of the insurance cover

Any damages to your car due to war, terror attacks, invasion, radiation, rebellion or hostilities will not be covered.

Activities in violation of the law such as driving without a valid license, driving on the wrong side of the road or underage driving are not covered by the policy.

Damages due to negligence such as forgetting to lock the car leading to theft are out of scope.

Damages caused by deliberate attempts such as intentionally hitting your car to cause an accident will not be covered by this policy.

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 - 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.

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Chola - Standalone Own Damage Car Insurance FAQ's Content

Standalone Own Damage Car Insurance Frequently Asked Questions

What is considered to be the most basic type of car insurance and what does it cover?

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.

How is the Own Damage Car Insurance premium calculated?

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.

Are you required to buy Third Party and Own Damage Car Insurance from the same insurer?

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.

Who is eligible to buy Standalone Own Damage Car Insurance?

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.

What is the difference between Third Party, Own Damage and Comprehensive Car Insurance Policy?

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.

What are the various long-term policies available for cars?

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


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