Car insurance safeguards against unforeseen circumstances financially. However, when choosing the right car insurance policy, you would want to select an insurance company that offers comprehensive coverage, excellent customer service, and a hassle-free claims process. If you have concerns about the company's credibility, the transparency of its policies, and the ease of the claims process, Chola MS (Cholamandalam MS General Insurance Company Ltd.) is the name you can trust.
Chola MS car insurance has built a reputation for its range of insurance products, catering to different needs and preferences of car owners. Whether you're a first-time car owner looking for basic coverage or a seasoned driver seeking extensive protection, Chola MS has something for you.
Let’s uncover everything you need to know about Chola MS car insurance - from understanding their motor insurance plans to exploring the claims process and additional services.
More About Cholamandalam MS General Insurance Company
Cholamandalam MS General Insurance Company Ltd., also known as Chola MS, is an Indian insurance company. It was established in 2001 as a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited. The company combines the strengths of a trusted Indian financial services group with the expertise of a leading Japanese insurer.
Chola MS operates with a vision to provide customer-centric insurance solutions across various segments, including motor, health, travel, and home insurance. One of the company's standout features is its robust distribution network, which spans urban and rural areas, ensuring accessibility and convenience for customers throughout India.
Chola MS's commitment to customer service is reflected in its efficient claims-handling process, user-friendly digital platforms, and responsive customer support. The company is known for its competitive pricing, customizable policies, and extensive coverage options.
What are the Key Features of Chola MS Car Insurance?
The following table highlights the key features of the car insurance policies offered by Cholamandalam MS General Insurance:
| Feature | Description |
|---|---|
| Comprehensive Coveragen | Offers coverage against damages to your car from accidents, natural calamities, and theft |
| Zero Depreciation Optionm | Provides full reimbursement of the repair costs without deducting depreciation, ensuring you receive the complete value of repairse |
| Cashless Network | Access to a vast network of 15900+ cashless garages, allowing for direct settlement of repair bills without the need for upfront payment |
| Personal Accident Cover | Covers medical expenses and provides compensation in case of accidental injury or death of the driver and passenger |
| No Claim Bonus | Earn a discount on your premium for every claim-free year, rewarding safe driving and reducing overall insurance costse |
| Flexible Coverage Options | Customisable policy options to tailor coverage according to your specific needs, including add-ons like engine protection and key replacement |
| Online Services | Convenient online policy purchase, renewal, and claim registration through Chola MS’s user-friendly digital platforms |
| Claim Settlement | Efficient claims processing with minimal paperwork, ensuring prompt settlement and reducing wait times for repairs or compensation |
What are the Benefits of Buying Chola MS Car Insurance Policies?
- Enhanced financial security against various risks to reduce financial burden
- Personalized coverage to help you tailor the insurance policy with add-ons and riders, ensuring your specific needs are met effectively
- Streamlined repair process with cashless garages and quick claims settlement to save time and effort
- Benefit from competitive premiums and no-claim bonuses, which can significantly lower the cost of insurance over time.
- Simplified policy management with user-friendly online platforms for purchasing, renewing, and tracking your insurance
- Optional add-ons like zero depreciation and engine protection to provide extra security and enhance the overall value of the policy
Types of Chola MS Car Insurance Policy You Can Buy
When selecting a car insurance policy from Chola MS, you have several options, each designed to meet different levels of coverage and protection. These include:
Third-Party Car Insurance
This is the most basic and legally required form of car insurance offered by Chola MS. It covers liability for damages or injuries caused to third parties in an accident. While it does not provide coverage for damage to your vehicle, it ensures compliance with legal requirements and protects you from financial liabilities arising from third-party claims.
Standalone Own Damage Insurance
This type of Chola MS car insurance policy focuses on covering damages to your vehicle. It is suitable if you already have third-party insurance and want additional protection for your car against accidental damages, theft, fire, or natural calamities. Standalone own damage insurance does not cover third-party coverage.
Comprehensive Car Insurance
This is the most inclusive type of motor insurance policy, combining both third-party liability and own damage coverage. It provides extensive protection for your vehicle, including damages from accidents, theft, fire, natural calamities, and vandalism. Comprehensive insurance also includes personal accident cover for the driver and may offer optional add-ons for additional security.
How to Calculate Chola MS Car Insurance Premium?
You can calculate Chola MS car insurance premium using an online car insurance premium calculator to understand the cost of coverage and select the right policy for your needs. Here are the steps involved:
Visit our car insurance calculator page.
Input essential information about your vehicle, including its make, model, year of manufacture, and registration details. This information helps the calculator assess your car’s value and determine the appropriate premium.
Choose the type of coverage you need (third-party, standalone own damage, or comprehensive) and any additional add-ons or riders you wish to include.
Enter details such as your age, driving experience, and location, as these factors can influence the premium rate.
After entering all the necessary details, the car insurance calculator will provide an estimated premium amount. This quote reflects the cost of insuring your vehicle based on the selected coverage and options.
Proceed to pay the premium online and complete the policy purchase. In case you want to customize the coverage, you can recalculate the premium by changing the variable parameters (IDV, add-ons, etc.) used in the calculator.
Which Add-ons Can You Include to a Chola MS Car Insurance Policy?
Here are some of the key add-ons you can consider including to your base car insurance policy:
Zero Depreciation Cover
This add-on ensures you receive the full claim amount without accounting for depreciation on parts or accessories. It’s useful for new cars or if you want to maximize your claim in the event of an accident.
Engine Protection Cover
It covers damages to your car’s engine and gearbox due to water logging, oil leakage, or other issues not typically covered under a standard policy.
Roadside Assistance
This add-on offers 24x7 support for emergencies such as breakdowns, flat tires, or fuel shortages, ensuring you have access to quick assistance and can get back on the road without delays.
Personal Accident Cover for Passengers
It extends personal accident coverage to passengers travelling in your car, providing financial support in case of injuries or death resulting from an accident.
Key Replacement Cover
This covers the cost of replacing lost or stolen car keys, including any associated locksmith charges. It can be useful in situations when you misplace your keys or need them replaced due to theft.
No-Claim Bonus Protection
It safeguards your accumulated NCB even if you make a claim, ensuring you retain your NCB discount on renewal.
Note: Availability of add-ons may vary based on policy type and location.**
How to Buy Chola MS Car Insurance Policy?
Follow these steps to get your Chola MS car insurance policy:
Visit RenewBuy’s Website
Go to the ‘Car Insurance’ section on our website.
Enter Your Vehicle Details
Input essential information about your vehicle, such as make, model, year of manufacture, and registration number.
Compare Insurance Plans
Browse through the list of available car insurance policies. Compare the features, benefits, and premiums of different plans.
Select a Suitable Car Insurance Plan
Choose the Chola MS car insurance policy that best suits your needs. Review the coverage options, add-ons, and policy terms carefully.
Customize Your Policy
Add any desired optional covers or riders to enhance your policy.
Provide Personal Information
Fill in your name, contact information, address, and driving license number.
Review and Confirm
Double-check all the entered details and selected options.
Pay the Premium
Proceed to the payment section and complete the payment via your preferred payment method (credit card, debit card, net banking, etc.). You will receive your Chola MS car insurance policy documents via email after successful payment.
How to Renew Chola MS Car Insurance?
Follow the steps given below for Chola MS car insurance renewal:
- Go to our car insurance renewal services section.
- Input your existing policy number and vehicle registration number. This will help retrieve your current policy details for renewal.
- Review the details of your existing policy, including coverage, add-ons, and personal information. Ensure everything is accurate and up to date.
- Choose whether to continue with the same coverage or make adjustments. You can add or remove optional covers and riders based on your needs.
- If there have been any changes in your personal information (address, contact number, etc.), update them accordingly.
- Once you have reviewed and updated the necessary details, the system will generate a renewal quote. This will include the premium for the renewed policy.
- If you have not made any claims during the previous policy term, you can avail of the NCB discount, which can reduce your renewal premium.
- Proceed to the payment section and complete the renewal process. You will receive an email confirmation of your policy.
How to Raise a Claim Under Chola MS Car Insurance Policies?
Here are the steps involved to file a claim under your Chola MS car insurance plan:
Notify Chola MS
As soon as an incident occurs (accident, theft, damage, etc.), inform Chola MS by calling their toll-free number or through their official website/app.
Register the Claim
Provide necessary details about the incident, including date, time, location, and nature of the event.
Fill Out the Claim Form
Complete the claim form available on the Chola MS website or at their nearest branch.
Submit Required Documents
Submit the required documents, which typically include:
- Duly filled claim form
- Copy of the insurance policy
- Copy of the vehicle’s registration certificate (RC)
- Copy of the driving license
- FIR copy (in case of theft or major accidents)
- Repair estimates from the garage
- Photos of the damaged vehicle (if applicable)
Proceed with Vehicle Survey and Inspection
Chola MS will assign a surveyor to inspect the damages. Coordinate with the surveyor for vehicle inspection. The surveyor will assess the extent of damage and verify the details of the claim.
Cooperate with the Surveyor
Once the surveyor completes the inspection, Chola MS will approve the claim based on the assessment.
Accept Claim Settlement
For cashless claims, Chola MS will directly settle the repair bills with the network garage. If you opt for reimbursement, pay for the repairs and submit the final bills and receipts to Chola MS for reimbursement. Once all procedures are completed and the claim is approved, you will receive the compensation as per the policy terms. For cashless claims, your vehicle will be repaired and handed back to you.