A car insurance policy is a legal necessity and there are various insurers in the market today who offer car insurance policies for your car. Amidst other insurers, Cholamandalam MS General Insurance Company Limited is a name to reckon with. The company is a joint venture between South India’s famous conglomerate, Murugappa Group and Japan’s third largest insurance company Mitsui Sumitomo Insurance Group. Cholamandalam MS offers different types of insurance policies and Cholamandalam car insurance policy is among one of the most popular products offered by the company. Let’s understand the details of the policy.
Cholamandalam Car Insurance
The Cholamandalam car insurance policy is a comprehensive insurance policy which provides various coverage features and comes at a competitive rate. The salient features of the Cholamandalam car insurance policy are as follows:
- Scope of coverage – Cholamandalam car insurance policy is a package policy which covers both third party liability and damage caused to your own vehicle.
- Third party liability cover – The third party cover extends coverage for third party personal liability as well as third party property damage. While the third party personal liability has no maximum limit to the coverage extended, in case of property damage cover, a maximum of Rs.7.5 lakhs is allowed as compensation.
- Own damage cover – under this cover, any damage caused to your car due to fire, lightning, explosion, natural calamities, war, riot, strike, accidents, during transit by road, rail or air, terrorist or any malicious act, etc. is covered.
- Personal accident cover: There is also a personal accident cover of up to Rs.2 lakhs for owner-cum-driver of the car and any named or unnamed passengers. Furthermore, the policy allows legal liability cover for paid drivers and any employee of the owner in case of any injuries or death.
- Exclusions – despite the comprehensive coverage offered, Cholamandalam car insurance plan also has some common exclusions which are not covered by the plan. These exclusions include damages caused due to:
- Willful negligence
- Under the influence of alcohol or drugs
- The car being used outside the geographical limits
- Driving without a license
- Radioactivity, war and related activities.
- Moreover, consequential losses are also not covered by the policy.
- Value added benefits – Cholamandalam car insurance policy provides you with different value additions in your insurance plan which are described below:
- Fixed daily allowance – if your vehicle was in an accident and is in a garage for repairs, the policy provides an allowance of Rs.500/Rs.1000 per day for a maximum of 5 days for hiring a rental car.
- Reinstatement value – you can avail the highest claim amount through the reinstatement value benefit wherein the claim depends on your car’s invoice value with zero depreciation charges.
- Personal belongings and clothing cover – if your personal belongings or clothes are damaged due to a fire or accident, the policy provides a benefit of up to Rs.10, 000 for the same.
- Duplicate key assistance – if you lose your ignition key you can apply for a duplicate one and the policy would compensate you up to Rs.1000 for the loss.
- Duplicate license compensation – you also get compensation up to Rs.500 for losing your driving license and applying for a duplicate one.
- 24*7 Roadside assistance – now breaking down of your car in the middle of a road is no more inconvenient. Cholamandalam car insurance provides spot assistance, car breakdown assistance and battery top-up facilities in case of a break-down.
- Your road tax and registration charges are also covered by the policy
- Cashless claims – Cholamandalam car insurance policy lets you avail the cashless claim facility across 3750 garages associated with the insurance company. 24 X 7 Customer support team helps you track the status of your claim and provide assistance in case of an accident or sudden breakdown.
Cholamandalam car insurance policy is a comprehensive insurance policy which provides some unique coverage features. With the option of add-on riders, Cholamandalam car insurance plan also allows you to increase the scope of protection. Moreover, the premium rates for the policy are low and can be further reduced by good discounts offered. So, what are you waiting for? A car insurance policy is compulsory and Cholamandalam car insurance plan is an ideal solution.