Cholamandalam Car Insurance

Chola Mandalam MS General Private Car Insurance

Chola Mandalam MS General Private Car Insurance

What Does It Cover?

?Section I - Own Damage

Chola Mandalam MS General Private Car Insurance provides you with financial protection for any loss or damage that may occur to your car and its accessories in the following situations –

  • Fires, explosions, self-ignition, or lightning.
  • Burglaries, housebreaking, or theft.
  • Riots or strikes.
  • Earthquakes, including fire and shock damage.
  • Tempests, typhoons, hurricanes, floods, storms, cyclones, inundations, hailstorms, and frost.
  • Accidental external damage.
  • Malicious acts.
  • Terrorist activities.
  • Damage/loss incurred while the car is in transit, whether via road, rail, inland waterway, lift, elevator, or air.
  • Landslides or rockslides

If you make a claim with the insurance companies because of any loss or damage to your car because of the above mentioned circumstances, you will be liable to pay a deduction on depreciation for any replaced car parts, as below -

  • Rubber, nylon, plastic parts, tyres, tubes, batteries, and airbags - There will be a 50% deduction.
  • Fibreglass components - There will be a 30% deduction.
  • Glass car parts - No deduction is applicable.
  • For all other parts (including wooden ones), the depreciation rate will be based on the table below  –

Age of the Vehicle

% Of Depreciation

The car is aged more than 6 months

Nil

The car is aged more than 6 months but not more than 1 year

5%

The car is aged more than 1 year but not more than 2 years

10%

The car is aged more than 2 years but not more than 3 years

15%

The car is aged more than 3 years but not more than 4 years

25%

The car is aged more than 4 years but not higher than 5 years

35%

The car is aged more than 5 years but not more than 10 years

40%

The car is aged more than 10 years

50%

  • When it comes to any painting expenses you may incur during the car repairs, a 50% depreciation rate applies exclusively to the material cost. If you happen to get a single consolidated bill for painting charges, the insurance company will treat 25% of the total painting charges as the material component when applying the relevant depreciation.

?Section II: Liability to Third Parties

Chola Mandalam MS General Private Car Insurance will provide you third-party liability compensation in the following cases –

  • Bodily injury caused to anyone because of your car.
  • Death caused to someone else because of your car.
  • Damages to property which is not owned by you or held under your custody.

?Section III: Personal Accident Cover for Owner Driver

The Personal Accident Cover in car insurance plays a vital role. It is a financial shield against unfortunate contingencies like physical disability or death from a road accident. Personal accident coverage is included with car insurance and is very much like general insurance that provides financial support.

In the untoward event of the owner driver suffering bodily injury or passing away, the insurance company will provide compensation on the basis of this table -

Nature of Injury

Scale of Compensation

Death

100%

Loss of 1 limb plus the sight of 1 eye or 2 limbs or sight of 2 eyes

100%

Loss of 1 limb/the sight of 1 eye

50%

Any other permanent total disablement from injuries than the ones named above

100%

Certain terms and conditions may be applicable.


What Is Not Included in the Coverage?

The insurance company will not be liable to give out any sort of compensation for –

  • Any consequential loss, depreciation, wear and tear, mechanical or electrical breakdowns, or failures.
  • Any damage to tyres and tubes, unless your car is damaged at the same time, in which case the insurance company's liability will be limited to 50% of the car’s replacement cost.
  • Any accidental loss/damage that occurs when you or anyone driving the car with your knowledge and consent is under the influence of alcohol or drugs.

Insured Declared Value (IDV)

The Insured Declared Value (IDV) represents the estimated retail value of your car. It is the maximum amount (i.e. the sum assured) that you can receive from your car insurance plan when you file a claim. The IDV of your car changes every year because of depreciation.

Here’s how the IDV changes as your car grows older and depreciates  -

Age of the Vehicle

% of Depreciation for Fixing IDV

The car is aged more than 6 months

5%

The car is aged more than 6 months but not more than 1 year

15%

The car is aged more than 1 year but not more than 2 years

20%

The car is aged more than 2 years but not more than 3 years

30%

The car is aged more than 3 years but not more than 4 years

40%

The car is aged more than 4 years but not more than 5 years

50%

 

General Exceptions under Chola Mandalam MS General Private Car Insurance

Chola Mandalam MS General Private Car Insurance will not pay any compensation in the following cases –

  • Any accidental loss, damage, or liability that happens outside the specified geographical limits.
  • Any claims stemming from contractual obligations.
  • Any loss, damage, or liability when your car is used in ways not permitted by the 'Limitations as to Use' or when it is driven by someone other than the designated driver as stated in the driver's clause.
  • Any loss or damage to property, any associated expenses resulting from any consequential loss.
  • Any type of liability arising directly or indirectly from ionising radiations or radioactivity contamination resulting from nuclear fuel combustion. Here, combustion includes any self-sustaining nuclear fission process.
  • Any loss, liability, or damage directly or indirectly resulting from nuclear weapons material.
  • Any loss/damage/liability, whether caused directly or indirectly, because of war, invasion, rebellion, military, etc. or any consequences of these events. If you make a claim in these situations, you need to prove that the occurring loss, damage, or liability is unrelated to and not caused because of these events or their effects. If you don’t have any proof for this, the insurance company will not be responsible for paying any compensation related to such a claim.

 

Add-Ons Available With Chola Mandalam MS General Private Car Insurance

  1. Monthly Instalment Cover
    If you pay an extra premium to the insurance company, any monthly instalments you do not pay to your car’s financier (as recorded in the insurer’s books) will be covered. There are a few options that you can opt for under this add-on cover -

Options

No. Of Monthly Instalments Payable By The Insurance Company

Time Span Within Which The Insurer Is Liable To Pay

Liability Limits (In INR)

A

1 instalment

15 days

1* MI

B

2 instalments

30 days

2* MI

C

1 instalment

20 days

1* MI

D

2 instalments

45 days

2* MI

E

1 instalment

25 days

1* MI

F

2 instalments

60 days

2* MI

The coverage provided by the Monthly Instalment Add-on is subject to a few conditions -

  • Your claim should be admissible under section 1 (own damage cover) under the plan for accidental damages.
  • Your car will have to be repaired in a garage that is authorised by the insurance company
  • The ‘time excess’ or the time span within which the insurance company is liable to pay the instalment will be calculated from the date of handing over your car to the authorised repairer to when they complete the repairs.

There are some exclusions under this add-on -

  • The insurance company will not pay any arrears or overdue amounts. This includes the interest applicable before the accident.

Note: Certain conditions will apply.

  1. Coverage For Disabled Vehicle

If you pay an extra premium to the insurance company, you will be financially protected when your car is disabled from use because of any loss or damage that is covered under section 1 of the policy. The insurance company will reimburse you the costs of protection, extraction, as well as removal of your disabled car.

To get this financial protection, you will need to inform the insurer before you seek help from any agency for the task. The insurer reserves the right of having the first option to finalise the agency.
 

Options

Sum  Reimbursable/Accident (INR)

Liability Limits Every Policy Period

(INR)

Maximum Eligible Sum Per Claim (INR)

A

Rs 5,000

Rs 10,000

Actual expenses or per accident limit whichever is lower

B

Rs 10,000

Rs 20,000

C

Rs 15,000

Rs 30,000

D

Rs 20,000

Rs 40,000

E

Rs 25,000

Rs 50,000

F

Rs 30,000

Rs 60,000

This add-on’s coverage can be availed for a maximum of two claims. It is subject to terms and conditions of the plan.

  1. No Claim Bonus Protection
    If you pay an extra premium to the insurance company, the No Claim Bonus (also known as ‘NCB) will be extended to policy renewal if your car faces a partial loss and you raise a claim for this. The only thing you’ll need to ensure is that your policy must be renewed within 30 days of policy expiry.

This add-on also provides coverage for cases like theft or total loss of your car. This will happen if you get a fresh car insurance policy for a different car of the same class with the insurance company in your own name within 60 days of claim settlement.

This protection will be available for policy renewal or on buying a new policy if the own damage claims you’ve raised do not exceed one single instance during the policy span. And, it will only be available for cars up to 5 years of age.

Note: Certain conditions will apply.

  1. Consumable Cover
    If you pay an extra premium to the insurance company, you will be reimbursed the costs of consumable items if they are used for any car repairs during any accidental losses or damages.

Here, consumable items mean any articles used for specific purposes. When used, they are either completely consumed or considered unfit for continuous and forever use. Some examples of consumable items include screws, grease, wheel bearings, engine oil, etc.

The maximum sum payable under this cover is Rs 5000 during the policy span. And, the benefit will be paid if you raise a valid own damage claim under the plan.

Note: Certain conditions will apply.

  1. Registration Certificate Lost Cover
    If you pay an extra premium to the insurance company, they will pay you a fixed sum of Rs 2000 if you need to get a duplicate registration certificate for your car, in case the original certificate is lost for any reason.

For this, you’ll need to submit the following documents -

  • Original FIR (First Information Report) that you have filed with the police.
  • A copy of the receipt for the fee you will have paid to the Transport Authority for the duplicate registration certificate.
  • A copy of the original registration certificate of your car.

Please keep in mind that you can make only one claim under this cover during the policy period.

Note: Certain conditions will apply.

  1. Franchise Benefit
    If you say yes to a franchise of Rs 5000 for each net assessed own damage claim you make up to this amount under the plan, you will be offered discounts on your own damage premiums. The franchise amount will be calculated after subtracting the applicable claim excess. After this, no own damage claim up to this sum will be allowed.

Any own damage claim with an evaluated value that exceeds the franchise limit will be settled in full (after deducting the excess).

Note: Certain conditions will apply.

  1. Key Replacement Cover
    If you pay an extra premium to the insurance company, you will be reimbursed for the costs of repairing or replacing the keys, locks, or lock mechanism because of any theft, burglary, or damage. The maximum payout will depend on the option you choose, and the insurance company will only be responsible for one claim during the policy span.
    ​​​​​​​

For this, you’ll need to submit the following documents to the insurance company -

  • Original First Information Report (FIR) that you’ve filed with the police.
  • The original bill for the costs you’ve incurred to get duplicate key(s) from the authorised dealer or manufacturer.

Note: Certain conditions will apply.

  1. Personal Belongings Cover

If you pay an extra premium, the insurance company will reimburse you for the loss or damage of any personal belongings because of incidents like fire, burglary, or accidental external means. You can make two claims under this cover every policy period.

The compensation will be based on the market value of the items on the date of the incident. However, please note that the liability of the insurance company will be up to Rs 10,000 per claim. You will also have to an excess of 10% of the net assessed claim value of Rs 500, whichever is higher.

Certain personal belongings will not be covered under this add-on. For instance, laptops, mobile phones, jewellery, artwork, stamps, cash, etc. do not fall within the add-on’s ambit.

Note: Certain conditions will apply.

  1. Licence Loss Cover
    If you pay an extra premium to the insurance company, they will pay you Rs 500 if you ever need to get a duplicate licence because you’ve lost your original one. You can make one claim under this add-on every policy period.

For this, you’ll need to submit the following documents -

  • A copy of the report that you’ve filed with the police.
  • A copy of the receipt for the fees you’ve paid to the Transport Authority for the duplicate licence.
  • A copy of your original driving licence.
  • A copy of your duplicate driving licence.
  • A self-declaration that states that you’ve made no claim with any other insurance company for the same loss.
     
  1.  Waiver of Depreciation Cover
    If you pay an extra premium to the insurance company, they will indemnify you for any loss or damage to the parts that are susceptible to depreciation.
    ​​​​​​​
     
  2.  Reinstatement Value Basis For Fixing IDV

If you pay an extra premium to the insurance company, your car and its  accessories will be insured on a ‘Reinstatement Value Basis’, meaning the car’s original invoice value (except registration fees and road tax). This add-on is available for brand-new cars and during the first policy renewal of a brand-new car, if there has been no coverage gap during the policy span.

So, if you make a partial loss claim under this plan, the insurance company will not factor in any depreciation for the replaced parts. The evaluated loss will be paid fully (subject to the excess, of course).

For total loss and constructive total loss claims, the Reinstatement Value Basis will be considered the market value without any further depreciation. Your car will be declared a total loss or constructive total loss if the entire cost of retrieving and/or repairing it crosses 75% of the sum insured.

Please note that the maximum responsibility of the insurance company will be the invoice value of your car. This coverage is subject to the policy’s terms and conditions.

  1. Coverage For Road Tax And Registration Charges In Case Of Total Loss Of The Vehicle
    If you pay an extra premium to the insurance company, you will get a reimbursement for the road tax and registration charges you’ve paid for the car you’ve owned - if it is declared a total loss. For this, you will need to submit various documents for payment proof, and your car must not have been resold. The maximum responsibility of the insurance company will be in proportion to the time span for which the charges have been paid to the remaining period.

     
  2. Reimbursement Of Cost Of Duplicate Key
    Under this add-on, you will get a reimbursement for the costs you’ve incurred in getting a duplicate ignition key of your car in case you’ve lost or misplaced the original key. You will be entitled to the maximum amount of Rs 1000, and you can only make one claim during the policy period.

For this, you will need to submit the following documents to the insurance company -

    • A copy of the report you’ve filed with the police.
    • The original bill for the costs you’ve incurred in getting a duplicate key from the manufacturer or keymaker.
  1. Daily Cash Allowance
    If you pay an extra premium to the insurance company, they will pay you a fixed daily allowance of Rs 500 or Rs 1000 (depending on what you choose) if your car is unavailable due to a partial loss claim you’ve made. The claim should be valid and admissible.

The coverage is subject to a few conditions -

  • You can only make one claim under this add-on during the policy period.
  • You will have to bear a one-day time excess for each claim.
  • The eligible number of days will be calculated from when you handover your car for repairs to the date of delivery of the repaired car, or the maximum eligibility period you’ve chosen - whichever is lower.
  1. Wrong Fuelling Cover
    If you pay an extra premium to the insurance company, you will get reimbursed up to Rs 1000 for the expenses you incur for flushing out the wrong kind of fuel filled at the fuel pump. This also includes replacing any parts (subject to depreciation). You can make two claims under this add-on during the policy period, and this add-on is available only with a package policy.

     
  2.  Hydrostatic Lock Cover
    If you pay an extra premium to the insurance company, you will receive a reimbursement for the expenses you’ve undertaken for repairing or replacing the engine, gearbox, transmission, differential assembly, and any damaged car parts because of water entry or due an accidental leakage of coolant or lubricating oil.

This add-on is subject to the following conditions -

  • The claim will be paid only if you provide evidence of your car being submerged or stuck in a waterlogged area.
  • You will need to inform the insurance company immediately after the incident.
  • You will need to take all reasonable steps to safeguard the engine, lock, and the car to avoid further loss or damage.
  • You can make only one claim under this add-on during the policy period.
  • The replacement cost i.e. the cost of a new engine, will be calculated as per the applicable depreciation. This depends on the car’s age. If you’ve opted for a depreciation waiver cover, the deduction % for depreciation will be subject to the T&Cs of this add-on.

The add-on will not cover -

  • The cost of lubricating oil/coolant used in the assembly.
  • Any loss/damage that is covered under manufacturer warranty or recall campaign.
  • Any rise in the loss/damage (including corrosion) because you delayed informing the insurer or retrieving your car from the waterlogged area.
  1. Auto Extension of Policy
    If you pay an extra 20% premium to the insurance company, the coverage of your existing car insurance plan will be extended for 30 days from its date of expiry, based on the policy renewal terms. The premium for this 30-day policy term extension will be levied on a pro-rata basis. Any applicable excess amount will be refunded if you renew your car insurance with the insurer for another 12 months on a comprehensive basis without any gaps.

Please note that no refunds or premium adjustments will be made if you make a claim during the extended 30-day period.

  1.  Discounts for Repairs in Preferred Workshop
    Under the benefit, if you agree to get your damaged car repaired at any of the insurer’s preferred workshops, you will get a 5% discount on the net own damage premium (after any No Claim Bonus). You will be eligible to get a maximum of Rs 500.

If you do not want your car to be repaired at a preferred workshop, each claim you make will come with an excess amount of up to Rs 2000 in addition to any other excess amounts imposed under the policy. However, this excess will not come into play if the preferred workshop isn’t available in the centre where the car is to be repaired.