Two Wheeler Insurance

Chola MS Two Wheeler Insurance

Chola MS Two Wheeler Insurance

Section I: Loss or Damage Coverage

What Does The Chola MS Two Wheeler Insurance Plan Cover?

The insurance policy will provide coverage for the loss or damage to your vehicle and its accessories caused by –

  • Fire, explosion, self-ignition, or lightning
  • Burglary, housebreaking, or theft
  • Riot and strike
  • Earthquake (fire and shock damage)
  • Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, etc.
  • Accidental external means
  • Malicious act
  • Terrorist activity
  • While in transit by road, rail, inland-waterway, lift, elevator, or air
  • Landslide or rockslide

The coverage is subject to a deduction for depreciation on replaced parts according to the rates below –

  • Rubber, nylon, plastic parts, tires, tubes, batteries, and airbags -50%
  • Fibreglass components - 30%
  • Parts made of glass - No deduction
  • For all other parts, including wooden ones, the depreciation rate follows this schedule –

Age of the Vehicle

% Of Depreciation

Not more than 6 months

Nil

More than 6 months but not more than 1 year

5%

More than 1 year but not more than 2 years

10%

More than 2 years but not more than 3 years

15%

More than 3 years but not more than 4 years

25%

More than 4 years but not more than 5 years

35%

More than 5 years but not more than 10 years

40%

More than 10 years

50%

  • When it comes to painting, a 50% depreciation rate applies solely to the material cost of the total painting charges. If there is a consolidated bill for painting expenses, the insurer will consider the material portion as 25% of the total painting charges when calculating the depreciation.
     

Section II: Liability to Third Parties

Under Chola MS Two Wheeler Insurance, the insurer will compensate you in the event of –

  • Death or bodily injury caused to any person.ersonal Accident (PA) cover
  • Damages caused to property that does not belong to you, is not held in trust, or is not under your control or custody.
     

Section III: Personal Accident Cover for Owner Driver

Personal Accident (PA) cover in two-wheeler insurance serves as a financial safety net against physical disability or death resulting from an accident. This protection is included with your vehicle insurance, similar to general insurance providing financial compensation. In case of the owner-driver experiencing death or bodily injury, the insurer will provide compensation based on the following data -

Nature of injury

Scale of compensation

Death

100%

Loss of sight in two eyes or two limbs or one limb and the sight in one eye

100%

Loss of sight in one eye or one limb

50%

Permanent total disablement from injuries not listed above

100%

Please note that specific terms and conditions may apply.
 

What is not Included in Your Coverage?

The Chola MS Bike Insurance Policy will not pay for –

  • Depreciation, consequential loss, wear and tear, mechanical breakdowns, or electrical failures.
  • Damage to tires and tubes, unless the vehicle is also damaged, in which case the insurer covers up to 50% of the replacement cost.
  • Any accidental loss or damage sustained when you or someone driving with your permission is under the influence of alcohol or drugs.

Insured Declared Value

The Insured Declared Value (IDV) is the estimated market value of your two-wheeler, representing the maximum amount (sum insured) you can claim under your insurance policy. This value changes annually due to depreciation.

Here is the depreciation schedule that is used to determine the IDV of your vehicle -

Age of the Vehicle

% of Depreciation for Fixing IDV

Vehicles not exceeding 6 months

5%

Vehicles exceeding 6 months but not more than 1 year

15%

Vehicles exceeding 1 year but not more than 2 years

20%

Vehicles exceeding 2 years but not more than 3 years

30%

Vehicles exceeding 3 years but not more than 4 years

40%

Vehicles exceeding 4 years but not more than 5 years

50%

General Exceptions

Here are some situations for which the insurer will not provide coverage –

  • Any accidental loss, damage, or liability that occurs outside the specified geographical area.
  • Claims arising from contractual liabilities.
  • Any resulting loss, damage, or liability while the insured vehicle is  used in ways not in line with the specified 'Limitations as to Use' or is driven by someone other than the designated driver.
  • Accidental loss or damage to any property, or any expenses resulting from consequential losses.
  • Any liability, whether directly or indirectly caused, or contributed to by ionising radiations or contamination from nuclear fuel or nuclear waste combustion. Here, combustion includes any self-sustaining process of nuclear fission.
  • Any accidental loss, damage, or liability caused by or contributed to by nuclear weapons material, either directly or indirectly.
  • Any accidental loss, damage, or liability linked to war, invasion, actions by foreign enemies, hostilities, or war-like operations (whether before or after an official declaration of war), etc.or any direct or indirect results of these events. In case of a claim, you must validate that the loss, damage, or liability occurred independently and was not connected to, contributed to, or caused by any of the mentioned occurrences. If you cannot prove this, the insurer will not be responsible for any payment related to the claim.
     

Add ons Available Under Chola MS Bike Insurance Policy

Here are a few additional riders that you can add to your Cholamandalam Bike Insurance Policy -

  • Full Depreciation Waiver cover
    If you pay an additional premium, the insurer will reimburse the entire cost of replaced parts, without any deduction for depreciation, in case of loss or damage to your vehicle. Here are the conditions associated with coverage –
    • The claim must be  admitted under section 1 (loss of or damage to the insured vehicle).
    • The total repair cost for total loss or constructive total loss claims will be evaluated based on the coverage benefits applicable to assess the claim.
    • The insurer's maximum liability under this add-on cover is determined by the option you choose, allowing for one or more claims within an annual policy period.
       
  • Hydrostatic Lock Cover
    By paying an extra premium under Cholamandalam Bike Insurance Policy, you get coverage for repairing or replacing parts of your engine, gearbox, or differential assembly if they are damaged by water logging, lubrication leakage, or if the engine cooling system is lost or damaged due to accidental external causes. Here are the conditions associated with the coverage -
    • The water damage cover is valid only if it is proven that your vehicle was submerged or stopped in a waterlogged area.
    • You can make only one claim during a policy period.
    • Notify the insurer within seven days from the date of the loss.
    • Take reasonable precautions to protect the engine, assembly, and the vehicle to prevent further damage or loss.
    • The cost of replaced parts will not be depreciated.
    • This cover is applicable for vehicles up to 10 years old.

Specific Exclusions:

    • The cost of lubricating oils or consumables used in the assembly.
    • Losses or damages covered under the manufacturer's warranty or recall campaign.
    • Any additional loss or damage (including corrosion), if you delay reporting a claim for more than seven days from the loss date.
    • Claims related to loss or damage due to normal wear and tear.

You should remember that specific conditions will be applicable.

  • Return to Invoice Cover
    It covers your insured vehicle and declared accessories for the new replacement cost on the date of total loss, including registration fees, road tax, and the total insurance cost of this policy with the insurer, provided it is active on the accident date. Here are some conditions associated with coverage –
    • The benefit becomes active only if your vehicle faces total loss due to an accident, theft, or constructive total loss (CTL) as defined in the policy.
    • Replacing the vehicle is not mandatory.
    • No additional excess applies to this cover.
    • Compensation includes the total cost of this policy, registration fees, road tax, and the showroom value of a brand-new vehicle of the same make, model, and variant with identical features on the date of loss. If an identical vehicle is not available, the last ex-showroom price will be paid along with associated costs like registration fees, road tax paid for the insured vehicle, applicable service tax, and the total insurance cost of the policy that was active on the accident date.
    • The insurer is not responsible for any other financial dues you have related to the covered vehicle.
    • This benefit is applicable only to vehicles up to 5 years old.
    • Only one claim is accepted per policy period.
    • Depreciation will not be considered when determining the loss in the case of total loss (TL) or constructive total loss (CTL).
    • Under this cover, the total insurance cost comprises the premium for own damage cover, third party liability, add-on cover, and the service tax for the active motor two-wheeler package policy on the accident date.

Note: You should keep in mind that this coverage is subject to the usual terms, exceptions, conditions, and limitations of the policy. And, the add-on cover, including reinstatement value basis and return to invoice cover, is available on an individual basis only and not as part of a combo.

  • Daily Cash Allowance
    If your insured vehicle is unavailable due to partial loss, you’ll receive a fixed daily allowance of Rs. 250/-, Rs. 500/-, or Rs. 750/-, based on your chosen option. Here's how it works –
    • This allowance is eligible for a maximum of 5 days for a single claim and serves as the overall limit in an annual policy period.
    • The eligible days are calculated from the day the vehicle is given to the repairer until the day it is repaired and delivered, or up to the maximum period chosen by you - whichever is less.
    • To avail of this benefit, you must file a valid claim under the policy, and there is a three-day waiting period for each claim.
    • This coverage is applicable for vehicles up to 10 years old.

All terms, exceptions, conditions, and limitations of the policy apply to this cover.

  • Reinstatement Value Basis
    If you pay an extra premium under Cholamandalam Two Wheeler Insurance Plan, the insurer will cover your vehicle and declare accessories based on the 'Reinstatement Value'. It is the original invoice value, excluding registration charges and road tax. Throughout the policy period, the reinstatement value is considered the 'market value,' without any additional depreciation for total loss (TL) or constructive total loss (CTL) claims. If the total cost of retrieving or repairing your vehicle exceeds 75% of the sum insured, it will be treated as a CTL.
    No depreciation is applied in case of total loss or constructive total loss. The maximum liability of the insurer is limited to the invoice value of the insured vehicle, and only one claim is allowed per policy period. This coverage is applicable to vehicles up to 5 years old and is subject to the policy's terms, exceptions, conditions, and limitations.

Note: The reinstatement value basis and return to invoice covers can only be added individually and are not available as a combo.

  • Monthly Instalment Cover
    Upon payment of an additional premium, this cover extends coverage for non-payment of the regular Monthly Instalment (MI) to the financier of the vehicle recorded in the books, in the event of an accident involving the insured vehicle.The benefits under the cover depend on the option you choose in accordance with the following conditions -

Option

Number of monthly instalments payable by the company

Time excess in days after which the company becomes responsible for payment. It starts from the day the accident vehicle is given to the repairer and lasts until the repairs are completed.

Limit of liability per claim per policy period (Rs.)

A

1

5

1* EMI

B

1

10

1* EMI

C

1

15

1* EMI

D

2

30

2* EMI

E

2

40

2* EMI

F

2

50

2* EMI

Special Conditions:

    • The claim must be admissible under section 1 (Own Damage Cover) for accidental damages to be eligible for coverage.
    • Before sending your vehicle to the repairer, you must inform the insurer about the claim to avail of this cover.
    • This benefit is applicable only to vehicles up to 5 years old.
    • The maximum liability of the insurer under this add-on cover is determined by the number of monthly instalments chosen by you.
    • The insurer's maximum responsibility under this add-on cover is limited to two claims in a policy period.

Specific Exclusions:

    • The insurer is not responsible for paying any overdue instalment amount, including interest, before the date of the accident.

Please note that certain conditions will apply.

  • Chola Value Added Services - Chola long term 2W package policy

Upon payment of an extra premium under Cholamandalam Two Wheeler Insurance Plan, you, the insured, get access to the following services –

Sl. No

Services offered for Two-wheeler

Automatic inclusion 50 kms

1

Breakdown support over phone

Yes

2

On site minor repairs

Yes

3

Fuel delivery (Rs. 50 addnl., service charge from customer)

Yes

4

Flat Tyre Support

Yes

5

Battery Jump Start

Yes

6

Transfer / Towing for Mechanical, Electrical breakdown

30 kms

7

Transfer / Towing for Accidental breakdown

30 kms

8

Provision of local Taxi

Payable

Note: Certain conditions will apply.
 

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