Cholamandalam Car Insurance

Registered Location

When it comes to motor insurance, the region in which you registered your car matters a lot. If you registered your car in a city that is full of traffic and harbours a high-risk environment, you can expect the premium price of your car insurance to be on the higher side.

Age of the Car

The age of your car can determine how high or low the premium price of your car insurance will be. The older the car, the higher the premium price will be. If your car is brand new, there are high chances of you having to pay only the bare minimum price of a basic car insurance plan.

Engine Types

Premium prices can differ when it comes to diesel, petrol, and CNG cars. With a higher IDV, fuel price, and maintenance cost, diesel cars can invite a higher premium cost. Hence, as compared to petrol and CNG, the premium cost of a diesel-based car could be a little high.

Coverage Type

The coverage type that you choose could alter your expected premium price greatly. Should you choose to get a basic third-party car insurance plan, you will find yourself paying a price lesser than that of a comprehensive plan. If you customise your car insurance plan with add-ons, the premium price will increase simultaneously.

Safety Devices

Customising your car isn’t always an expensive affair. If you have customised your car by installing additional safety devices, the premium price would decrease significantly.

Voluntary Deductibles

A voluntary deductible refers to a predetermined amount of money that you choose to contribute to the coverage in the event of a claim. If you offer a certain percentage of voluntary deductibles, you might find yourself liable to pay a smaller premium price.

Cubic Capacity of the Vehicle

The premium price of your motor insurance product can vary depending on the cubic capacity of your car. For example, if your car’s cubic capacity is under 1000 cc, the base premium should start at ₹2,094.

Insured Declared Value

The insured declared value of your vehicle refers to the maximum amount your insurer can offer you after the theft or total loss of your insured vehicle. Hence, the higher the IDV the higher will be the premium price.

Hence, to avert any potential crisis of theft or total loss, the Key Replacement cover can help you with acquiring a brand new set of keys. You can also claim repair coverage for your car keys.

Chola MS Value-added Services

Help is only a call away with this add-on cover. Should you find yourself stranded with your car and require assistance, you can ask for help from the dedicated facilitators of Cholamandalam General Insurance Co. Ltd. You can get assistance for minor on-road repairs, battery jump starting, fuel delivery, and more.

Personal Belongings Cover (Inside the Vehicle)

Many individuals store objects in their cars which may or may not be valuable. However, losing those items to a fire, theft, or total loss of the car itself can be very stressful. Hence, this add-on offers coverage against the loss of objects stolen or destroyed when stored in the car under specific circumstances.

Consumables Add-on Coverage

The consumables cover offers one of the most rewarding coverage from the car insurance add-on collection. Car insurance plans often disregard the maintenance and/or damage of a car’s consumables. Hence, this add-on can offer you coverage for the replacements or repairs of bolts, bearings, fuel filters, etc.

Waiver of Depreciation

This refers to the deductions made from the sum insured of a car insurance while factoring depreciation accrued on your car’s components. The zero-depreciation cover helps you protect your sum insured from such deductions.

Hydro-static Add-on Cover

Sometimes, an ingress of water retention in the vehicle or a lubrication leak can occur. This can hinder the engine’s performance. This cover, hence, offers coverage for the expenses of fixing the components of the gearbox, engine, and differential assembly.

• Limitations As To Use: The Policy covers use of the vehicle for any purpose other than: a) Hire or Reward, b) Carriage of goods (other than samples or personal luggage), c) Organised racing, d) Pace making, e) Speed testing, f) Reliability Trials, g) Any purpose in connection with motor trade.

• Depreciation: The word depreciation refers to the reduction in the value of a vehicle over a period of time due to usage and wear & tear. In case of Motor Insurance, while processing a claim, the insurance company will make a deduction towards depreciation before settling a claim.

• Compulsory Deductible: A “Compulsory Deductible” is a portion of each and every loss (claim) which the insured will have to bear on his own. This is also known as “Policy Excess” and the deductible amount depends on the type of the vehicle

• No Claim Bonus: A fixed percentage of discount is offered on the Own Damage (OD) premium if the no claims have been registered in the expiring insurance policy. Customers have the freedom to carry forward the NCB from an existing vehicle to a new vehicle purchased by him/her.