CHOLAMANDALAM MS CAR INSURANCE ADDONS

Buy these add-on covers with your Cholamandalam MS car insurance and get enhanced insurance coverage for your vehicle.

Zero Depreciation Cover

Zero depreciation cover is one of the most popular add-on covers. You may also know this as ‘nil depreciation cover’ or ‘bumper to bumper cover’. Your car’s value decreases over time due to wear and tear and aging. That means, that if your car is involved in an accident, the depreciation of your car is taken into account during claim settlements. By adding zero depreciation coverage, you can claim damages without depreciation. This saves you from paying out of pocket for repairs.

Hydrostatic Lock Cover and Hydrostatic Lock Plus Cover

If you live in a flood-prone area, this cover is a great addition to your car insurance policy. The floodwater, if it gets in the engine, causes damage to the engine, gearbox, and differential leading to a hydrostatic lock. A hydrostatic lock cover protects against damages caused to the engine and other parts due to waterlogging.

Consumables Cover

When it comes to automobiles, consumables are items or parts which cannot be reused. Examples of consumables include – engine oil, oil filter, lubricants, nuts & bolts, bearings, air filters, etc. Having a consumables cover prevents you from incurring these expenses during repairs and claims. If you own a luxury car, it is recommended to opt for this cover as consumables for such vehicles are generally quite expensive.

Registration Certificate Cover

If you have this add-on cover, the insurance provider pays a fixed amount of 2,000 rupees for obtaining a duplicate registration certificate of the insured car if the original certificate is lost by the insured due to any reason.

Coverage for Road Tax or Registration Charges in Case of Total Loss

In the event of a total loss of any nature, the insurer will reimburse the amount paid towards road tax or registration charges of the insured car.

Reinstatement Value Basis (RVB) of Fixing Vehicle Sum Insured

RVB is an invoice price cover, which allows you to get the full market price excluding the registration charges and road tax of your car in case of Constructive Total Loss or theft.

Coverage of Insurance Cost

If a claim for the insured car is settled as Total Loss (including theft) or Constructive Total Loss, the insurance company bears the total yearly insurance premium for any other car purchased in the insured's name after the date of the Total Loss or Constructive Total Loss of the insured car. Only applicable when the vehicle is insured with Chola and the vehicle class is the same.

EMI Cover

Purchasing an EMI coverage allows the insurance provider to pay the EMI on the policyholder's behalf. This is extremely useful if the policyholder is unable to make a payment. However, this is subject to several terms and conditions.

Coverage for Disabled Vehicle

The insured is compensated for the expense of protection, extraction, and removal of the disabled vehicle as a consequence of loss or damage.

Key Replacement Cover

If the insured's original ignition key is lost, the insured is eligible to get a reimbursement for the cost of obtaining a duplicate key for the covered vehicle. This may also include replacing or repairing locks or a total replacement of the lock mechanism due to burglary, theft, or damage to keys. High-end cars and luxury cars come with advanced remote control and frequency-operated button keys. Hence, replacing or even repairing them can be an expensive affair. The cover is recommended for new cars, high-end cars, and luxury cars.

Loss of Personal Belongings

The insurance provider reimburses the market value of your clothes and other personal items for loss or damage caused by fire, burglary, or other external methods while they were inside your insured car or locked inside the boot.

Discount for Repairs in Preferred Workshops

If the insured vehicle is repaired at any of the company's preferred workshops, the policyholder will receive a 5% reduction on net own damage premiums up to Rs 500.

Daily Cash Allowance

If the covered vehicle is unavailable throughout the claim procedure due to repairs resulting from a partial loss, the insurer will pay a daily commuting allowance of Rs 500 or Rs 1,000, depending on the premium paid.

Auto Extension of Policy

With the purchase of an additional 20% premium, the vehicle's existing insurance coverage will be extended to 30 days after it expires.

Wrong Fuelling

The policyholder can get compensation for flushing out the wrong type of fuel loaded at the petrol pump, as well as payment for the replacement of items damaged as a result of the same.

Frequently Asked Questions

1. I want to purchase Cholamandalam MS insurance for my new car, which addons should I go for?

For new cars, it is recommended to go for a Zero Depreciation cover, Consumables cover, and Key Replacement Cover.

2. What are further specific conditions under the Reinstatement Value Basis of Fixing Vehicle Sum Insured Cover?

Under this add-on, the insurer will insure the vehicle and declare accessories on a reinstatement basis. Reinstatement Value Basis shall be treated as the ‘Market Value’ throughout the policy period without any further depreciation for Total Loss or Constructive Total Loss claims.

The specific conditions applicable are (a) available only for brand new cars and for first-year renewal of a brand-new car provided there is no interruption in the insurance period, and (b) the maximum liability of the insurer will be limited to the invoice value of the vehicle insured and (c) all paid claims are subject to mandatory and voluntary deductibles (if applied).

3. How much premium would I have to pay for a comprehensive car insurance policy with add-ons purchased from Cholamandalam MS?

Your insurance premium will depend on several factors such as IDV of the vehicle, age of the vehicle, and addons selected. You can find out the premium amount for your vehicle here in just a few clicks.