Cholamandalam Car Insurance Add-On Covers
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Cholamandalam Car Insurance Add on Covers
Cholamandalam offers a range of add-on covers along with its comprehensive car insurance policy. Add-ons are extra covers that can be availed for your car by paying an additional premium. The covers are highly beneficial and help you to get enhanced protection.
Cholamandalam - 25 Important Add-on Covers For Your Car Insurance Policy
1. Zero Depreciation
This add-on cover exempts you from bearing the liability of paying the cost of depreciation while claim settlement. This enables you to get a higher claim, which would not have been possible otherwise. The Nil Depreciation cover requires payment of an additional premium, which in turn, depends on the IDV of your vehicle and its age.
2. Reinstatement Value Basis (RVB) of Fixing Vehicle Sum Insured
It is an invoice price cover, which allows you to get full market price (excluding the registration charges and road tax) of your car in case of Constructive Total Loss or theft. This add-on also offers for waiver of reduction in depreciation by 100%.
3. No Claim Bonus (NCB) Protection
No Claim Bonus (NCB) is a discount offered on own-damage premiums for every claim-free years. However, the bonus is not offered even if a single Own Damage(OD) claim is filed during the policy period. Nonetheless, the NCB Protection add-on cover retains the NCB discount even if the policyholder makes an OD claim during the policy period.
4. Coverage for Road Tax and Registration Charges
This add-on cover entitles you to get reimbursement of the residual amount paid towards road tax and registration charges of the insured vehicle in the event of a total loss. This add-on, coupled with the RVB add-on, gets you the complete market price of the car in case of Constructive Total Loss (CTL) or theft.
5. Coverage of Insurance Cost
If your insured vehicle suffers Constructive Total Loss (CTL), then the insurance cost of the new vehicle will be paid by the insurer subject to the premium paid.
6. Consumables Cover
You will get compensation for the damages of consumables such as engine oil, oil filter, nut and bolt, screw, washers, grease, etc, which are not covered under the standard comprehensive plan.
7. Key Cover
Get reimbursement for the cost of obtaining a duplicate key if the original key is lost.
8. Registration Certificate (RC) Cover
Get compensation of up to Rs 2,000 to obtain a duplicate RC in case the original one is lost.
9. Permit Cover
Get a fixed compensation of Rs 2,000 for obtaining a duplicate Permit if the original document is lost.
10. Penalty Coverage
This add-on cover allows you to get compensation for the penalty imposed on you by a client/customer for the delay made in delivering goods or damage to the goods caused by an accident.
11. Franchise Benefit
Get a discount on OD premiums for agreement to a franchise of Rs 10,000/- for each claim. However, claims of over Rs 10,000 will follow the standard policy terms.
12. Monthly Instalment Cover
In case the vehicle owner is unable to pay the monthly instalments of the vehicle to the financier due to an accident, the insurer will cover the instalments on behalf of the policyholder. The benefit of this add-on cover is subjected to an additional premium and can be availed only if the vehicle is repaired in one of the network workshops.
13. Coverage for Disabled Vehicle
This add-on cover allows you to get indemnification for the expenses of protection, extraction and removal of the disabled vehicle. The policyholder needs to have a prior consultation and approval from the insurer before taking assistance from any agency or such.
14. Daily Cash Allowance
In the case when the insured vehicle is unavailable during the claim process because of repairs arising from partial loss, the insurer will pay a daily allowance for commute, which can be Rs 500 or Rs 1,000, depending upon the premium paid.
15. Auto Extension of Policy
With the payment of a 20% extra premium, the existing policy coverage of the vehicle will be extended further to 30 days post expiry. The extra premium will be charged on pro-rata basis.
16. Cover for Personal Belongings
The policyholder will get reimbursement for the loss of personal belongings such as clothes and other items of personal use. The compensation amount will equal to the market value of the lost items and a maximum of 2 claims are only permitted during the policy tenure.
17. License loss cover
The insured will get compensation of a fixed amount of Rs 500 to obtain a duplicate license of the insured vehicle in case the original one is lost because of any reason. Only 1 claim is permissible in a policy tenure.
18. Discount for Repairs In Preferred Workshop
The policyholder can receive a discount of 5% on net own damage premiums up to Rs 500 if the insured vehicle is repaired in any of the preferred of workshops of the company.
19. Wrong Fueling
The policyholder can get compensation for flushing out of the wrong type of fuel filled at the petrol pump along with reimbursement for the replacement of parts damaged because of the same.
20. Hydro-static Lock Cover
The insurer will pay compensation for damages done to the engine, gearbox and differential parts due to the ingress of water or an oil peril. The claim is accepted only if the insurer is convinced that the damage is incurred because of the insured vehicle being submerged or having stranded in a waterlogged area.
21. Key Replacement Cover
This add-on cover allows the insured to get compensation for not only loss of the key but any damage done to it or even the key mechanism including the lock. The maximum compensation depends on the amount of additional premium paid to the company.
22. Consumables Plus cover
As the name suggests, it a premium version of the standard consumables cover. This add-on allows the insured to get compensation for the damages/losses for items which have specific uses and when used are either consumed totally or become unfit for continuous and permanent use. The list of such items include nuts and bolts, screw, oil filter, fuel filter, bearings, washers, clips, wheel balancing weights, grease, wheel bearings, distilled water, engine oil, gear-box oil, battery electrolyte, power steering oil, AC gas oil, air conditioner refrigerant, windshield washer fluid, radiator coolant, oil filter, fuel filter, air filter element, brake oil , coolant and items of such kind.
23. EMI Cover
On payment of an additional premium, the company will pay the EMIs of the insured vehicle to the financer of the vehicle recorded in the insurer’s book, in case of an accident involving the insured vehicle.
24. Conveyance Allowance
The company will pay a certain amount as an allowance to the policyholder in case of damage or loss of the insured vehicle. The compensation amount depends upon the extra premium paid by the insured.
25. Vehicle Replacement Advantage Cover
In consideration to payment of an extra premium, the policyholder will get compensation for the value of the replacement cost of the vehicle including all applicable taxes and charges paid for the insured vehicle on the date of the total loss, which also includes the registration charges, Road Tax and total insurance cost of the policy. The benefits are applicable in the case of TL, CTL or loss of the vehicle.
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Must Read Articles before buying Cholamandalam Car Insurance
- HDFC ERGO offers a wide range of products. Car insurance, motorcycle insurance, health insurance, vacation insurance, etc.
- Read this article to know how to reduce the premium of Cholamandalam car insurance.
- Read this article to find out the 5 most common mistakes that you should avoid while renewing your car insurance with Cholamandalam MS.
- There are many benefits of the Cholamandalam MS insurance policy. Read this article to take a note of them.
- Get 24×7 benefit cover o having a roadside assistance cover in your car insurance plan.
Cholamandalam Car Insurance User Reviews
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