Choosing the right car insurance policy is essential for safeguarding your vehicle and financial interests. With options ranging from basic coverage to comprehensive protection, understanding the types of policies available can help you make an informed decision.
1. Third-Party Liability Insurance
Mandated by Indian law, this policy covers damages or injuries caused by your vehicle to a third party. However, the policy does not provide any coverage for the damage caused to your own car. This type of insurance is essential for all car owners, offering protection against legal liabilities while remaining cost-effective.
Key Features:
- Covers third-party property damage up to ₹7,50,000.
- Unlimited liability for third-party injury or death.
- Does not cover damages to your vehicle.
2. Comprehensive Car Insurance
For broader protection, a comprehensive policy not only includes third-party coverage but also protects against damage to your vehicle due to accidents, theft, fire, natural disasters, or vandalism. This is a highly recommended option, especially for those with high-value vehicles or new vehicles.
Benefits Include:
- Coverage for theft, fire, and natural calamities.
- Personal accident coverage for the owner-driver.
- Provides a wide range of add-ons like zero-depreciation cover, engine protection, roadside assistance and more.
3. Standalone Own Damage Insurance
If you already have third-party insurance but want to cover damages to your own vehicle, this policy is an excellent choice. It is especially useful for those whose third-party coverage still has validity but needs additional protection for personal damages.
4. Pay-as-You-Drive Insurance
A relatively new feature in the market, this policy charges premiums based on your car usage. Ideal for those who drive occasionally, it aligns your insurance costs with your mileage.
5. New Vehicle Insurance
When buying a brand-new car, insurers often offer bundled packages that include three years of third-party insurance and one year of own damage cover. Opting for comprehensive new vehicle insurance ensures maximum protection for your fresh investment.
Key Add-Ons for Enhanced Coverage
To make the most of your car insurance policy, consider these valuable add-ons:
- Zero Depreciation: This will ensure a full claim value without considering depreciation.
- Return to Invoice: This add-on will help you in getting the reimbursement of your car’s invoice value in case of total loss.
- Engine Protection: Shields against engine damage due to waterlogging or oil leaks.
- Passenger: Protects co-passengers in case of accidents.
Conclusion
Chola MS has an array of car insurance policies with seamless online processes for buying and renewal. With a wide garage network for cashless claims, competitive premiums, and excellent customer support, the plans cover a range of requirements that policyholders in the car insurance market require. Whether you’re looking for a new vehicle insurance policy or renewing your existing one, Chola MS ensures peace of mind with hassle-free claims and robust coverage options.
