Chola MS Motor Insurance

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About Chola MS

Chola MS has become a popular name in the segment of general insurance companies. Being a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, Chola MS has made remarkable appearances in the fields of health, property, Motor, liability, engineering, marine, crop, and travel insurance. With 157 branches and more than 50,000 intermediaries across the country, the company has also received several awards from the Indian government.

Chola MS General Insurance Company works on the philosophy of the T3. The acronym T3 stands for Trust, Transparency, and Technology. The sheer dedication of employees and the consistent growth have led the company to achieve GWP (Gross Written Premium) of INR 48,338 million in the financial year 2021-22.

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Key Highlights of the Company 

Chola MS offers a range of products and services for all its customers. Get the right type of insurance and assistance with Chola MS. The table below gives you a quick insight into the company’s key highlights.

Particulars Details
Types of insurance Available
  • Motor Insurance
  • Health Insurance
  • Travel Insurance
  • Home Insurance
Awards Won
  • Best CSR Practice
  • The Economic Times Best Brands
  • Golden Peacock Award
  • Pride of Tamil Nadu Award for BFSI Sector
  • Dream Companies to Work for in Private Insurance Sector
Customer base 1 crore plus
Cashless garages 8500+
Cashless Network hospitals 10000+
Claims settled 2.5 lakh+

Awards and achievements of Chola MS Motor Insurance

Chola MS General Insurance Company is a renowned name in the General Insurance Sector company that is providing innovative motor insurance products to policyholders so that they will be able to get the maximum advantage. Therefore, the Chola MS is awarded by the government of India and national and international agencies for its indelible contribution to serving society. Some of the awards and achievements are given below:

  1. Chola MS was awarded the Golden Peacock Award for risk management in the year 2017
  2. Pride of Tamil Nadu Award was conferred to the Chola MS for its excellent services in the General Insurance category by providing the policyholders with innovative and smart insurance products
  3. The company has greatly influenced CSR (Corporate Social Responsibilities) activities. Therefore, the Best CSR Practice award was conferred to the Chola MS
  4. Chola MS is recognized as one of the ‘Economic Times Best Brands 2020’
  5. Time Ascent recognized Chola MS as one of the Dream Companies of the private sector insurance company in the year 2017.

Key Features of Chola MS Motor Insurance

Chola MS ensures that the best motor insurance products are offered to the policyholders to reduce their financial liabilities if their vehicle becomes subject to accidental or physical damage. The third-party liabilities are also reduced. Furthermore, personal accidental cover is also given to the policyholders.

Some of the key features of the Chola MS motor insurance company are given below:

Third-party liability

Third-party liability refers to the legal claims of the third party if the third party is subject to accidental death, physical injury, or loss due to any property damage.

Natural disasters

Chola MS motor insurance provides the risk coverage to the vehicles if they get damaged due to any natural disasters, i.e. floods, earthquakes, landslides, etc.

Man-made disasters

If the vehicle is damaged due to man-made disasters, i.e. strikes, communal riots, terrorist attacks, etc., then, the repairing cost can be claimed by the policyholder.

Theft

If your vehicle is stolen, the Chola MS General Insurance Company provides you with the lump sum amount to recover your loss.

In-transit loss

If your vehicle gets any physical damage/loss due to transporting it from one place to another, the loss will be recovered by the Chola MS General Insurance Company.

Personal accident cover

Chola MS Motor Insurance provides personal accidental cover up to INR 15 lakhs to the policyholders of the motor insurance plans. This ensures that the driver/owner of the vehicle will get the risk coverage if it’s an accidental death or permanent disablement.                                                                                       

Exclusions Under Chola MS Motor Insurance

The exclusions under the Chola MS Motor Insurance Company are given below:

  • Any accidental damage or loss outside the geographical boundaries of India
  • Any accident, loss, and damage due to the nuclear weapon materials
  • Reimbursement claim due to the contractual liability
  • Loss or damage due to the depreciation
  • Accidental damage/loss due to the vehicle’s use in any illegal or terrorist activity
  • Damages due to the driver’s driving of the vehicle after consuming intoxicating drugs or alcohol
  • Mechanical/ electrical breakdown.

Types of Chola MS Motor Insurance

Motor Insurance is one of the most sought-after insurance plans. As a matter of fact, it is mandatory for every motor vehicle in India to get a minimum of a third-party insurance plan. Chola MS offers a variety of motor insurance plans for both two-wheelers and cars. Let’s check them out

Chola MS Car Insurance Plans

A car insurance is meant to provide you with the needed assistance during any mishap to your car or a third party on the road. Be it damage due to accident, natural calamities, theft, or any such incident leading to damage or loss of your car. There are various types of car insurance, and you can purchase one as per your requirement. Here is the list of car insurance offered by Chola MS-

Types of Insurance Features
Third Party Liability Car Insurance Plan Mandated by the government, a third-party cover is solely responsible to cover the damages and losses caused to a third-party person or property. During an accident, if you cause damage to a third party, the insurance will keep you safe if legal liabilities and pays the compensation for the losses incurred.
Comprehensive Car Insurance Plan A comprehensive insurance plan for your car is exactly what you think. Yes, it provides complete coverage for your car along with the third-party damage cover. You can purchase further add-ons to extend the coverage of your car.

If you are someone who takes out a car on a regular basis, having a complete cover can be quite useful. Also, for people who are beginner drivers, it is also advised that they keep comprehensive car insurance for their car.

Stand Alone Own Damage Insurance Cover Also known as Own Damage Car Insurance, the plan was launched in 2019. As you may guess, own-damage car insurance provides cover only for the damages caused to your car and not the third party. Third-party liability is compulsory for 3 years, after which you can renew your vehicle’s own damage cover independently.

Chola MS Two-wheeler Insurance Plans

Two-wheelers are the most preferred vehicles due to their convenience and ease of use. So, it is vital that you keep your two-wheeler protected with the right motor vehicle insurance. Two types of two-wheeler insurance plans are available for bikes or scooters –

Types of Insurance Features
Third Party Liability two-wheeler Insurance Plan This kind of insurance is mandated by the government for every vehicle that runs on the road. In case you cause damage to a third-party person or property while riding your two-wheeler, the insurance company will bear the cost of your liabilities. Your own damages, however, will not be covered.
Comprehensive two-wheeler Insurance Plan Like car insurance, a comprehensive two-wheeler insurance plan provides damage and third-party liability coverage. People who drive frequently or want complete protection for their bike must go for this comprehensive insurance for two-wheelers. It provides aid during the theft, natural calamity, accidents, unforeseen situations causing damage, etc.
Stand Alone Own Damage two-wheeler Insurance Cover A standalone own damage two-wheeler insurance plan that covers the damage caused only to your bike and not third-party. Upon purchasing, you get a comprehensive cover for your own damage and third-party liability for 5 years. However, you may choose only standalone own damage two-wheeler insurance to renew while renewing.

The Process to Buy Chola MS Motor Insurance

Chola MS Motor Insurance plans can be bought online by visiting the company’s website. The easiest way to purchase the motor insurance plan is to visit the Paybima official website because you don’t need to gather information separately from different sources to find out which policy is the best for you. Everything will be shown on the Paybima website to help you understand your vehicle’s best motor insurance plans. Read the following details to know the procedure for buying motor insurance products on the Paymbima website:

Step:1 – Visit the Paybima website

Log on the website of Paybima and then click on the option of motor insurance. There are three types of motor insurance products that are sold by the Chola MS General Insurance Company, i.e. Private car insurance, Two-wheeler insurance, and Commercial vehicle insurance; select your preferred option.

Step:2 – Fill in your details

The motor insurance premium is determined on the basis of the car’s model, variant, age, location, etc. The related documents can be uploaded online. Therefore, upload all the details carefully. Additionally, you will have to upload your personal details.  By entering your registering mobile number and contact details, you will be able to generate the quote to understand the various car insurance plans.

Step:3 – Compare the policies

Afterward, Paybima will provide you with a lot of those plans that are offered by the Chola MS, along with the details of premium and risk coverage. You will also be given the advantage of making a comparison of the company’s plans to other companies’ motor insurance plans. Consequently, your time, energy and effort will be saved.

Step:4 – Submit the proposal form

After selecting the best insurance product as per your requirement, you have to fill out the essential details related to your vehicle. Some personal details will also be filled by you in the proposal form to complete the procedure of applying for the motor insurance products.

Step:5 – Payment

Finally, you have to pay for the premium of your selected insurance plan. Your insurance policy documents will be sent to your e-mail address within a few seconds.

The Process to Renew Chola MS Motor Insurance

Chola MS Motor Insurance is subject to a specific time period. In order to continue enjoying the services and benefits of a motor insurance plan, you need to get it renewed before the due date. While third-party liability car insurance policies are for 3 years, third-party bike insurance is for 5 years. Own damage cover, however, has to be renewed annually. Accordingly, you must keep track and renew it without delay and before the expiry date.

You can go for both online and offline methods for policy renewal. While for the offline process, you need to visit the nearest branch of your policy provider, you need not rush anywhere for the online method. Sit in the comfort of your home or office and get the policy renewed in a few clicks.

To renew the motor insurance plan of your vehicle, you can visit the nearest branch or the official website of your insurance provider. On the other hand, for an instant and hassle-free renewal experience, you may also connect with PayBima. Merely by entering the policy number, the website of PayBima will show you all the details of your existing policy, including its expiry date. If the due date is nearing, it is better to get the policy renewed. Do not forget to check the No Claim Bonus (if any) to get discounts and offers.

Also, during the policy renewal, you can purchase any add-ons if you want to extend the coverage of your motor insurance plan. If you want, you can drop your add-ons. After you are done with finalising your policy that has to be renewed, make the payment. Your policy will be renewed after successful payment, and you can relax until the next due date. The soft copy of the policy renewal will also be sent to you without delay.

Policy renewal is part and parcel of any motor insurance plan. So, do not miss out on it. Failing to do so can lead you to legal liabilities. Without insurance, you may also find yourself in trouble during any accident or damage caused to you or a third party.

For further help in renewing your Chola MS Motor Insurance via PayBima, call us on 1800 267 6767 or drop us a mail at paybima.care@mahindra.com.

The Process to Make A Claim for Chola MS Motor Insurance

Claim settlement is probably the end goal of any policy, including the Chola MS motor insurance plan. So, it is quintessential that you have all the information you need to have in order to file a claim and get it settled. Here are the steps involved-

Inform Chola MS 

The very first step of a claim filing is to inform your policy provider. So, here, you need to inform your insurance company regarding the incident and let them know that you want to file a claim regarding the same. You may ask for their assistance to take the vehicle to the garage or get it yourself if possible

Get the reports and documents

During an accident, the next step you have to do after informing Chola MS is to file an FIR at the nearest police station. Make sure you do not forget to keep a copy of the FIR so you can make a claim. A few documents like a valid driving license, vehicle registration number, policy documents, and bank account details must all be carried along with

The claim form

Seek for a claim form from Chola MS. You can either do this offline or through an online process. Fill out the form correctly and re-check the details entered. Attach the relevant documents and submit the form

Settlement of claim

For the purpose of repairing your vehicle, you can go to a network garage for cashless benefits. The insurance company will pay for the bills in a network garage without your interference. However, in case you have to go to some other garage than the Impanelled ones, you can claim reimbursement of the bills.

Review of Chola MS Motor Insurance

Cholamandalam MS General Insurance Company, or Chola MS, was established way back in 2001, i.e., 20 years ago, as a joint venture. Since then, the company has not turned back. The company’s remarkable growth has now led to a customer base of over 1 crore across the country. The number of customers is only growing. Here are some of the interesting reviews of the company-

  • The company provides services both online and offline so you can choose as per your convenience
  • So far, the company has settled over 2.5 lakh claims of its customers
  • A wide range of network garages have made the customer experience far better. At network garages, customers do not have to pay the bills. Rather, Chola MS does this on their behalf
  • The process of claim settlement is hassle-free and simple to understand. Hence, customers do not have to rush here and there to get their claim settled
  • A variety of insurance products and services, along with exciting add-on covers, are offered to the customers so they can enjoy maximum possible benefits
  • No Claim Bonus is yet another popular benefit provided to the customers who make no claim in a policy year
  • Overall, the company has been a competition in the market. The various awards and accolades presented to Chola MS is the proof of its hard work and dedication.


Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

FAQs on Chola MS Motor Insurance

What is the benefit of having a Zero Depreciation Cover?

The zero depreciation cover is also known as bumper-to-bumper cover. Under this cover, it is ensured that the depreciation charges will not be deducted while settling the claim of that vehicle that has been subject to accidental or physical damage. This add-on can greatly cut down your share of the repair bill and thus is quite beneficial.

I am buying a new car. Will I have to let go of the NCB on my old car?

Fortunately, when you buy a new vehicle, you can easily claim the NCB on your previous vehicle. You can retain the bonus when you sell your old car, as it is yours and not the vehicle’s. The buyer of your old car will have to get a new policy for your old car.

What is the benefit of buying motor insurance from PayBima?

PayBima makes buying motor insurance simpler and easier. You simply need to enter a few of your car’s details, and in a few moments, you’ll get to see the most-suitable insurance policies for your vehicle. You can browse through the various options and weigh the pros and cons. You also have the liberty to take your own time to come to a decision. Another benefit is that with PayBima, the entire process becomes paperless.

How many times can I make a claim?

While there is no such limit on making a car insurance claim, it is recommended that you do not rush to the insurer for every scratch and dent. You would lose your bonus and end up paying higher premiums. Also, keep in mind that whenever you make a claim, a share of the repair is to be paid by you as well. Make a claim only when you feel the damage is significant. 

Aug 12, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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