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CholaMS Motar Insurance

CholaMS Motor Insurance

Insurance of motor vehicles plying on road is mandatory under the Motor Vehicles Act. All kinds of vehicles- Private Cars, Goods Carrying Commercial Vehicles, taxies & other passenger carrying vehicles, tractors & other miscellaneous classes of vehicles, TwWheelers can be insured under the Motor Insurance Product.

Scope of Cover-What is Covered?

Motor Insurance covers the unforeseen risks which may result in:-

  • Creation of Liabilities (called generically as Third Party Cover)
  • Injuries/ Death of persons outside or inside a vehicle. This could be the owner, passengers, driver, pedestrians etc.
  • Damage to property of others- also called as Third Party Property Damage
  • Partial damage to the vehicle itself. This may arise due to accidental external means, riot, strike, malicious act, fire, flood, cyclone etc.
  • Theft of parts or theft of the vehicle itself
  • Total loss/ damage of the vehicle

Compulsory Personal Accident (CPA) cover for Owner-driver

  • The CPA cover offers compensation up to Rs.15 lakhs for Accidental Death / Disability of the registered Owner of the Insured Vehicle whilst driving or alighting into / out of the Vehicle.
  • The registered Owner should hold an effective driving license

Key requirements for acceptance:-

  • Proposal form
  • Valuation report (where applicable)
  • Renewal notice copy (in case of an insurance renewal)
  • Break in Insurance Inspection report if there is a break in insurance or there is no past insurance
  • Copy of RC book/ Invoice Copy (where applicable)

Claims Procedure

  • Inform Chola MS customer care on a toll free number 1800 208 5544 and register the claim
  • Please provide policy number, driver details, incident details, location of accident, details of damages etc. to the customer care executive
  • Safeguard self and try to prevent further damage to the vehicle by taking appropriate action
  • In case of 2 wheeler, there is no need for spot survey. For other vehicles it is needed
  • Spot survey where applicable will happen in 6 hours
  • In case there is no Third Party Losses- no need for police intimation
  • Once estimate for loss is obtained from garage, please inform for final survey by Chola MS loss assessor
  • Please provide the details/documents as requested
  • Once repaired, reinspection is done where required. Our assessor will guide customer on this
  • If cashless facility is availed, satisfaction certificate to be provided for Chola MS to settle with garage

Key documents required for Claims Settlement

  • Filled Claim form
  • RC book
  • Policy Copy
  • Original Bills and Cash Memos
  • Driving license of person driving the vehicle at the time of accident
  • Fitness , Permit & Load Challan (where required)
  • FIR & Final Investigation Report (where required)
  • In case of theft- not traceable certificate and original keys
  • Any other document required by claims team

What is not covered- Some key exclusions:-

Some key exclusions of the motor insurance are:-

  • Accident while the person driving is under the influence of intoxicating liquor or drugs
  • Consequential loss. Eg. Loss of profit due to inability to use a commercial vehicle following an insured accident
  • Depreciation, wear & tear etc., unless specifically covered
  • Mechanical & Electrical breakdown Eg. Steering jamming claims, suspension alignment etc.
  • Accidents when private vehicle is used for commercial purposes (hire or reward). This could include private vehicle for carriage of goods or passengers for hire
  • Compulsory deductible in insurance
  • Damage while vehicle is used for speed testing or organized racing

Disclaimer

"Bank of Baroda is authorized by the Insurance Regulatory and Development Authority to act as a Corporate Agent from 01.04.2019 to 31.03.2022 for procuring or soliciting insurance business of Life Insurance & General Insurance under Registration Code CA0004"

The contract of insurance is between the Insurer and the Insured; and not between the Bank and the Insured

Insurance is the subject matter of solicitation.

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