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)
- 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
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 business of Life Insurance , General Insurance & Standalone Health Insurance under Registration Code CA0004".Insurance is the subject matter of solicitation. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The purchase of Insurance product by Bank of Baroda customers is purely on a voluntary basis. The insurance products are underwritten by respective Insurance company. Bank of Baroda does not perform any Insurance e-commerce activity on its website. The contract of insurance is between the Insurer and the Insured; and not between the Bank and the Insured.