Safeguarding Journeys: A Comprehensive Guide to Cholamandalam Bike Insurance

Introduction:

Cholamandalam General Insurance Company has etched its presence in the insurance realm as a reliable partner in securing two-wheeler journeys. This guide aims to illuminate the key facets of Cholamandalam Bike Insurance, from its inception and range of plans to the claims process and technological innovations that make it a standout choice for motorcycle enthusiasts.

Step 1: The Genesis of Cholamandalam Bike Insurance Embark on a journey through the genesis of Cholamandalam Bike Insurance. This section provides insights into the company’s commitment to providing robust insurance solutions, its founding principles, and the overarching vision that guides its foray into safeguarding two-wheeler enthusiasts.

Step 2: Tailored Range of Insurance Plans Explore the diverse and tailored range of insurance plans offered by Cholamandalam for motorcycles. This includes comprehensive coverage options, third-party liability plans, and add-on covers to enhance protection. Understanding the nuances of each plan empowers bike owners to make informed decisions based on their unique requirements and preferences.

Step 3: Customer-Centric Approach and Service Excellence Delve into the customer-centric approach that defines Cholamandalam Bike Insurance. This section outlines the company’s dedication to understanding the specific needs of bike owners, ensuring prompt and efficient service. Real-life testimonials and customer reviews exemplify the effectiveness of Cholamandalam’s commitment to service excellence.

Step 4: Seamless Claims Process Uncover the seamless claims process employed by Cholamandalam Bike Insurance. This involves a detailed examination of the steps to initiate and track claims, the documentation required, and the company’s commitment to quick and transparent claims settlement. A user-friendly claims process is crucial for ensuring a hassle-free experience during unforeseen events.

Step 5: Technological Innovations for Policy Management Explore the technological innovations embraced by Cholamandalam for efficient policy management. This includes features such as online policy issuance, digital platforms for policy updates, and mobile apps for easy access. These innovations contribute to a modern and user-friendly insurance experience, aligning with the digital age.

Additional Information:

  • Discounts and Loyalty Programs: Showcase any discounts or loyalty programs offered by Cholamandalam Bike Insurance. Whether through safe riding discounts, No Claim Bonus (NCB) benefits, or bundled insurance packages, these incentives add value to the overall coverage.
  • Educational Resources and Road Safety Initiatives: Provide insights into any educational resources or road safety initiatives offered by Cholamandalam. This could include tips for safe riding, guides on bike maintenance, or participation in road safety campaigns to enhance awareness.
  • Community Engagement and CSR Initiatives: Highlight Cholamandalam’s community engagement and Corporate Social Responsibility (CSR) initiatives. Whether through contributions to road safety infrastructure, community programs, or environmental initiatives, understanding the company’s broader impact adds depth to its commitment.

By navigating through these steps and additional information, motorcycle owners can gain a comprehensive understanding of Cholamandalam Bike Insurance. Whether considering a new policy or seeking insights into the company’s commitment to customer satisfaction and innovation, this guide serves as a valuable resource for individuals looking to safeguard their two-wheeled journeys with Cholamandalam.

Cholamandalam MS General Insurance Company Finances

Collating all businesses together, Murugappa group recently registered a hike of Rs. 29,270 crores, which turns out to be 9.44% of the total revenue generated in FY 14-15, based on the company’s statement. In the following year (15-16), Murugappa group also had a one-time earning of Rs. 883 crores from an earlier 14% stake sale in the general insurance arm- Cholamandalam MS General Insurance.

Cholamandalam MS General Insurance Company offers

The Company is proud to offer a variety of insurance plans that are spread across the entire insurance arena and cater to individual needs of the consumers. They can be classified as:

  • Chola MS Health insurance plans
  • Chola MS Comprehensive Car insurance plans
  • Chola MS Commercial Vehicle insurance plans
  • Chola MS Personal Accident plans
  • Chola MS Travel Insurance plans
  • Chola MS Home insurance plans
  • Chola MS Fire insurance plans
  • Chola MS Engineering projects insurance plans
  • Chola MS Engineering operations insurance plans
  • Chola MS Property Crime insurance plans
  • Chola MS Marine insurance plans
  • Chola MS Liability insurance plans

Claims Ratio in Percentage for Financial Year 2018-19:

  • Motor: 84%
  • Health: 35%

Benefits of Cholamandalam Two Wheeler Insurance

The bike insurance policies available with this insurer have come up with lots of benefits that ensure your bike’s safety. Here are the benefits mentioned below.

Protection Against Legal Liabilities:

Third party bike insurance policy offers protection against the third party’s legal liabilities in case of an accident or property damage. The company pays full compensation to the third party, protecting you from legal adversities.

Protection Against Personal Accident:

This includes a payout to compensate for death, dismemberment of bodily organs, and permanent and total disability due to an accident.

Protection Against Accidental Damage:

Own damage insurance for two wheelers is provided wherein damages to your bike that occurred during an accident are covered by this insurer. The company pays the full cost of repairs for the said damage.

Protection Against Fire Damage:

Damages by fires not caused deliberately by you will be covered by your policy of this company.

Protection Against Damages Caused By Natural Calamities:

The policy includes the damages that occurred due to natural calamities such as landslides, earthquakes, floods, etc.

Add-on Covers:

This company has presented a handsome number of add-on covers to offer maximum protection to your two wheeler. These add-on covers can be purchased by paying a little extra premium.

Protection Against Damages During Transit:

Damages incurred while transiting via elevators, rail, road, inland waters, etc., are all covered under the comprehensive two-wheeler insurance by Chola MS.

Why Should You Opt For Cholamandalam Two Wheeler Insurance?

If you still have doubts about whether you should opt for this company or not for your bike insurance policy, here are the mentions to clear your confusion.

Transparency:

This company has maintained transparency since its foundation. It always values its customers and always tries to design policies that can best serve the consumers.

Long-term products available:

With this insurer, you can get long-term bike insurance products that keep you safe and protected for a longer period of time, and you do not have to take the trouble of frequent renewal.

Customer-friendly Products:

The bike insurance products of this company are made in such a way that they can cater to the varied needs of different individuals.

Number of Policies:

Cholamandalam has come up with a wide range of bike insurance policies so that the customers can choose the most suitable one according to their needs.

Background of the Company:

This company has been in the general insurance market for a long time. And over time, it has earned a good reputation and gained popularity.

Online Facilities:

In the age of modernization, with the growing demand for digitalization, Chola MS has also offered online facilities to its customers, such as renewal, bike insurance premium calculator, filing a claim, etc.

Cashless Facility:

Cashless facility is available with this company. More than 8500 network garages are spread all over the country.

Types of Cholamandalam Two Wheeler Insurance

This company has developed a bundle of bike insurance policies that safeguards you and your bike from adverse situations. The details of the policies have been discussed below. Have a look.

Chola Standalone Own Damage Policy for Two Wheeler:

  • This policy protects against damages due to accidents, theft, natural calamities like floods and earthquakes, and social perils like riots, strikes, and terrorism.
  • Discount is available on renewal premium for no-claims in the previous policy year.
  • Fire accidents and road accidents are covered under this policy.
  • This policy also provides you protection against theft of your two wheeler.

Motor Two Wheeler Liability Policy for 5 years:

  • This policy is a dedicated third party policy under which you can get Legal Liability cover to Third parties (TP) for personal injury and property damage resulting from an accident. The company will reimburse for the death of or bodily injury to any person so far as it is necessary to meet the requirements of the Motor Vehicles Act.
  • You will also get compensation for damage to property other than property belonging to the insured or held in trust or in custody, or control of the insured up to the limit specified in the schedule.
  • This policy also offers Compulsory Personal Accident (CPA) Cover for the Owner- Driver.
Nature of injury Scale of Compensation
Death 100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye 100%
Loss of one limb or sight of one eye 50%
Permanent total disablement from injuries other than those named above 100%
  • The Company will also pay all costs and expenses incurred with its written consent.
  • The Policy Tenure of this policy is 5 years for Third party Liability, and CPA cover is available for Owner-driver – 1 or 5 years.
  • The Company may, at its own option:
    1. Arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Policy and
    2. Undertake the defence of proceedings in any Court of Law in respect of any act or alleged offense causing or relating to any event which may be the subject of indemnity under this Policy.

Motor Two Wheelers Policy Bundled/Chola Motor Two Wheeler Package Policy:

  • This policy offers coverage for the conditions like loss or damage to your Vehicle due to
    1. Social perils like Burglary, House-breaking or theft, Riot, Strike, Terrorism, and Malicious activity
    2. Natural perils like Storms, cyclones, floods, inundations, hurricanes, tempests, hailstorms, frosts, Earthquakes (Fire and Shock), rockslides, and landslides
    3. Accident
    4. Fire, Explosion, self-ignition, or lightning
    5. While in transit by road, rail or inland waterway, airlift, elevator

This section is subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced:

  • For all rubber/nylon/plastic parts, tires, tubes, and batteries – 50%
  • For fiberglass components – 30%
  • For all parts made of glass – Nil
  • The rate of depreciation for all other parts including wooden parts will be as per the following schedule
Age of the two wheeler Percentage of depreciation
Not exceeding 6 months NIL
Exceeding 6 months but not exceeding 1 year 5%
Exceeding 1 year, but not exceeding 2 years 10%
Exceeding 2 years, but not exceeding 3 years 15%
Exceeding 3 years, but not exceeding 4 years 25%
Exceeding 4 years, but not exceeding 5 years 35%
Exceeding 5 years, but not exceeding 10 years 40%
Exceeding 10 years 50%
  • With this policy, you will also get protection from the Legal Liability to Third parties (TP) for personal injury and property damage resulting from an accident.
  • Compulsory Personal Accident (CPA) Cover for Owner-Driver comes along with this policy. The Company undertakes to pay compensation as per the afore-said scale for bodily injury/death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver, caused by violent, accidental external and visible means which independent of any other cause will within six calendar months of such injury result in. This cover is subject to the following conditions:
    1. The owner-driver is the registered owner of the vehicle insured herein.
    2. The owner-driver is the insured named in this policy.
    3. The owner-driver holds an effective driving license, in accordance with the provisions of rules of the Central Motor Vehicles Rules, 1989, at the time of the accident.

Available Add-on Covers Under Cholamandalam Two Wheeler Insurance Policy

Cholamandalam General Insurance Company also offers multiple add-on covers to strengthen your bike insurance policy as per your needs, which can be bought by paying a little extra premium. The followings are the available add-on covers:

  • Zero Depreciation – During the repair or replacement, or any such damage or loss, you will receive the full value of your claim with the help of this add-on cover.
  • Return to invoice cover – In the cases where there is a total loss of your two wheeler, the damage is beyond repair, or a case of theft, this add-on ensures that your bike is covered.
  • Roadside Assistance – With the help of this cover, expenses like battery jump start, charges for the towing facility, flat tire or minor repair assistance, hotel stay, or even a ride back home will be compensated.
  • Consumables cover – This add-on cover covers every consumable item, such as engine oil, nuts, screws, distilled water, or other similar items.
  • Engine protection cover, and many more.

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