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Cholamandalam MS Insurance

Best policy for Commercial Vehicle Insurance

Chola Commercial Vehicle Insurance

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About CHOLA MS Commercial Vehicle Insurance

    Chola Commercial Vehicle Insurance is a one-of-its-kind motor insurance policy designed to especially protect vehicles that are not used for personal purposes.
    The vehicles covered under this policy include:
    • Passenger Carrying Commercial Vehicles: School Buses, vans, taxis, etc.
    • Goods Carrying Commercial Vehicles: Trucks, mini trucks, etc.
    • Tractors
    • Miscellaneous Vehicles: Excavation, Cranes, Loader, etc.

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Why Choose Chola MS Commercial Vehicle Insurance

When you choose commercial vehicle cover from Chola MS, you gain:
  • Double benefits with a single policy: This comprehensive policy offers both "Third Party Cover" and "Own Damage Cover"
  • Discount on premium: Enjoy the "no claim bonus" discount for claim-free policy years.
 

1. What are the benefits?

  • Complete comprehensive cover that offers both Third Party Cover and Own Damage Cover
  • Third Party Liability Cover that includes Personal Liability & Property Liability
  • Personal Accident Cover for the owner, driver and passengers
  • Protection for your vehicle against damage or loss due to accidental external means, theft, burglary and various other perils
  • Discount on Own Damage (OD) premium for claim free policy years No Claim Bonus
  • Seamless and hassle-free claims process
 

2. What does it cover?

  • Third Party Personal Liability with unlimited coverage. The amount awarded by the court as your liability to a third party due to accidental death or injuries caused by your vehicle will be compensated for under the vehicle insurance policy.
  • Third Party Property Damage with a maximum cover of INR 7,50,000, in case of private cars.
  • Own Damage Cover protects against damage or loss due to:
    • Fire, lightning, self-ignition or explosion
    • Burglary, theft or housebreaking
    • Strike or riot
    • Earthquake (shock damage and fire)
    • Flood, inundation, storm, tempest, typhoon, hurricane, Cyclone and Hailstorm
    • Accidental external means
    • Malicious acts
    • Terrorist activity
    • During transit by rail, road, inland waterway, air or lift
    • Landslide and rockslide
    • Personal Accident Cover with compensation
  • For the owner/driver (compulsory): Cover of INR2,00,000
  • LL to paid Driver.
  • Other Covers available are
    • For unnamed passengers, including spouse, children, parents, etc: Cover starting at INR10,000 to a maximum of INR2,00,000 (in multiples of INR10,000)
    • Legal liability towards employees arising out of an accident involving the insured vehicle.
    • Discounts include No Claim Bonus, Automobile Association Membership Discount, Discount for Anti Theft Devices approved by Automobile Research Association of India (ARAI) that are fitted in the vehicle
 

3. What is not covered in Commercial Plan?

Chola MS Commercial Vehicle Cover does not include the following:
  • Accidental damage or loss while driving under the influence of intoxicating liquor or drug
  • Accidental damage or loss due to willful negligence
  • Loss or liability while the vehicle is being used outside the scope of limitations of use and/or being driven by a person not duly licensed
  • Consequential loss, wear & tear, depreciation, mechanical & electrical breakdown / failure of breakages
  • Loss due to radioactivity or nuclear weapons
  • Loss arising out of war and related activities
 
  • Sum Insured

The Insured's Declared Value (IDV) of the vehicle will be deemed to be the 'Sum Insured,' fixed at the commencement of each policy period for the insured vehicle. The IDV of the vehicle is fixed on the basis of the manufacturer's listed selling price for the specific brand and model of the insured vehicle at the time of commencement of the insurance or renewal, and adjusted for depreciation.
The table below lists the schedule of age-wise depreciation, for fixing IDV.
 
Age of the Vehicle
% of Depreciation for fixing IDV
Not exceeding 6 months
5%
Exceeding 6 months but not exceeding 
1 year
15%
Exceeding 1 year but not exceeding 
2 years
20%
Exceeding 2 years but not exceeding
3 years
30%
Exceeding 3 years but not exceeding 
4 years
40%
Exceeding 4 years but not exceeding 
5 years
50%
 
 
  • Add-on covers available for goods carrying vehicles:
    • Waiver of reduction in depreciation for partial losses
      • You will be reimbursed cost of parts replaced due to accidental damages in full or reduced percentage of depreciation depending on the cover opted.
    • Reinstatement Value Basis(RVB) of fixing vehicle sum insured
      • Your vehicle and the declared accessories are insured on 'REINSTATEMENT VALUE BASIS' which is the original invoice value excluding the registration charges and road tax. This add-on cover will also provide for waiver of reduction in depreciation by 100%.
    • No Claim Bonus (NCB) protection
      • You will not lose NCB even if you make one Own Damage(OD) claim in the policy period.
    • Coverage for road tax and registration charges
      • You will be eligible for reimbursement of residual amount paid towards road tax and registration charges of the insured vechicle in the event of total loss of any nature.
    • Coverage of insured cost
      • If the insured vehicle suffers a Total Loss/Constructive Total loss(CTL), then the insurance cost for the new vehicle will be borne by the company subject to premium paid.
    • Consumables coverage
      • You will be reimbursed the cost of consumables like engine oil, oil filter, nut and bolt, screw, washers, grease, etc, actually consumed and utilized for repairing the accidental damages/losses.
    • Reimbursement of cost of duplicate key
      • You are eligible for reimbursement of cost of obtaining duplicate vehicle key of the insured vehicle if originals are lost.
    • Registration certificate loss cover
      • You will be paid a fixed amount of Rs. 2,000/- to obtain duplicate registration certificate if original certificate is lost due to any reason.
    • Cover for permit loss
      • You will be paid a fixed amount of Rs. 2,000/- to obtain duplicate permit if original permit is lost due to any reason.
    • Penalty coverage
      • The company will reimburse the penalty imposed by your client/customer on your for the delay in the delivery or damage of their goods caused due to accident to insured vehicle.
    • Franchise benefit
      • You will be offered a discount in OD premium for having agreed to a franchise of Rs. 10,000/- for each claim.Claims in excess of Rs. 10,000/- will be considered in full subject to policy terms.
 

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