Chola MS Commercial Vehicles Package Policy

• Loss/damage cover for the vehicle insured
• Cover for liability to third party
• Personal Accident Cover for Owner cum Driver
• Cover for towing disabled vehicles
• Customize the policy with additional covers
• Cashless claim service at network garages
• Seamless and hassle-free claims process

Own Damage Cover

Loss or damage to the vehicle insured and/or its accessories is covered against perils such as fire explosion, self ignition or lightning, burglary, housebreaking or theft, riot and strike, earthquake, flood, typhoon & hurricane, accidental external means, malicious act, terrorist activity, in transit by road, rail, inland-waterway, lift, elevator or air, landslide or rockslide.

Cover towards Third Party Liability

Insured is covered against third party liability arising out of the use of the vehicle in respect of death or bodily injury to occupants carried in a vehicle other than the insured’s vehicle. It also covers damage to property other than the property belonging to the insured.

Personal Accident Cover for Owner - Driver

In case of bodily injury/death caused to the owner cum driver of the vehicle, the compensation is payable depending on the nature of injury sustained.

For death and Loss of two limbs/sight of two eyes/one limb & sight of one eye is covered up to 100%, Loss of one limb or sight of one eye is covered up to 50% and Permanent total disablement from injuries other than the specified ones is covered up to 100%.

This compensation is payable, when the death/injury caused within six calendar months of accidental external and visible means. A maximum of Rs 1 lakh is payable towards personal accident cover during any one period of insurance.

No Claim Bonus

In case of a claim-free policy year, No Claim Bonus as applicable is payable and it is offered on renewal of the policy.

Discounts

You can avail discounts upon having Automobile Association Membership and anti-theft devices approved by Automobile Research Association of India.

Towing Disabled Vehicle

While the insured vehicle is being used for the purpose of towing any disabled mechanically propelled vehicle, the indemnity is provided in respect of liability in connection with such towed vehicle.

Following are the additional cover/add-ons that can be opted upon payment of additional premium.

• Waiver of Reduction in Depreciation for Partial Losses: The insured will be reimbursed towards cost of parts replaced due to accidental damages in full or reduced percentage of depreciation, as per the cover opted.
• Reinstatement Value Basis for Fixing IDV: Your vehicle and the accessories are insured on ‘Reinstatement Value Basis’ after excluding the registration charges and road tax.
• No Claim Bonus Protection: With this add-on cover, you will not lose NCB even if you make Own Damage claim in the policy period.
• Coverage for Road Tax and Registration Charges: The insured will be reimbursed for the amount paid towards road tax and registration charges of the insured vehicle in the event of a total loss.
• Coverage of Insurance Cost: In case the claim for the insured vehicle is settled as total loss or constructive total loss, then the total annual insurance premium for any other vehicle purchased in insured’s name after the date of such loss of the insured vehicle is borne by the company, upon opting this add-on cover.
• Consumables Cover: Cost of consumables such as Engine oil, Gear box oil, Brake oil, Power steering oil, etc. that may incur while replacing/replenishing the damaged vehicle, following an accident, is payable upon opting this add-on cover.
• Reimbursement of Cost of Duplicate Key: The insured is eligible for reimbursement of cost of obtaining duplicate ignition key of the insured vehicle if original is lost. It is payable up to a maximum of Rs 1,000 and only one claim is entertained during a policy period.
• Registration Certificate Lost Cover: A fixed amount of Rs 2,000 is payable to obtain duplicate registration certificate of the insured vehicle if original certificate of the insured vehicle is lost by the Insured due to any reason.
• Franchise Benefit: The insured will be offered a discount on Own Damage premium for having agreed to a franchise of Rs 10,000 for each own damage claim up to this amount.
• Cover for Permit Loss: The insured will be paid a fixed amount of Rs 2,000 to obtain duplicate permit, in case original permit is lost due to any reason.
• Penalty Coverage: Upon opting this add-on cover, you will be reimbursed the penalty imposed by your client on you for the delay in the delivery or damage of their goods caused due to accident of the insured vehicle.

Following are the conditions that are not covered under this policy:

• Vehicle is used outside the geographical area
• Vehicle being used otherwise than in accordance with the ‘Limitations as to Use’ specified
• Any claim arising out of contractual liability
• Loss /Damage outside India
• Mechanical breakdown
• Consequential loss
• Depreciation, wear and tear
• Intoxicated driving
• Loss /Damage caused due to War/Mutiny/Nuclear risks, etc.