Cholamandalam Car Insurance Add-On Covers

Cholamandalam offers a range of add-on covers along with its comprehensive car insurance policy. Add-ons are extra covers that can be availed for your car by paying an additional premium. The covers are highly beneficial and help you to get enhanced protection.

1. Zero Depreciation

This add-on cover exempts you from bearing the liability of paying the cost of depreciation while claim settlement. This enables you to get a higher claim, which would not have been possible otherwise. The Nil Depreciation cover requires payment of an additional premium, which in turn, depends on the IDV of your vehicle and its age.

2. Reinstatement Value Basis (RVB) of Fixing Vehicle Sum Insured

It is an invoice price cover, which allows you to get full market price (excluding the registration charges and road tax) of your car in case of Constructive Total Loss or theft. This add-on also offers for waiver of reduction in depreciation by 100%.

3. No Claim Bonus (NCB) Protection

No Claim Bonus (NCB) is a discount offered on own-damage premiums for every claim-free years. However, the bonus is not offered even if a single Own Damage(OD) claim is filed during the policy period. Nonetheless, the NCB Protection add-on cover retains the NCB discount even if the policyholder makes an OD claim during the policy period.

4. Coverage for Road Tax and Registration Charges

This add-on cover entitles you to get reimbursement of the residual amount paid towards road tax and registration charges of the insured vehicle in the event of a total loss. This add-on, coupled with the RVB add-on, gets you the complete market price of the car in case of Constructive Total Loss (CTL) or theft.

5. Coverage of Insurance Cost

If your insured vehicle suffers Constructive Total Loss (CTL), then the insurance cost of the new vehicle will be paid by the insurer subject to the premium paid.

6. Consumables Cover

You will get compensation for the damages of consumables such as engine oil, oil filter, nut and bolt, screw, washers, grease, etc, which are not covered under the standard comprehensive plan.

7. Key Cover

Get reimbursement for the cost of obtaining a duplicate key if the original key is lost.

8. Registration Certificate (RC) Cover

Get compensation of up to Rs 2,000 to obtain a duplicate RC in case the original one is lost.

9. Permit Cover

Get a fixed compensation of Rs 2,000 for obtaining a duplicate Permit if the original document is lost.

10. Penalty Coverage

This add-on cover allows you to get compensation for the penalty imposed on you by a client/customer for the delay made in delivering goods or damage to the goods caused by an accident.

11. Franchise Benefit

Get a discount on OD premiums for agreement to a franchise of Rs 10,000/- for each claim. However, claims of over Rs 10,000 will follow the standard policy terms.

12. Monthly Instalment Cover

In case the vehicle owner is unable to pay the monthly instalments of the vehicle to the financier due to an accident, the insurer will cover the instalments on behalf of the policyholder. The benefit of this add-on cover is subjected to an additional premium and can be availed only if the vehicle is repaired in one of the network workshops.

13. Coverage for Disabled Vehicle

This add-on cover allows you to get indemnification for the expenses of protection, extraction and removal of the disabled vehicle. The policyholder needs to have a prior consultation and approval from the insurer before taking assistance from any agency or such.

14. Daily Cash Allowance

In the case when the insured vehicle is unavailable during the claim process because of repairs arising from partial loss, the insurer will pay a daily allowance for commute, which can be Rs 500 or Rs 1,000, depending upon the premium paid.

15. Auto Extension of Policy

With the payment of a 20% extra premium, the existing policy coverage of the vehicle will be extended further to 30 days post expiry. The extra premium will be charged on pro-rata basis.

16. Cover for Personal Belongings

The policyholder will get reimbursement for the loss of personal belongings such as clothes and other items of personal use. The compensation amount will equal to the market value of the lost items and a maximum of 2 claims are only permitted during the policy tenure.

17. License loss cover

The insured will get compensation of a fixed amount of Rs 500 to obtain a duplicate license of the insured vehicle in case the original one is lost because of any reason. Only 1 claim is permissible in a policy tenure.

18. Discount for Repairs In Preferred Workshop

The policyholder can receive a discount of 5% on net own damage premiums up to Rs 500 if the insured vehicle is repaired in any of the preferred of workshops of the company.

19. Wrong Fueling

The policyholder can get compensation for flushing out of the wrong type of fuel filled at the petrol pump along with reimbursement for the replacement of parts damaged because of the same.

20. Hydro-static Lock Cover

The insurer will pay compensation for damages done to the engine, gearbox and differential parts due to the ingress of water or an oil peril. The claim is accepted only if the insurer is convinced that the damage is incurred because of the insured vehicle being submerged or having stranded in a waterlogged area.

21. Key Replacement Cover

This add-on cover allows the insured to get compensation for not only loss of the key but any damage done to it or even the key mechanism including the lock. The maximum compensation depends on the amount of additional premium paid to the company.

22. Consumables Plus cover

As the name suggests, it a premium version of the standard consumables cover. This add-on allows the insured to get compensation for the damages/losses for items which have specific uses and when used are either consumed totally or become unfit for continuous and permanent use. The list of such items include nuts and bolts, screw, oil filter, fuel filter, bearings, washers, clips, wheel balancing weights, grease, wheel bearings, distilled water, engine oil, gear-box oil, battery electrolyte, power steering oil, AC gas oil, air conditioner refrigerant, windshield washer fluid, radiator coolant, oil filter, fuel filter, air filter element, brake oil , coolant and items of such kind.

23. EMI Cover

On payment of an additional premium, the company will pay the EMIs of the insured vehicle to the financer of the vehicle recorded in the insurer’s book, in case of an accident involving the insured vehicle.

24. Conveyance Allowance

The company will pay a certain amount as an allowance to the policyholder in case of damage or loss of the insured vehicle. The compensation amount depends upon the extra premium paid by the insured.

25. Vehicle Replacement Advantage Cover

In consideration to payment of an extra premium, the policyholder will get compensation for the value of the replacement cost of the vehicle including all applicable taxes and charges paid for the insured vehicle on the date of the total loss, which also includes the registration charges, Road Tax and total insurance cost of the policy. The benefits are applicable in the case of TL, CTL or loss of the vehicle.