Cholamandalam Third Party Car Insurance
As per the Motor Vehicles Act, it is mandatory for all car owners to have at least a third party car insurance policy. Also, compensating for damages/injuries caused to a third party by your car might result in hefty expenses. Thus, besides being a legal requirement, it is also a wise decision to have third party car insurance policy.
The third party covered offered by Cholamandalam provides insurance for all third party liabilities arising out of an accident/mishap involving your insured car. Under the Cholamandalam third party car insurance policy, coverage is provided for injuries/death caused to a third party along with a coverage of up to Rs 7.5 lakh for third party property damage.
Cholamandalam Third Party Cover Vs Comprehensive Policy
Third Party Policy
Third Party policy offers coverage for damage caused to third party lives (bodily injuries/death) and a coverage of up to Rs. 7.5 lakh for third party property damage.
Comprehensive policy offers an insurance cover for the insured vehicle, injury/death of a third party and compensation of up to Rs 7.5 lakh for third party property damage.
No add-ons are available with a third party car insurance cover.
A range of add-on covers such as zero depreciation, NCB protection, etc is available with a comprehensive policy.
It costs comparatively less as it is a basic cover with limited coverage.
It is relatively expensive policy owing to its extensive coverage.
Cholamandalam Third Party Car Insurance Coverage
- Insurance cover for third party liabilities (injury/death). The final amount of compensation is decided by a court of law.
- Compensation of up to Rs 7.5 lakh for third party property damage.
- Availability of optional personal accident cover for policyholder and co-passengers of up to Rs 15 lakh and 2 lakh, respectively.
The following are not covered Cholamandalam third party car insurance policy:
- Damages incurred to the insured vehicle in an accident/natural calamity or any other mishap.
- Bodily injuries/death of the policyholder in case of no purchase of a personal accident cover.
- Add-on covers offered with a comprehensive car insurance policy.
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Cholamandalam Third Party Car Insurance FAQs
Does Cholamandalam offer long-term third party car insurance policy?Yes, Cholamandalam MS General Insurance does offer long-term third liability with validity tenures of more than 1 year in addition to the 1-year third party cover. New car owners are mandatorily required to purchase a car insurance policy valid for 3 years.
How much compensation is provided for third party liabilities?The company provides limited/unlimited (depending upon the type of injury) liability cover for injury/death of a third party. In such cases, the amount of compensation is decided by a court of law.
Does the third party liability policy cover contractual liabilities?No, contractual liabilities (liabilities assumed on behalf of another party as a result of a contractual agreement) are not covered under a third party car insurance policy.
What happens in case someone commits suicide in front of my car?No compensation is offered to the third party in case of suicide or injuries caused due to an attempt of suicide.
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