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Cholamandalam Third Party Bike Insurance Policy
Cholamandalam Third Party Bike Insurance Policy is made to cover various legal liabilities that you face if your bike causes damage to someone's property or injuries to a third party. In India, it is mandatory to have at least third-party bike insurance while you are on the road. This protection makes sure that you are financially protected against any claims made by a third party for the damage caused by your bike. While third-party insurance does not cover the damages that are caused to your own bike, it provides affordable and important safety coverage. Chola MS third-party bike insurance provides a simple process that helps you in purchasing and renewing this policy, making sure that you are protected from various third-party liabilities.
Chola MS Third Party Bike Insurance v/s Comprehensive Bike Insurance
| Features | Chola MS Third Party Bike Insurance | Chola MS Comprehensive Bike Insurance |
|---|---|---|
| Coverage | Covers damage to third-party property or injuries | Covers third-party liability, own bike damage, and personal injuries |
| Legal Requirement | Mandatory as per Indian law | Optional but recommended for full protection |
| Own Bike Damage | Not covered | Covered for accidents, theft, fire, and natural disasters |
| Personal Injury Coverage | Not covered | Covered under personal accident add-ons |
| Third-Party Liability | Covers third-party property damage and injury claims | Covers third-party property damage and injury claims, plus own damages |
| Premium Cost | Lower compared to comprehensive insurance | Higher due to broader coverage |
| Add-On Covers | Not available | Available (e.g., zero depreciation, return to invoice, etc.) |
| Theft Protection | Not covered | Covered under a comprehensive policy |
| Natural Disasters | Not covered | Covered (e.g., floods, earthquakes, etc.) |
| Accidental Damage | Not covered | Covered for own vehicle |
What is Covered and Not Covered in Chola MS Third Party Bike Insurance
Inclusions (What is Covered):Covers third-party property damage caused by your bike.Covers legal liabilities due to injuries or death of a third party in an accident.Financial protection for third-party claims in case of an accident involving your bike.Fulfils the mandatory legal requirements for riding a bike in India.Exclusions (What is Not Covered):Damage to your own bike in case of an accident.Theft or loss of your bike.Personal injuries to the bike owner/rider.Damages caused due to natural disasters (floods, earthquakes, etc.).Damage due to man-made disasters like riots or vandalism.If the accident occurs while breaking traffic rules or riding under the influence of alcohol or drugs.Consequential damages or mechanical/electrical breakdowns.
Bike Insurance Plans By Cholamandalam
FAQs
The Chola MS Third Party Bike Insurance cost mainly depends on the engine size. The larger the engine (in CC), the higher the insurance cost, as set by the IRDAI. The type and age of the bike can also affect the price.
You can buy or renew Chola MS Third Party Bike Insurance online with the help of the Chola MS website or by visiting your nearest branch in India.
If you don't have third party insurance, you are breaking the law, which may result in facing heavy penalties in the form of challan fines and more.
Yes, you can add personal accident coverage to your third-party policy. This will protect you in case of injury or death while riding the bike.