Cholamandalam MS launches truck protection insurance product

MUMBAI: Private general insurer Cholamandalam MS General Insurance Company Ltd launched an insurance product today called 'Chola Protect for Trucks' with 11 add-on covers.

"It is India's first packaged complete protection policy for trucks that offers maximum coverage and service to customers," Cholamandalam MS Managing Director Gopalarathnam said in a release.

The value-added insurance product also offers complete protection with unique features like 100 per cent depreciation waiver, reinstatement value in case of total loss, monetary compensation for loss of key, driving licence, registration certificate, permit, payment for road tax, registration and insurance cost.

The company also launched India's first 'Emergency Roadside Service' for trucks in a tie-up with Mapfre Asistencia.

It offers a bouquet of assistance services like towing vehicles from accident sites, battery jumpstart, gear lever setting, brake and clutch settings and minor electrical work, among others.

Cholamandalam MS is a joint venture between the Rs 22,500 crore Murugappa Group and Mitsui Sumitomo Insurance Company of Japan.