Yes, No Claim Bonus is transferable if you switch your insurer at the time of car insurance renewal.
The best way to reduce your car insurance premium is to drive safely. If you do not raise a claim against your car insurance policy, you will receive a No Claim Bonus (NCB). It can help you get upto 50% discount on premium if you continue to drive safely.
To change the policy details get in touch with us by sending an email at [email protected] or call us on 1860 266 2256. You will be required to submit supporting documents if applicable.
Yes, if you install a CNG or LPG kit in your car you need to inform us by calling 1860 266 2256 or by sending an email at [email protected] You need to inform us if you make any major modifications to your car.
Yes, it is important to transfer the car insurance policy in the name of a new buyer when you sell your vehicle.
While driving a car or riding a you need to carry your Driving License, Pollution Under Control (PUC) certificate and Registration Certificate (RC) of your car.
To raise a car insurance you need to get in touch with Acko General Insurance. To do so, register your claim at acko.com > Claims or call us on 1860 266 2256.
To complete the endorsement procedure get in touch with us by sending an email at [email protected] or call us on 1860 266 2256. You will be required to submit supporting document if applicable.
To raise a complaint call us on 1860 266 2256 or send an email at [email protected] Please click Grievance Redressal for more information.
Beyond city limits, you will not have a pick up and drop facility. Contact Center will suggest an Acko network garage/workshop. Once vehicle is dropped at the garage/workshop, an external surveyor will be appointed for the assessment of loss.
Beyond working hours of the driver, we will utilise the services of Roadside Assistance for towing/pick up for vehicle beyond drivable condition else contact center would schedule a pickup as per your requirements during working hours.
Yes, FIR/Police intimation is mandatory.
Any motor policy is serviceable pan India irrespective of where the policy is purchased. Beyond city limits, you will not have a pick up and drop facility. Contact Center will suggest an Acko network garage/workshop. An external surveyor will be appointed for the assessment of loss.
The prices are low because we spend a lot less on running an insurance company when you buy directly from us. We pass on the savings to you so that you can avail best insurance at a lower price.
Yes, you can add Add-ons in the middle of the policy. We may need to check your car once before adding few Add-ons.
We offer you the best possible rates and we do not hide anything in our sleeves. You can avail additional discounts, basis few questions which you can answer, while buying Insurance on our website.
At Acko, we are completely redefining insurance. We have transformed something that was boring and done only because it was mandatory, into a convenient product with quick and top-notch services. So, we are happy to boast that we are a new age insurance company as we provide better prices, prompt service, and a completely hassle-free experience.
A Third-party Liability Insurance is mandatory as per The Motor Vehicles Act, 1988. It is designed to help third parties that might be affected by your car in case of an accident. On the other hand, a Comprehensive car policy includes the mandatory Third-party Liability insurance and offers wide insurance coverage for your vehicle. With a Comprehensive policy, your vehicle will be insured against risks such as accidents, theft, calamities, etc.
Insurance companies primarily determine car insurance premium based on the make, model, age, and registration location of your car. Your car insurance premium is also dependent on the type of policy chosen and your claims history.
Depreciation means the reduction in the value of an asset due to wear and tear over a period of time. With regards to car insurance, this value is calculated as per the depreciation rates provided by the Insurance Regulatory And Development Authority of India (IRDAI).
IDV means Insured Declared Value. It is the value you will receive in case your insured car suffers total damage or is stolen. It is not your car’s resale value.
Policy period means the duration for which your insurance policy is active. Generally, in case of car, this period is of one year. Make sure to renew your car insurance before the expiry of the policy period to stay insured.
Add-ons are additional covers that you can opt to strengthen your Comprehensive Car Insurance policy. Add-ons usually cover risks that are not covered under a standard Comprehensive policy. Make sure to go for Add-ons that meet your requirements and enhance your insurance coverage.
Deductible means the amount of money payable by you in case of a claim. There are two types of Deductibles, Compulsory and Voluntary. Compulsory Deductible is a nominal amount you have to pay. By opting for Voluntary Deductible, you tell the insurance company that you will be paying Compulsory + Voluntary Deductible in case of a claim. This is done to reduce the insurance premium.
No Claim Bonus is a discount given to you by the insurance company while renewing your insurance. It is kind of a reward for not raising a claim during your policy period.
You will receive the soft copy of your insurance policy in your inbox as soon as you purchase the policy. That soft copy is a valid policy document.
You can avail discounts on your car insurance premium by:
- Becoming a member of the Automobile Association of India
- Installing anti-theft devices sanctioned by Automobile Research Association of India
- Opting for Compulsory Deductible
- Ensuring to keep your No Claim Bonus intact
Car inspection is not necessary all the time. However, your car might need an inspection if there is a break between your expired and new policy.
No. Your insurance policy becomes inactive when it crosses the expiry date. You are not covered against risks in the grace period.
Depreciation will be calculated as per following tables:
Table 1
| Item | Rate of Depreciation |
|---|---|
| Rubber, Nylon, Plastic Parts, Tyres and Tubes, Batteries, and Air Bags | 50% |
| Fiberglass components | 30% |
| All parts made of glass | Nil |
| Material cost of the paint in case of a paint job | 50% |
| Note: If a consolidated amount is charged for the job, then 25% of the total cost will be considered as the material cost. |
Table 2
| Age of the vehicle | Rate of Depreciation |
|---|---|
| 6 months or less | Nil |
| Between 6 months and 1 year | 5% |
| Between 1 and 2 years | 10% |
| Between 2 and 3 years | 15% |
| Between 3 and 4 years | 25% |
| Between 4 and 5 years | 35% |
| Between 5 and 10 years | 40% |
| More than 10 years | 50% |
No. You won’t be charged extra for towing of your vehicle.
Buying additional coverages i.e. Add-ons along with your policy is not mandatory. Thus, you can choose any number of Add-ons. However, it is advised that you buy only those add-ons that fulfill your requirements. This will help you keep the cost of your car insurance policy optimized, as each add-on will increase the amount of premium.
A car insurance premium calculator will calculate an approximate cost of your policy. Your premium will depend upon your vehicle, deductible amount, Insured Declared Value (IDV), number of Add-ons, etc. Entering tentative values will not result in the most accurate calculation. Thus, you need to add accurate information in the calculator to get the most relevant quote.
Since modifications increase the value of your car, it will affect the cost of your car insurance policy as well. This will happen if you consider adding those modifications in your car insurance policy as well. Thus, modifications to the vehicle may increase the premium amount, depending on your choice to get them insured.
Depending upon the type of deductible, it can be optional. There are two types of deductibles in car insurance - compulsory and voluntary. It is mandatory to pay compulsory deductibles at the time of claim. Paying a voluntary deductible is optional and depends upon your personal preference. If you decide to opt for a voluntary deductible, you need to commit the same while getting your car insured.
The very first benefit is that you continue to receive a financial protection against any unfortunate events related to your car, without a break. Secondly, if you had not raised a claim against your policy you may be eligible for a No Claim Bonus. It will reduce the cost of your policy. Also, since there will be no break-in policy, you don't pay an additional amount to your insurer for activating your car's insurance.
You can easily get an approximate quote of your car insurance policy by visiting your preferred insurer's website. All you need to do it enter some information like the registration number of your car, details related to your last car insurance policy and a number of claims if any, the IDV of your car. Next, your insurer will instantly generate a quote. Thus, you can get a car insurance quote by visiting your insurer's website.
One should buy a car insurance plan that suits his/her requirements the best. Usually, a comprehensive plan provides adequate coverage since it covers both - third-party liabilities and own damage i.e. damage to the insured car. Also, with this type of car insurance, you can choose a suitable add-on that can extend the scope of your policy.
As the name suggests, a compulsory deductible has to be paid by the policyholder at the time of claim. Whereas, a policyholder has an option to choose to opt-in or opt-out of the voluntary deductible. A voluntary deductible may help in reducing the cost of a car insurance policy but it also results in a lower claim amount in case of damage.
The exclusions of a car insurance policy will be mentioned on the policy document A detailed explanation of the terminology will also be included. You can also get in touch with the insurance company to understand a particular terminology. It is extremely important to read and understand the exclusions of your car insurance plan. Thus, if there is any doubt pertaining to exclusions in your car insurance policy, it is suggested to get it clarified with the sales executive or the support team before you buy the policy.
The price of a car insurance policy depends on multiple factors. It depends on the type of plan you choose and the extent of coverage it provides. A plan offering wide coverage will be slightly expensive than the plan that offers lesser coverage. Thus, while selecting the best car insurance policy you must consider its features, benefits, and relevance of the plan rather than just the price of the policy. Focusing on coverage is more beneficial.
IDV i.e. Insured Declared Value of your car forms the basic factor used to calculate the cost of your car insurance policy. If you declare a higher value, the cost of your policy will also increase. On the other hand, if you set a lower IDV, you may receive a lower claim amount. Thus, it is important that you set the correct IDV while buying the policy. The correct IDV of your car is its approximate current market value.
Depreciation is the reduction in the monetary value of a car. Each year as the car ages, it's depreciation increases. This is due to a reduction in the car's market value with time. The depreciation rate is calculated as per the table stipulated by The Motor Tariff Act.
No, you are asked to set the IDV of your car only while purchasing a comprehensive car insurance policy. Setting the right IDV is important for calculating the 'own damage' component of your car. Since Third-party Liability Insurance does not deal with Own Damage cover, considering IDV is not required.
IDV is calculated with respect to the car's invoice value. It does not include the money you spend on registering your car or for an insurance policy. Thus, these things are excluded while calculating the IDV of your car.
To make the claims process faster, insurance companies have tie-ups with local garages. Such garages form a network. If you get your car repaired from a network garage, you can avail cashless repairs. In this process, you do not need to worry about collecting physical bills and then submitting the paperwork for raising a claim. Your insurer coordinates with the garage making the process hassle-free for you. It is not a 100% cashless claim, you need to bear a minimal cost under deductibles.
When you raise a claim, your insurance company will send a team member who will carry out an inspection to understand the extent of damage caused to your car and to other vehicles (if applicable). He will submit the reports to the insurance company for further processing. A surveyor is a link between the policyholder and the insurance company.
No, it is not possible to raise a claim when the policy is not active. An accident can occur at an unpredictable moment. Thus, it is very important that you renew your car insurance policy in time.
If the injuries are caused due to an accident while traveling in the insured car, one can raise a claim for treating personal injuries. A personal accident cover for owner/driver is included in all types of car insurance policies.
Yes, insurance companies expect you to intimate them about an accident as early as possible. However, in case the policyholder is not in a state to get in touch with the insurance company, they may consider this as a special case and extend the timeline.
Buying car insurance is mandatory in India under The Motor Vehicles Act, 1988. A car owner should buy insurance to get a layer of financial security in case of an unfortunate event like an accident. This helps you get your car repaired without worrying about the sudden expenses.
An insurance policy should be purchased keeping in mind your personal requirements and the coverage offered by the policy. Usually, a comprehensive car insurance policy provides extended coverage. Plus, you can buy additional coverages with this type of insurance.
