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Buy/Renew Car Insurance Online in India
What is Car Insurance?
Car insurance refers to an insurance policy that covers various car-related risks. You need to pay an insurance premium to purchase a car insurance policy from an insurer (for example, ACKO). And if your car faces damages or you cause damage to others via the insured car, your insurer will offer financial assistance, as per the applicable terms and conditions.
At ACKO, we have curated different car insurance plans to suit your unique needs. Whether you want the basic Third-party Insurance Policy or Bumper-to-Bumper Car Insurance, you can choose from different types of insurance plans for your car.
You can also customise the Insured Declared Value (IDV) and choose from an array of suitable add-on covers to enhance the coverage in case of a Comprehensive Car Insurance Policy. Note that the car insurance renewal should be completed within the expiry date to enjoy continuous coverage. You can quickly renew car insurance online through our simple, easy-to-use mobile app or website.
Key Features of ACKO’s Online Car Insurance
Insuring your car with us is simple, easy, and convenient. Being digital-first helps us seamlessly offer almost all of our services online. Additionally, you get the following key features.
Incredibly low premiums
Thanks to our digital setup, our operational costs are low, and we sell insurance for cars directly to you without middlemen commissions. This results in lower premiums.
Zero paperwork
With ACKO, there’s no need to spend time and effort filling out physical forms to insure your car. Nor do you have to submit a long list of documents. Everything’s online!
Stress-free claims
Gone are the days when you had to stress over raising a car insurance claim. With features such as free pickup and drop* and claim tracking, your claims experience with us is bound to be stress-free! (*as per terms and conditions).
Instant settlement
ACKO offers instant settlement for minor claims. Major claims may take more time but are settled swiftly as well. Both minor and major claims are settled as per the applicable policy’s terms and conditions.
Total convenience
Want to buy car insurance at midnight? Available. Renew the policy on a Sunday? Available. Raising claims on a public holiday? Available. With ACKO, you get total convenience for all things insurance!
24x7 Support
We know that accidents are unpredictable. Thus, you can avail of our 24x7 support, one way or the other, as and when you require insurance assistance. We are just a call/click away!
Explore More from Acko's Car Insurance Advantage!
| Key Features | Benefits of ACKO Car Insurance |
|---|---|
| Premium | Car insurance plans starting at ₹ 2,094. Best in the industry 👍 |
| Add-ons | Multiple add-ons available to enhance your insurance plan |
| Own Damage policy | Available under Comprehensive Insurance |
| Damages to the third party | Covered |
| Cashless repairs | ✅ Yes |
| Compulsory Personal Accident (PA) cover | Available. Cover of Rs. 15 lakh for permanent disability/death while driving. 🚑 |
| Claim Settlement Ratio (CSR) | 96.20% for FY22-23 (For Private Car Insurance) |
| Motor Own Damage Claim Settlement Ratio | 96.27% (FY22-23) |
| Emergency assistance ☎ | 24/7 |
| Repairs | We offer free pick up and drop-off service for cars damaged in select cities. You get 1-year repair warranty, original spare parts and quality checks on repairs at our network garages. |
| Buying/renewal process | ✅ 100% digitally-driven |
| Zero Depreciation Cover | Available as an add-on/type of cover |
Know why thousands of car lovers in in India choose ACKO over others
ACKO is one of the best car insurance companies in India thanks to our low-priced plans, zero commission model, and hassle-free claim settlement process. We are a digital-first insurer and ensure a seamless insurance experience via our website/app.
ACKO Car Insurance Vs Car Insurance by Others
ACKO car insurance | Car insurance by others |
|---|---|
😊 Cost-effective due to digital-first approach | 😖 Expensive due to higher operational cost |
😊Simple online purchase and renewal process | 😖 Tedious processes involved |
😊 Zero paperwork | 😖 Physical paperwork |
😊 Cashless and instant claims settlement | 😖 Longer claims settlement duration |
😊 Can be contacted 24x7 directly via call/ email/app | 😖 Dependency on middlemen or need to call/visit the branch office; besides, 24x7 contact support might not be available |
Hassle Free Claims with ACKO Car Insurance
ACKO’s car insurance claims process | Claim process of other insurers |
|---|---|
😊 Simple and quick online claim registration | 😖 Tedious documentation |
😊 Instant claim settlement for minor claims | 😖 Longer wait time, even for minor claims |
😊 Straightforward, cashless claims settlement process | 😖 Complex claims settlement process |
😊 Pickup and drop facility as per policy terms | 😖 May need to take the car to the garage yourself |
**Note: The above-mentioned comparison is generic and mostly with insurers who are not digital-first. Other insurers might have features similar to ACKO in some cases.
ACKO is at the forefront of making insurance simple and easy for you. Whether it is policy purchase or claims registration, all associated processes are simple and fast, thanks to tech integration. Thus, you can get the best car insurance experience with us.
Why Do You Need Car Insurance?
Car insurance is crucial to protect your vehicle and you from potential financial implications due to accident-related damages or third-party liabilities. Here are some of the reasons why you need insurance for cars.
Adherence to the law
The Motor Vehicles Act, 1988 mandates all motor vehicles, including electric cars, to be insured with Third-party Insurance. Failure to adhere to the law invites a penalty of up to Rs. 4,000 and/or imprisonment. Thus, it is essential that you buy/renew car insurance to comply with the law.
Shield against third-party liabilities
Third-party liabilities arise when your insured car causes damages to a third party’s property or injuries to a third party. Staying financially protected by insuring your car with 3rd Party Insurance (or Comprehensive Insurance) protects against financial burdens caused due to third-party liabilities.
Coverage against natural calamities
Floods, cyclones, earthquakes and other natural calamities can cause severe damage to your car, and the extent of the repair cost can be enormous. Comprehensive Car Insurance offers financial support for car repairs due to unexpected natural disasters.
Motor Compulsory Personal Accident (Owner-Driver) Cover
By insuring your car, you can avail the benefit of the Personal Accident Cover of up to Rs. 15 lakh. In case of bodily injuries, death or disability while driving the car, the policyholder (or the owner-driver) gets compensation under this cover.
Coverage against vehicle theft
Suppose your insured car is stolen and is non-traceable. In that case, your Comprehensive Car Insurance Policy compensates you for your financial loss. Here, ACKO shall ensure the claim for car theft is settled quickly without any hassles.
Reduced financial burden
A massive dent or a scratch on your car due to an accident or natural or manmade calamities can lead to financial losses. For coverage against these liabilities, buy Comprehensive Car Insurance or Own Damage cover and stay protected against unforeseen financial losses.
Car Insurance Policies by ACKO
Planning to buy a car insurance policy? We provide different types of policies for your unique needs. Note that these policies, features, and add-ons are subject to availability. Please refer to the respective policy wordings for details.
1. Third-party Cover
A Third-party Liability four wheeler Insurance Policy helps you in case of financial liabilities when you accidentally damage other people's property or cause injuries to them. Third-party car insurance premium rates stand revised as per the IRDAI circular dated 25th May 2022.
2. Own Damage Cover
Third-party Liability Car Insurance cover proves to be inadequate when it comes to damage from accidents, natural disasters, fire, or theft. Such coverages are provided under an Own Damage Insurance policy.
3. Comprehensive - Basic
Comprehensive Car Insurance Cover not just secures you against third-party liabilities, it also offers insurance for your car in case of flooding, accidents, fire, etc. This policy also includes car theft. It is favourable to opt for this policy to ensure optimum coverage for your vehicle and reduce financial liabilities.
4. Comprehensive - Super Saver
Exclusive on ACKO. Enjoy Comprehensive Insurance benefits and superior claim experience. During claims, we will pick up your car, repair it at one of our partner garages, and deliver back at no extra cost. If you fail to inform us before any claim related repairs, you will have to pay Rs. 5,000 as a deductible.
5. Zero Depreciation - Basic
Sometimes called the bumper to bumper plan, this plan includes all the benefits of a Comprehensive - Basic Plan while additionally covering depreciation costs of parts. Without Zero Depreciation benefits only partial costs of some parts like fibre & plastic parts are covered.
6. Zero Depreciation - Smart Saver
Exclusive on ACKO. It has all the benefits of the Zero Depreciation - Basic Plan and comes at a discounted price. During a claim, we pay for everything, you just pay Rs. 5,000 (above mandatory charges) as a deductible. This gives upfront savings to safe drivers who think chances of them filing a claim are less.
7. Zero Depreciation - Super Saver
Exclusive on ACKO. Enjoy Comprehensive Insurance & Zero Depreciation benefits and superior claim experience. During claims, we will pick up your car, repair it at one of our partner garages, and deliver back at no extra cost. If you fail to inform us before any claim-related repairs, you will have to pay Rs. 5,000 as a deductible.
8. Motor Compulsory Personal Accident (Owner-Driver) Cover
Personal Accident Cover is not a car insurance policy, but an additional cover. It is mandatory by law to own a Personal Accident Cover along with the Third-party Insurance Plan. It covers (for you) both permanent disability and death while driving a car.
Understanding Coverages of Our Best Car Insurance Plan
Inclusions
Exclusions
Liabilities | Coverage |
|---|---|
Third-party liabilities | The coverages offered under a basic Third-party Liability Plan, like property damage, are covered under a Comprehensive Car Insurance Policy. |
Accidents | Accidents are unpredictable and can lead to major effects on health and financial well being of the people involved. |
Fire | There could be multiple reasons why your car suffers fire damage. Situations like vandalism, self-ignition, etc., could be a few. |
Theft | Car theft is common in India and you could face a heavy financial loss if your car gets stolen. A Comprehensive Policy includes this coverage. |
Calamities | Damage from both, natural and man-made calamities are covered under a Comprehensive Car Insurance Policy. |
Terrorist activities |
Damage to your car due to a terrorist activity can lead to major repairs. This is covered under our four wheeler insurance policy. |
Liabilities | Not Included |
|---|---|
Pre-existing damages | Any type of damage that your car has suffered before buying a policy from us will be not covered. |
Illegal driving | Driving your car in an illegal race or any involvement in a crime is called illegal driving. It’s not covered. |
Normal wear and tear | The repair or replacement cost is not covered for those car parts that suffer damage overtime due to regular use. |
Driving without valid documents |
Having the necessary documents while driving is important. Car damage while not having such documents, like an active driving licence, is not covered.. |
Loss outside geographical limits | Any damage to the car when driving outside the geographical limits of India is not covered under car insurance. |
Mechanical and electrical damage | Any type of manufacturing defect in the car’s component will not be covered under our Comprehensive Car Insurance Policy. |
This is an indicative list of exclusions. You can check the whole list of exclusions in the policy wordings. Click here to visit policy wordings.
Add-ons with ACKO Car Insurance Policy
Add-ons offer additional coverage for your car insurance policy. However, they increase the cost of your policy so you need to be judicial while opting in. Note that these add-ons are subject to availability.
Zero Depreciation Cover
An insurer considers depreciation on car parts while calculating the claim amount. But with a Zero Depreciation Cover you can get depreciation covered under your Comprehensive Car Insurance Policy.
Roadside Assistance Cover
With Roadside Assistance add-on you get access to 24x7 emergency roadside assistance, including towing services during car breakdowns. Call us if you get stranded on the road due to breakdown and we will help you out.
Key Replacement Cover
The Key Replacement Cover helps you cover the cost of repairing the car's key and lockset if damaged. The coverage extends to replacing the key and lock on the car in case of lost keys or theft attempts.
Outstation Emergency Cover
Outstation Emergency Cover focuses on insuring you in case of accidents/breakdowns that occur beyond a 100 km radius of your residence.
Consumables Cover
Usually, the cost of the car's engine oil, gearbox oil, lubricants, nut, and bolt, screw, distilled water, grease, oil filter, bearing, washers, clip, break oil, air conditioner gas, and items of similar nature, excluding fuel consumed during repair of the insured vehicle is not covered during claim settlement. With Consumables Add-on, we will cover such costs while settling claims. We offer this add-on as a part of your Comprehensive Car Policy.
Engine Protection Cover
ACKO shall reimburse the insured, up to the amount specified in the Schedule attached to the Add-ons, for the cost incurred towards repair or replacement due to consequential damages of the internal parts of the engine, gearbox, and differential assembly arising out of water ingression, hydrostatic lock, or leakage of coolant/lubricating oil of the insured vehicle.
No Claim Bonus (NCB) Protection
NCB Protection add-on keeps the NCB discount intact even if you make a claim. With this add-on, you can raise a claim and still get a No Claim Bonus discount of up to 50% on car insurance renewals.
Return to Invoice Cover
Return to Invoice Cover is useful in case of theft or damage-beyond-repair claims. With this add-on, you can claim the complete amount as per the car's invoice value.
Personal Accident Cover for Passengers
This add-on allows you to insure the passengers in your car in case of unfortunate accidents leading to permanent disability/death. It has a sum insured of up to Rs. 1 lakh/passenger.
Why Choose ACKO for Online Car Insurance?
We are trusted by crores of people across India for their insurance needs. Not only motor, but we also insure risks during your daily travels, hospitalisation, and mobile damage. ACKO follows an entirely paperless process for purchasing or online car policy renewal. Here are a few reasons why we can be your go-to car insurer.
Save Time
We harness the power of being a digital-first company. With that comes the ability to automate processes. Pair this with an efficient team, and we can complete insurance-related services such as policy buying/renewing, settling claims, etc., efficiently.
Save Money
With traditional insurance, a significant part of your premium can go towards commissions for third-party dealers or middlemen. Since we sell directly to you, the commission part of the premium is saved.
Save Effort
Buying car insurance online from us saves a lot of your effort. You can access our services from anywhere, anytime, through our app/website. Just log in to your ACKO account and find all you need in a few clicks.
Highly-rated, go-to app
Our app serves as a go-to place for anything related to car insurance. From purchase to claims, all can be done within a few clicks. It’s simple and clutter-free.
Instant discounts
We have unique plans tailored to your needs. They are not available anywhere else. Buying or renewing your plan during special events can lead to higher discounts.
Strong 7.7 crore+ customer base
We have an ever-increasing base of crores of customers all around the country. Not only motor insurance, but we provide multiple solutions for health, corporate, and microinsurance as well.
24x7 customer care
Our customer care team is available 24x7 to answer your questions and resolve any issues you may have about car insurance. You can call us anytime at 1800 266 2256 or email us at [email protected], and we’ll be happy to help.
Trusted and reliable
More than 7.5 crore customers have relied on ACKO for their insurance needs. Experience hassle-free insurance services with us.
Convenient platform
Our digital platforms (app/website) enables you to buy a car insurance policy, claim against it, and renew it seamlessly without going through tedious paperwork.
What are the Different Types of Car Insurance Policies in India?
Different types of car insurance policies might be marketed via different names, but at their core they offer the following foundational coverages.
1. Third-party Liability Policy
A Third-party Car Insurance Policy is mandatory according to The Motor Vehicles Act, 1988. Thus, you cannot drive a car legally on Indian public roads without buying at least this policy. Why? Because it offers coverage against third-party liabilities like injury, death, and property damage.
2. Own Damage Car Insurance
While your Third-party Car Insurance Policy helps you in case of third-party liabilities, it does not offer any assistance in case your car gets damaged. For that, you need an Own Damage (OD) cover. It is focused on insuring your car against damages arising from accidents, calamities, etc.
3. Comprehensive Car Insurance Policy
A Comprehensive Car Insurance Policy merges the benefits of a Third-party Policy and an Own Damage cover making it a must-have. Here, you can also opt for suitable add-ons to enhance your coverage.
How to Claim your ACKO Car Insurance
We follow a simple claim process. You need a device with an active internet connection and details related to the claim. Then, follow these steps.
Step 1
Log in to your ACKO profile with the help of your mobile number.
Step 2
Open your car insurance policy and click “Register a claim”.
Step 3
Enter necessary details and upload all claim-related documents (as required).
Documents Required For Car Insurance Claim Process
At ACKO, there is no physical paperwork required to raise a claim against your policy. Instead, you have to upload soft copies of the following documents through our digital platform (mobile app/website). Note that the exact list of required documents might vary depending on the claim.
Driver Licence
Car Insurance Policy
Car’s Registration Certificate
First Information Report (FIR), if required
Original car keys
Non-traceable Certificate (If required)
Proof of identification of the policyholder
Fire brigade report (if lodged)
Original car purchase invoice (if opted for Return to Invoice add-on cover)
Original repair bills
Original payment receipts
Car Insurance Policy Benefits: Why Should You Buy One?
Here are the benefits of buying a Comprehensive 4-wheeler Insurance Policy in India.
Cover Against Car Damage
Viewing your car in a damaged state can sink your heart. But there’s hope. If your car is damaged due to an accident, fire or natural/manmade calamities, your car policy can provide financial protection.
Personal Accident Cover
One of the most valuable benefits of car insurance is that it offers you Personal Accident (PA) cover. The PA cover provides a financial shield against permanent total disability and death caused by car accidents. You get Rs. 15 lakh coverage under this benefit. The cover is mandatory as per law when you buy a car policy.
No Claim Bonus (NCB) Advantage
You can get a discount on the car insurance renewal premium for not filing claims during the policy period. This discount is known as NCB. You can get a discount of up to 50% (on the Own Damage component) if you do not file claims for five consecutive years, making insurance for cars even more affordable.
Coverage Against Car Theft
A Comprehensive Policy provides financial protection against vehicle theft. If your car is stolen, you shall receive the Insured Declared Value (IDV) stated in your policy, subject to terms and conditions.
Death Benefits to Dependents
In case of the insured's demise due to an accident, dependents can get a lump sum compensation through the PA cover. The coverage limit is Rs. 15 lakhs as defined by the IRDAI.
Save Time and Hassles
The cost and time taken to repair car damages may cause a lot of inconvenience. With an active car policy, you can rest assured that you are always financially protected. Also, thanks to car insurance online policies, you can buy or renew your plan and raise claims within a few minutes.
Comply with Law
Buying insurance for cars and keeping the policy active at all times is necessary if you want to avoid penalties. By opting out of car insurance, you risk going against the law and exposing yourself to financial expenses due to car/third-party damage.
Benefits of Renewing Car Insurance Online with ACKO
Our car insurance renewal online process is easy, quick, and trouble-free! For instance, you can initiate the car insurance policy renewal online within minutes from our website/app without paying any commission. Here’s a list of such benefits associated with our online car insurance renewal process.
Quicker process
Our online car insurance renewal process is even quicker than our policy-buying process! You can access your ACKO account through our website/app to view the coverage details, pay the car insurance renewal premium online, and renew your policy.
Zero paperwork
Our online car insurance renewal process involves zero paperwork. This means you don’t have to fill out a long list of forms and submit multiple documents to insure your car with us.
Continuous coverage
When you renew the car insurance policy online before its expiry, there is no waiting time! Thus, you can benefit from instant and continuous coverage (after the current policy’s expiry) by renewing your car insurance online with ACKO.
Avoid penalties
Since online car insurance renewal is simple and easy and allows instant coverage, you don’t have to worry about a lapse in coverage if you renew your policy before the expiry date. This way, you avoid non-compliance penalties and ensure insurance coverage.
How To Buy/Renew Car Insurance Online
Car insurance renewal is even easier as compared to buying a new policy. Here are the steps to renew insurance online.
Step 1
Log in to your ACKO profile using the OTP sent to your registered mobile number.
Step 2
Answer a few questions to get started with car insurance renewal online.
Step 3
Review coverage and make payment to buy a car insurance policy.
That's all there is to it! You should already have your freshly renewed car insurance policy waiting for you in your inbox of your registered e-mail address.
How to Get an Online Car Insurance Quote at ACKO
Comparing car insurance quotes is an important step while buying or renewing your policy. It helps you understand the policy’s coverage and premium or the car insurance renewal price. Here are the steps to get an online quote from our website or mobile app.
Step 1
Scroll up, enter your car’s details, and get started! You can also download our mobile app and enter the car’s details in the space given to view the online car insurance quote.
Step 2
Answer a few questions related to your car, claim history, and location. Then set the Insured Declared Value of your car (it is approximately the current market value of the car).
Step 3
Once you enter all the relevant details, you will see a list of suitable car insurance plans. Select a plan, and a car insurance quote will be visible.
How To Buy/Renew Car Insurance Online
Buying car insurance online from ACKO is quick, simple, and hassle-free. All you have to do is follow the points mentioned below.
1. Share your vehicle details
Fill in your car’s details, such as its make, model, year of purchase and previous policy details (if available), to view insurance quotes.
2. Select the policy and add-ons
Choose the type and tenure of the policy and add-ons as per your requirement. Select from a wide range of plans tailored to your car insurance needs.
3. Pay online
Once you have finalised the policy, you can pay the premium online and receive the policy document instantly in your inbox.
How to Choose a Four-Wheeler Insurance Policy Online
Choosing a car insurance plan that suits and fits your needs is crucial to ensure appropriate coverage and value for money. You should consider the following points while buying Comprehensive Insurance for your four-wheeler.
1. Assess your requirements
Before you go online and purchase an insurance policy, assess your requirements depending on the type of vehicle you own, where you drive it, and the kind of risks you expect to be exposed to. This will help you choose the right plan without spending too much on unnecessary coverages.
2. Compare car insurance plans
One of the main advantages of purchasing 4-wheeler insurance online is the ability to compare different policies easily. You can get free car insurance quotes from insurers’ websites, compare the policies based on the quote, features, and services, and then pick the right one as per your requirements.
3. Check the IDV
IDV is the approximate market value of your vehicle and the maximum amount you will receive from the insurance provider if your car suffers a total loss or is damaged beyond repair. Hence, it’s a crucial component to check before making the policy purchase decision. Also, note that a higher IDV offers better insurance protection, but it increases the premium.
4. Check for add-on covers
Add-ons are extra covers that enhance the policy’s coverage. Check for such covers while buying a four-wheeler policy. You can purchase add-ons online by paying an additional premium. But be mindful when buying such covers and opt for only those add-ons that you need.
5. Check the claim process
Choose an insurance provider that offers a simple, quick and hassle-free claim process. You can browse through online reviews to get a fair idea about an insurer’s claim process. Also, do not forget to check the CSR (Claim Settlement Ratio), as the ratio depicts the insurance company’s record when it comes to settling claims.
Factors Affecting Four-Wheeler Insurance Premium Amount
To calculate the four wheeler insurance premium amount, insurance companies (such as ACKO) mostly use the following factors.
Car's engine capacity
Your car's engine cubic capacity (cc) decides the premium payable on your 4-wheeler insurance plan. The higher the engine cc, the higher the premium you need to pay.
Insurance coverage
The wider the cover, the costlier the policy. The premium for Third-party Policy will be lower than a Comprehensive Plan. However, the coverage will be limited.
Insured Declared Value (IDV)
Your car's approximate market value (also called IDV) set by the insurer determines your premium. IDV is the maximum claim amount you will get from the insurer.
Cost of add-ons
You can enhance the Comprehensive Policy with add-ons as they add an extra layer of protection to the policy. However, the more add-ons you add, the higher the premium.
Age of the car
For a new car, the cost of replacement of the parts/repairs can be higher. Also, the car's value reduces with wear and tear. So the older the car, the lower its value, which reduces the premium amount.
Claims history
If you have a bad claims history (for instance, higher record of accidents), the probability of future damage and related claims is higher. Claims also affect your No Claim Bonus component, and as a result, the premium can be higher.
Deductibles
The deductible is the amount you have to pay while settling a four wheeler insurance claim. The insurance company will bear the rest of the approved amount. The higher the deductibles (for instance, Voluntary Deductible), the lower the premium charged.
The 4 wheeler insurance premium can also be based on other factors such as your location, fuel type, security features, etc. To get a better idea about the premium calculation, you can use an online tool called car insurance premium calculator.
How to Get a Physical Copy of your Car Insurance Policy?
To get a physical copy of your ACKO Car Insurance Policy, follow the below-mentioned steps
Step 1
Scroll to the top of this page to log in to your ACKO account using your mobile number.
Step 2
Under your car insurance policy, click the “Policy Document'' option and select “Download“ (you also have the option to download, email or receive it via Whatsapp).
Step 3
Take a print of the downloaded soft copy to get the physical copy of your car insurance policy.
How to Download Your Car Insurance Policy Copy?
Losing your car insurance policy document can be daunting. In such a situation, you may be wary of traffic penalties. But, fret not, you can download the car insurance policy online. Here is what you need to do to get a duplicate car insurance policy.
Steps to download your car insurance policy.
Step 1: Access your ACKO account by scrolling to the top of this page.
Step 2: Select your car insurance policy and choose “Download” to get your car insurance policy document online.
You also have the option to receive the car insurance policy document via email or Whatsapp.
How to Renew Four-Wheeler Insurance for Old Cars
Here are the steps to renew motor insurance for old four-wheelers.
Step 1
Get to our website or download our mobile app.
Step 2
Enter your car’s registration number and answer a few questions.
Step 3
Select the plan and pay the premium online to renew insurance for old cars.
Documents Required to Avail Car Insurance Online
We follow an entirely paperless process for buying or for online car policy renewal. All you need are a few details about the car, your location, and the previous policy (if applicable). There is no need to submit unnecessary physical paperwork or wait for a hard copy of your policy document. Post payment, a digital copy is ready for instant download.
KYC Documents Required to Buy/Renew Car Insurance in India
Here are the accepted KYC documents to buy/renew car insurance.
KYC documents required for proof of identity | KYC documents required for proof of address |
|---|---|
Driving Licence (DL) | Passport |
Aadhaar Card | Aadhaar Card |
Ration Card with the applicant’s photo | Voter ID issued by the Election Commission (EC) |
Permanent Account Number (PAN) | - |
Voter ID issued by the Election Commission (EC) | DL |
Passport | Ration Card with the applicant’s photo |
Points to Consider While Choosing a Car Insurance Policy in 2023
Choosing the right car insurance policy is crucial to protect your vehicle and yourself from unforeseen risks on the road. With numerous options available in the market, it can be overwhelming to make the right decision. To help you make the right decision, here are some valuable insights and highlights to consider while selecting car insurance in India. By understanding these factors, you can make an informed choice and secure the best car insurance coverage.
Assess Your Requirements
Before you go online and purchase an insurance policy, assess your requirements depending on the type of vehicle you own, where you drive it, and the kind of risks you expect to be exposed to. This will help you choose the right plan without spending too much on unnecessary coverages.
Compare Car Insurance Plans
One of the main advantages of purchasing 4-wheeler insurance online is the ability to compare different policies easily. You can get free car insurance quotes from insurers’ websites, compare the policies based on the quote, features, and services, and then pick the right one as per your requirements.
Check the IDV
IDV is the approximate market value of your vehicle and the maximum amount you will receive from the insurance provider if your car suffers a total loss or is damaged beyond repair. Hence, it’s crucial to check before making the policy purchase decision. Also, note that a higher IDV offers better insurance protection, but it increases the premium.
Check for Add-on Covers
Add-ons are extra covers that enhance the policy’s coverage. Check for such covers while buying a four-wheeler policy. You can purchase add-ons online by paying an additional premium. But be mindful when buying such covers and opt for only the add-ons you need.
Check the Claim Process
Choose an insurance provider offering a simple, quick, hassle-free claim process. You can browse online reviews to get a fair idea about an insurer’s claim process. Also, do not forget to check the CSR (Claim Settlement Ratio), as the ratio depicts the insurance company’s record when settling claims.
Why Should you Renew Expired Car Insurance Immediately?
Here is why it is vital to renew your expired car insurance without delay.
Loss of NCB: The accumulated No Claim Bonus earned from your car insurance policy over the years shall be nullified if you do not renew the policy within 90 days from the expiry date.
Vulnerable to fines: The traffic penalty for driving an uninsured car can go up to Rs. 4,000 and/or imprisonment. Thus, driving with an expired car insurance policy makes you vulnerable to fines.
Unwanted financial implications: Not renewing your car insurance policy by the due date means you will be uninsured and may end up paying from your pocket in case of an accident, especially involving a third party.
How to Calculate Car Insurance Premium?
The car insurance premium influences individuals' selection of a four-wheeler insurance policy. Do you know how to calculate the car insurance premium for your preferred car insurance policy? Below, we present different methods to calculate your four-wheeler insurance premium.
Using the ACKO Online Premium Calculator
A car insurance premium calculator is an online tool to assist you in swiftly determining your premium. Simply input the required details, choose the desired policy coverage and add-ons, and click 'Get Price.' The calculator will generate the total premium you must pay to get a four-wheeler insurance policy.
Computing Own Damage Insurance Premium
The Own Damage (OD) premium is calculated using the following formula.
[Insured Declared Value x Premium Tariff decided by the Insurer] + Add-ons - [Discounts such as No Claim Bonus (NCB)]
Determining the Insured Declared Value (IDV) of Your Car
Your car’s IDV is calculated based on the following formula.
[Car Manufacturer Price - Depreciation] + [Cost of Vehicle Accessories Not Included in the Manufacturer Price - Depreciation of Accessories]
Calculating Third-Party Car Insurance Premium
In accordance with the notification issued by IRDAI for the financial year 2022-2023, the premium rates applicable to Motor Third Party Liability Insurance for Private Cars, effective from 1st June 2022, are as follows.
Engine Cubic Capacity (cc) | Third-party Premium |
|---|---|
Less than 1000cc | Rs. 2,094 |
More than 1000cc and less than 1500cc | Rs. 3,416 |
More than 1500cc | Rs. 7,897 |
Tips to Reduce Your Car Insurance Premium
Looking to lower your car insurance premium in India? Reducing car insurance costs can help you save money while maintaining adequate coverage. Here are some tips to reduce your four-wheeler insurance premium.
Compare insurance policies
Obtain quotes from multiple insurance providers to compare coverage options and premiums. This allows you to choose the most cost-effective policy.
Opt for voluntary deductibles
Consider increasing the voluntary deductible amount. This is the portion of the claim you agree to pay out of your pocket. By opting for a higher deductible, you can lower your premium.
Drive safely
Maintaining a good driving record can earn you a No Claim Bonus (NCB) or a discount on your premium. Avoid accidents and traffic violations to qualify for these benefits.
Avoid making small claims
It's advisable to avoid filing claims for minor damages or repairs. Paying such expenses out of pocket can help you maintain your NCB and keep your premium low.
Choose the right coverage
Evaluate your car's value and insurance needs carefully. Opting for comprehensive coverage only if necessary can help reduce premiums.
Renew insurance on time
Renew your car insurance policy before it expires. Late renewals may lead to higher premiums or even policy cancellation.
Important Car Insurance Terminology
Understanding four-wheeler insurance is not that difficult. However, you need to be aware of some commonly used terms to know how the system functions. Here's a list of some important terminologies related to car insurance.
Third party
You (the car owner) are the first party, and the insurer is the second party. Any person affected by your car (other than you or your passengers) is considered a third party in a car insurance claim.
Own Damage
Any type of damage to your car is called Own Damage. It can be due to multiple factors like accidents, calamities, fire, etc.
Deductibles
This is a fixed amount you need to pay during claims. If your car is below 1,500cc, the value is set at Rs. 1,000. If the engine is 1,500cc or above, the deductible amount is Rs. 2,000. These values are set by the IRDAI (Insurance Regulatory and Development Authority of India).
Claims
Notify the car insurance company if the insured car suffers damage, provided it is covered by your policy. This notification and subsequent settlement is called a claim or claim settlement.
Depreciation
Each year the cost of your car decreases by a certain fixed percentage. This is called depreciation. The rate of depreciation is determined by the all India motor tariff.
ACKO Cashless Network Garages
Garage networks are a network of repair centres that have a tie-up with an insurer. Therefore, the bill for the insured car’s repair work conducted in such acko cashless garage network centres is settled between the insurer and the garage. You only need to pay for repairs that are beyond the purview of the policy (and other applicable charges, such as deductibles).
So, if your car has been damaged due to a collision, intimate us immediately and opt for cashless repairs. Once we have received your request, we will come to your location, pick up your car and take it to one of our network garages. After restoring your car, we will deliver it back to you. Here, you may be required to pay only the deductible (if applicable); the rest of the repair and transportation costs will be borne by us.
Kindly note that cashless repairs are applicable only under our Comprehensive Car Insurance Plans. Also, vehicle pick-up and drop services are available only in select cities.
Frequently Asked Questions (FAQs)
ACKO FAQs
Claims at ACKO
Car Insurance FAQs
Policy & Premium
Coverage
Purchases & renewals
Questions you may have for ACKO
How to buy car insurance online from us?
To buy car insurance online from us, you need to follow these simple steps.
Step 1: Scroll to the top of this page and share your car’s registration number, car model, and insurance policy details.
Step 2: Select from various car insurance plans with exclusive tailor-made quotes for you.
Step 3: Select a suitable plan, make the payment, and receive the policy in your inbox.
Which risks are covered under the Comprehensive Car Insurance policy offered by us?
The following risks are covered under the Comprehensive Car Insurance policy offered by us. The full list of inclusions and exclusions is available in the respective policy wordings.
Third-party liabilities
Accidental damage
Damage due to fire or explosion
Damage due to natural/man-made calamities
Car theft
Injuries to the car owner (via a separate Personal Accident Cover)
Which documents do I need to provide for buying car insurance online through ACKO?
You do not need to provide physical documents for buying car insurance online from us. We will only ask for some important details like:
Car’s registration number
Car’s year of manufacture
Your current location
Number of claims in the last 5 years
Etc.
You can use similar details for online car policy renewal as well.
Why should I buy/renew car insurance from ACKO?
You should buy or complete car insurance renewal from us for the following reasons.
Low premiums owing to the digital process
Zero commissions while buying/renewing the policy
Exclusive plans
Great claims service
Claim-related repairs managed by us
Doorstep pick-up and drop of your car*
3-day claim settlement turnaround for most claims*
We deliver your policy instantly
No paperwork is involved for buying/renewing car insurance
We are licensed by IRDAI (Registration number 157)
*Service available in select cities
How are prices offered by ACKO on the lower side?
Prices we offer are on the lower side because we are truly digital and sell most insurance policies directly to customers like you. This way, we don’t have to hire a lot of middlemen and pay commissions. Also, our digital-set-up helps us to lower our operational costs. And we pass these savings to our customers through discounts and offers on premium.
Know more about claims at ACKO
How do I raise a claim when I need to?
You can raise a claim by visiting www.acko.com or calling us on 1800-266-2256. While submitting a claim, you should provide the following information.
Your contact number or the vehicle number
Policy number
Description of the incident and photographs of the vehicle (if possible)
First Information Report (FIR) in case of theft, injuries to any third party or damage to their property
How to claim car insurance from ACKO’s website?
To claim car insurance from our website, you need to just log in to your account on our website or app and click “Register a Claim” to initiate the process.
What should be my first action to initiate a claim?
Your first action to initiate a claim is to either log in to your ACKO account or contact us.