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What is Car Insurance?
Car insurance, also referred to as motor or auto insurance, is a type of insurance policy that provides you financial protection if your vehicle suffers damages due to accidents, natural disasters or thefts.
With a car insurance policy, you will be financially secured in case of any losses to your vehicle due to an unfortunate event. Apart from that, it also covers third-party liabilities and ensures that you comply with the law of the land.
Whether you are looking to buy a policy to comply with the legal norms or looking for comprehensive coverage, ACKO has it all! We offer different types of insurance policies, including third-party, comprehensive, own-damage car insurance, and personal accident cover online at incredibly low premiums.
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. It results in lower car insurance prices.
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 Claim 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? You can! Renew the policy on a Sunday? Yes, you can! Raising claims on a public holiday? Why not! 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!
Types of Car Insurance Policies by ACKO
ACKO provides different types of car insurance policies for your unique needs. Note that these policies, features, and add-ons are subject to availability. Please refer to the respective policy wording for more details.
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.
Own Damage Cover
Third-party Liability Car Insurance cover proves to be inadequate when it comes to damage to your car from accidents, natural disasters, fire, or theft. Such coverages are provided under an Own Damage Insurance policy.
Comprehensive - Basic
Comprehensive Car Insurance Cover not just secures you against third-party liabilities but 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.
Comprehensive - Super Saver
Exclusive on ACKO, this car insurance policy offers 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 it 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.
Zero Depreciation - Basic
Also called the bumper-to-bumper car insurance plan, this plan includes all the benefits of a Comprehensive - Basic Plan while additionally covering the depreciation costs of parts. Without Zero Depreciation benefits, only partial costs of some parts like fibre and plastic parts are covered.
Zero Depreciation - Smart Saver
Exclusive on ACKO, this car insurance offers 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. It offers upfront savings to safe drivers who think the chances of them filing a claim are less.
Zero Depreciation - Super Saver
Exclusive on ACKO, this car insurance policy offers Comprehensive Insurance and 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 it 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.
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.
What's Covered Under Car Insurance Policy by ACKO
Here are the inclusions of the ACKO Car Insurance Policy. Please refer to the policy wordings for more information about the policy coverage.
Third-Party Losses
If your car causes damages to third-party property/vehicle or life, such losses are covered by the ACKO Comprehensive Car Insurance Policy.
Accidents
Damages caused to your car due to accidents/collisions are covered under ACKO car insurance.
Fire
Damages caused to your car due to accidental fire, vandalism, self-ignition, etc.
Theft
Car theft is common in India, and you could face a heavy financial loss if your car gets stolen. ACKO’s Comprehensive Policy includes this coverage.
Calamities
Damages from both natural and man-made calamities are covered under a Comprehensive Car Insurance Policy.
Terrorist Activities
Damage to your car due to terrorist activity can lead to major repairs. It is covered under our four wheeler insurance policy.
What's Not Covered Under Car Insurance Policy by ACKO
Here are the exclusions of the ACKO Car Insurance Policy. Please refer to the policy wordings for an exhaustive list of exclusions.
Pre-Existing Damages
Any type of damage that your car has suffered before buying a policy from us will not be covered.
Normal Wear and Tear
The repair or replacement cost is not covered under the car insurance plan for those car parts that suffer damage over time due to regular use.
Mechanical and Electrical Damage
Any type of manufacturing defect in the car’s component will not be covered under our Comprehensive Car Insurance Policy.
Driving Without Valid Documents
Having the necessary documents while driving is important. Car damage, while not having such documents (active Driving Licence, vehicle RC, etc.), is not covered under the car insurance policy.
Illegal Driving
Driving your car in an illegal race, driving under the influence or any involvement in a crime is called illegal driving. Car damages caused during such instances are not covered by the ACKO car insurance plan.
Loss Outside Geographical Limits
Any damage to the car when driving outside the geographical limits of India is not covered under car insurance.
ACKO Car Insurance Add-on Covers
Add-ons offer additional coverage for your ACKO car insurance policy. However, they increase the car insurance price, so you need to be judicial while opting in. Following are the add-on covers you can buy from ACKO. 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 the 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 a breakdown, and we will help you out.
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.
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.
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.
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.
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.
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 locks on the car in case of lost keys or theft attempts.
Factors Affecting Car Insurance Premium
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 coverage, the costlier the policy. The premium for Third-party Car Insurance Policy will be lower than a Comprehensive Car Insurance 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 Car Insurance 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 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, a 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.
Geographical Location
The car insurance premium can vary depending on your geographical location. For instance, if you live in an area where traffic is less and the probability of accidents is less, the premium can be lower. On the other hand, premiums may be higher in metro cities where the traffic is dense.
How to Calculate Car Insurance Premium?
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' to get the car insurance quotes. 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) car insurance 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 1,000cc | Rs. 2,094 |
More than 1,000cc and less than 1,500cc | Rs. 3,416 |
More than 1,500cc | Rs. 7,897 |
Tips to Reduce Your Car Insurance Premium
Looking to lower your car insurance premium in India? Reducing car insurance prices can help you save money while maintaining adequate coverage. Here are some tips to reduce your 4 wheeler insurance premium.
Compare Insurance Policies
Obtain quotes from multiple insurance providers to compare coverage options and premiums. It allows you to choose the most cost-effective car insurance policy.
Opt for Voluntary Deductibles
Consider increasing the voluntary deductible amount. It is the portion of the claim you agree to pay out of your pocket. By opting for a higher deductible, you can lower the 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 car insurance premium low.
Choose The Right Coverage
Evaluate your car's value and insurance needs carefully. Opting for comprehensive car insurance 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.
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.
Share Your Vehicle Details
Fill in your car’s details, such as its registration number, make, model, year of purchase and previous car insurance policy details (if available), to view insurance quotes.
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.
Pay Online
Once you have finalised the car insurance policy, you can pay the premium online and receive the policy document instantly in your inbox.
How To Buy New Car Insurance Online
Here are the steps to get a new car insurance price quote and buy the policy instantly on ACKO.
Step 1: Scroll to the top of this page and click on “Check Prices”.
Step 2: Enter your new car details like make./model, fuel type, variant and car delivery date, and hit the “Continue” button.
Step 3: Enter your mobile number and current address pincode and click on “View Plans”.
Step 4: Select the insurance plan you wish to buy and click on “Customize”.
Step 5: Choose the add-ons you wish to buy and hit the “Customize” button.
Step 6: Add the mandatory Personal Accident cover and click on “Customize”.
Step 7: On the next page, you can customize the IDV (Insured Declared Value) as per your preference. Once you are done, click on “Customize”.
Step 8: Enter your personal details like name and email ID, RTO location, vehicle engine and chassis number and optional nominee details.
Step 9: Review all the details on the next page and complete the online payment to instantly insure your new car.
Documents Required to Avail Car Insurance Online
We follow an entirely paperless process for buying or for online car insurance 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.
Benefits of Car Insurance Renewal Online with ACKO
Renewing car insurance online with ACKO is easy, quick, and trouble-free! You can complete the car insurance renewal online within a few minutes.
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. It 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 car insurance renewal online 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. On top of that, avoiding penalties also helps to keep the car insurance renewal price low.
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 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 File Car Insurance Claim Online at ACKO
We follow a simple claim process. You need a smartphone or a computer 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 on “Register a claim”.
Step 3
Enter the necessary details and upload all claim-related documents (as required).
Documents Required for Filing a Car Insurance Claim
At ACKO, there is no physical paperwork required to raise a claim against your car insurance 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.
Driving Licence
Car’s Registration Certificate
First Information Report (FIR) (If required)
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
How to Download Your Car Insurance Policy Copy?
You can download the ACKO Car Insurance Policy copy online by following the steps mentioned below.
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 email or receive it via Whatsapp) to get your car insurance policy copy.
Note: If you need a physical copy of the car insurance policy, you can simply follow the steps mentioned above and take a printout of the same.
Car Insurance Policy Benefits: Why Should You Buy One?
If you think you don’t drive the car much or you are a safe driver and you don’t need car insurance, think again! From law compliance to financial protection, purchasing car insurance has several benefits. Here are some of the key benefits of car insurance.
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 insurance 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 Car Insurance 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.
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.
How to Choose the Best Four-wheeler Insurance Policy Online?
Choosing the best car insurance policy is crucial to protect your vehicle and yourself from unforeseen risks on the road. To help you make the right decision, here are some valuable insights and highlights to consider while selecting car insurance.
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.
Check the Customer Support
One of the most underrated points while buying car insurance is customer support. However, it is crucial as you may need help during purchase, renewal or claim. Therefore, opt for an insurer that provides 24x7 customer support so you always have a helping hand when needed.
Frequently Asked Questions (FAQs) about Car Insurance
ACKO FAQs
Know More about Claims at ACKO
Questions You May Have about Car Insurance
Policy & Premium
Coverage
Purchases & renewals
Questions You May Have about 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 ACKO?
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 online 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 can I buy new car insurance from ACKO?
To insure your new car from ACKO, all you need to do is scroll to the top of the page and provide a few basic details about the new car. You can get a new car insurance price quote instantly and complete the insurance purchase within a few minutes.
How are prices offered by ACKO are on the lower side?
The 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.
Is ACKO a trusted insurance company?
Yes, ACKO is a verified general insurance company which is licenced and certified by IRDIA (Insurance Regulatory and Development Authority of India). ACKO’s IRDIA registration number is 157.
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.
Is there a need to file a First Information Report (FIR) to raise a claim?
To raise a claim, a First Information Report (FIR) might not always be required. In some rare cases, like car theft, you may need to file an FIR. You are not required to file an FIR if the claim is for minor accidents. It depends from case to case. But don’t worry, our claims team will help you at every step.
How much time does it take for a claim to be settled?
The time taken for a claim to be settled will vary depending on the extent of the damage. Most of the claims managed by us are settled within 3 working days (in select cities). For minor claims, we offer instant claim settlement. Be it a minor claim or a major one, our team strives to settle every claim as fast as possible.
What is the meaning of cashless claims?
Cashless claims refer to a claim type where the approved garage bill for car repairs is settled directly between us and the garage. We will get the car repaired, you just have to pay a fixed amount under deductibles and the amount that’s not covered by us.
Questions you may have about car insurance
Why do I need to insure my car?
You need to insure your car because The Motor Vehicles Act, 1988, makes it mandatory for all vehicle owners to insure their vehicle to drive legally on Indian roads. Also, as accidents are unpredictable, car insurance can offer financial assistance in case of such accident-related damages. Apart from the mandatory aspect, insuring your car helps overcome financial losses involving your car in case of unfortunate events like accidents.
What is car insurance?
Car insurance is a dedicated insurance policy to cover financial losses in case of third-party liabilities, accidents, natural disasters, fire, theft, etc. (as per the coverage terms). Buying insurance for four wheeler also helps you comply with the law, as insuring your car is a legal requirement in India.
Which is the best car insurance plan, third-party or comprehensive?
Comprehensive car insurance plan is the best as it covers both third-party liabilities and damage to the vehicle. On the other hand, a third-party insurance plan only covers third-party liabilities.
Which is the best car insurance plan, third-party or comprehensive?
Comprehensive car insurance plan is the best as it covers both third-party liabilities and damage to the vehicle. On the other hand, a third-party insurance plan only covers third-party liabilities.
How to check the availability of insurance for a car?
You can check the availability of insurance for a car on our website by scrolling up at the top of this page and using the space to enter your car number. If you don’t find the right insurance for your car, please call 1800 266 2256 or drop an email at [email protected], and we will help you out.
How to get a duplicate car insurance policy?
To get a duplicate car insurance policy, you can simply log in to your account on our website/app and download your policy document.
How to find my car insurance policy number?
To find your car insurance policy number, you need to take a look at the policy document. If you want to get in touch with us, you can contact us, and we will assist you.
Which car insurance policy is better for an old car?
A Comprehensive Car Insurance Policy is best suited for an old car as it covers damages incurred to the vehicle due to accidents, natural/man-made disasters, fire accidents, thefts, etc.
What is TP in car insurance?
TP in car insurance refers to Third Party or Third-party car insurance coverage.
Is it safe to buy car insurance online?
Yes, it is safe to buy car insurance online from online insurance providers like ACKO. Moreover, buying online insurance for car saves you a lot of time, and you can get the policy instantly after completing the online payment.
How to buy a car insurance policy after my existing policy expires?
You can renew the expired policy within 90 days from the policy expiry date (existing). Post that period, you must purchase a new insurance policy. Renewing a policy is quick, simple and hassle-free at ACKO. All you need to do is provide the previous policy details and the vehicle details.
Which insurance plan is compulsory for a new car?
As per law, a Third-party Car Insurance Policy is compulsory for a new car. However, it only covers third-party liabilities. For own-damage coverage, you must purchase the optional Comprehensive Car Insurance Policy.
What is the validity of new car insurance?
As per law, a new car must be insured with a three-year third-party coverage plan. However, the comprehensive coverage is optional. Typically, a comprehensive plan is valid for one year, but you can also buy a long-term plan for more than one year.
Know more about your policy & premium
What if there is a mistake in my car insurance policy?
If there is a mistake in your car insurance policy, you can contact us and ask for Policy Endorsement. We will go through your request, make the changes in the policy at the earliest and share the revised policy with you. Alternatively, minor changes to the policy can be made directly through our mobile app or the website.
What If I lose my online policy?
If you lose your policy, you can log in to the ACKO account on our website/app and download the policy from there. You can also find the car insurance online document in the registered email inbox.
How to calculate car insurance premium?
To calculate the car insurance premium, insurers use certain parameters like your car's model, manufacturing year, location of registration, type of insurance coverage, number of add-ons, etc. You do not have to calculate all this manually. We will do that for you. Simply scroll up to the widget, input information, and get free car insurance quotes online.
Will my premium increase If I choose only one add-on?
Yes, your premium will increase even if you choose only one add-on. Thus, you should choose the add-ons depending on what you need your insurance to cover. They usually pack in a lot of benefits at marginally extra cost.
Will the premium decrease if I opt for a lower Insured Declared Value?
Yes, the premium will decrease if you opt for a lower Insured Declared Value. But remember that the insurer pays the IDV as the claim amount in case of theft or total loss. So setting a lower value might not be fruitful.
Is it possible to pay the car insurance premium on EMI?
No, it is not possible to pay the car insurance premium on EMI. This is not allowed as per the insurance regulator. Under Section 64VB of The Insurance Act, 1938, insurers shall not assume any risk unless the premium is received in advance.
Does car insurance premium get cheaper for a couple?
Car insurance premium does not get cheaper for a couple. The premium depends on the make and model of the car, car's IDV, type of insurance policy purchased (Third-party or Comprehensive), add-ons purchased, location, car's age, and many more factors.
I am married. My spouse has a car insurance policy. Do I also need to buy a car insurance policy?
You need to buy a car insurance policy if you drive a different uninsured car. Note that it is mandatory to buy at least a Third-party Car Insurance Policy to drive your car on the Indian roads.
Know more about policy coverage
What is the meaning of the term NCB in insurance for car?
The meaning of the term NCB in insurance for car refers to the No Claim Bonus. It is a renewal discount on the car insurance premium. It is applicable in case of a Comprehensive Policy and if you do not raise a claim during the policy period.
How to check the car insurance policy status?
To check your car insurance policy status, you can go through the policy document. The start date and the end date denote the active policy period. Both these dates are mentioned in the policy document. Ensure to complete car renewal before the expiry date to avoid traffic fines and get continuous coverage.
What is the meaning of the Zero Depreciation add-on in car insurance?
The meaning of the Zero Depreciation Add-on in car insurance is that it is an additional cover through which you can get a higher claim amount as the depreciation on your car is not considered. During claim settlement, depreciation amount will not be considered, but it will be considered without this add-on.
What is the meaning of a deductible?
The meaning of deductible is that you pay a part of the repair bill (generally a negligible, fixed amount) during claim settlement. It is the amount you pay while settling a claim. The insurance company will bear the rest of the approved amount.
There are two types of deductibles — Compulsory and Voluntary. Under Compulsory Deductible, you pay a nominal amount on every claim. Voluntary Deductible works a bit differently. Here you choose to pay a fixed amount (apart from the Compulsory Deductible) during claim settlement.
Going for a Voluntary Deductible can reduce the car insurance premium. But you might be required to pay a significant amount of the repair bill during claims.
What is the meaning of exclusion?
Exclusion in a car insurance policy refers to a situation where you cannot raise a claim against the policy. If you do, your claim will get rejected.
What happens if there are more passengers in my car than the allowed limit and we get into an accident? Can I raise a claim for it?
If there are a higher number of passengers in the insured car than the allowed limit (as per the car’s registered sitting capacity) and it encounters an accident, then the claim can be rejected based on the applicable terms and conditions. A high number of claims may lead to rejections during car insurance renewal as well.
Will my car insurance cover previous damage?
Under our policy, car insurance does not cover previous damage. Your claim can be rejected in such cases. During the car insurance renewal process, if we inspect a car, we mention pre-existing damage on the policy document. You can refer to it before raising a claim.
Know more about policy purchases & renewals
How to renew my expired car insurance policy online?
To renew car policy after expiry, simply scroll up and enter car-related details, choose the plan and make an online payment. Alternatively, you can renew the plan by downloading our mobile app as well.
We may request an inspection if a long time has passed since the policy expiry. It helps us assess your car's current condition and note any pre-existing damage it has suffered.
How to renew car insurance online?
To renew insurance online, you can scroll up and enter the necessary details or download our app.
What are some things to remember when you renew or buy a car insurance policy online?
Following are some things to remember when you renew or buy a four wheeler insurance policy online.
Analyse your requirements before completing the car insurance policy renewal.
Go through the respective policy wordings for detailed terms and conditions.
During car insurance online renewal, buy only suitable add-ons that will add value to your policy.
How much time will it take to buy/renew a car insurance policy online?
The time taken to buy/renew a car insurance policy online from us is just a few minutes. If you have all the data handy, it will take less than two minutes to buy or renew the policy online.
When will I get my policy document if I buy/renew a car insurance policy online?
If you buy or renew a car insurance policy online, you should get your policy document within minutes of making the payment.
Is it cheaper to buy or renew a car insurance policy online compared to an offline process?
Yes, it can be cheaper to buy or renew a car insurance policy online compared to an offline process. We follow a digital-first approach and a direct-to-consumer model. We don't have to hire or manage a large army of middlemen or deal with cumbersome paperwork.
We can escape hefty commissions paid to the intermediaries, and we manage with low operating costs. Hence, we can pass on these savings to our customers through discounts and offers on the premium. If you have an NCB your premium reduces even further during car policy renewal.
Ultimately, the premium our customers pay reduces. Thus, we can provide high-quality services at a cheaper cost.
What is the cost of car insurance policy renewal?
The cost of car insurance policy renewal is based on the car’s Insured Declared Value (IDV), year of manufacture, location, and make/model. Also, Third-party rates for cars are calculated by the IRDAI based on the vehicle’s engine capacity.
Important Car Insurance Terminologies You Need to Know
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.
Insured Declared Value (IDV)
IDV refers to the maximum amount of money that an insurance company will provide as compensation in the event of a total loss or theft of an insured vehicle.
Latest News Related to Car Insurance in 2023
IRDAI Puts Forward Proposal for Third-Party Motor Insurance Premiums in FY 23-24 13 July 2023
In consultation with the Insurance Regulatory and Development Authority of India (IRDAI), the Ministry of Road Transport and Highways (MoRTH) has put forth a proposal concerning the premium for Third-Party (TP) motor insurance and Liability Rules for the fiscal year 2023-24. The regulating body has proposed the base premium rates for TP insurance for private cars and two-wheelers. Another highlight of the proposal is the discount on the base premium for buses belonging to educational institutions, EVs (Electric Vehicles), three-wheeler passenger vehicles and hybrid EVs.
IRDAI issues guidelines to insurers on information and cybersecurity
-24 April 2023
The IRDAI has issued guidelines to insurers about information and cybersecurity as the industry rapidly adopts digital technologies to help streamline operations and enhance customer experience. The Apex body has issued guidelines to enable insurers to improve their governance mechanisms and strengthen their defences to deal with cyber threats. With the advent of digital technologies, the IRDAI has asked insurers to secure their data and systems against cyber threats. Some initiatives include regular security audits, incident response plans and implementing appropriate security measures.
Karnataka: Seat belts mandatory for all occupants of cars and SUVs
-October 20, 2022
Karnataka has made it mandatory for all occupants of cars and SUVs to wear seat belts. Failure to adhere to the new traffic rules will result in a traffic fine of Rs. 1,000 for the first offence and Rs. 2,000 for a subsequent offence. The rule comes into force after the Centre’s order from 19 September 2022, making it mandatory for all passengers to wear seat belts. Praveen Sood, Karnataka’s Director General and Inspector General of Police, has directed all commissioners, traffic department heads, and superintendents of police to enforce the order strictly.
IRDAI permits general insurance companies to offer ‘Pay as you Drive’ cover
-September 29, 2022
To increase the penetration of insurance in India and to cater to the growing demand for technology-based covers, the Insurance Regulatory and Development Authority of India (IRDAI) has authorised general insurance providers to offer tech-enabled concepts for Own Damage (OD) cover. This includes concepts such as ‘Pay how you Drive’, ‘Pay as you Drive’, and Floater Policy (single policy for multiple vehicles) for owners of private cars and two-wheelers. These concepts shall be offered as add-on covers to the OD cover. Through the ‘Pay as you Drive’ concept, customers will have the option to customise the premium of the OD cover based on the total number of kilometres covered in a policy year and, as a result, have the opportunity to reduce the insurance premium based on the usage of the car.
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, inform us immediately and opt for cashless repairs. Once we have received your request, we will come to your location, pick upyour 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.
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Need More Help?
Have queries related to ACKO’s car insurance policies? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below
Email
Write to us at [email protected]
Phone
Call us on 1800 266 2256
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ACKO General Insurance Limited
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CIN: U66000KA2016PLC138288
IRDAI Registration No: 157
Category: Non-Life Insurance
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