- Why Use an Online Car Insurance Premium Calculator?
- How to Use an Online Insurance Premium Calculator for Your Vehicle?
- How Acko Car Insurance Works
- Tips to Reduce Car Insurance Premium
- Frequently Asked Questions
1) We will first need your car details.
We have tried to automate the process by fetching the car model and other details for you. Its okay even if you do not know the registration number. Select the car model and proceed.
2) Next, we will need details about your previous policy.
Simply answer a few questions like – Have you raised a claim? Has your previous policy expired? etc.
3) With this information we will create a plan.
We strive hard to offer you the best prices in the market. You can tinker with options like IDV and we will create a car insurance plan just for you.
4) Now simply select the plan, make payment and get your policy instantly.
How Acko Car Insurance Works
This type of insurance is mandatory in India for every car owner/driver.
It provides a financial protection in the case of any loss or damage caused to another person, property or vehicle because of your 4 wheeler.
The third-party premium rate depends on the engine’s cubic capacity of your 4 wheeler. Such rates are fixed by the IRDAI, and are revised every year or so.
Depending on the terms and conditions of a specific insurance company in India, you might be entitled to some special discounts. These could include installing security devices to reduce theft, becoming a member Automobile Association of India, etc. Discounts reduce the price of your Car Insurance Policy.
No Claim Bonus (NCB)
You will be entitled to a No Claim Bonus if you do not file a claim in an active policy year. This bonus is cumulative in nature. Each consecutive claim free year will earn you a discount on the amount of your car insurance premium.
Own Damage Cover
This is optional, yet, a beneficial cover. Own damage comes as a part of a Comprehensive Car Insurance policy in which a Third-party cover is also included.
It protects you against any financial loss and your car against any damage due to accidents, fire, theft, natural or man-made calamities.
The premium rate for such a cover is calculated as a percentage of the Insured Declared Value (IDV) of your vehicle in India.
Personal Accident Cover for Owner driver
In case you opt for a comprehensive auto insurance policy in India, you will receive a compulsory personal accident cover for owner-driver.
Insured Declared Value
IDV is the amount you’ll receive in case of total damage or theft of your car. It does not affect other claim settlements or your car’s resale value.
When you buy a car insurance policy, GST is applicable as per the guidelines of IRDAI.
Tips to Reduce Car Insurance Premium
Select only those add-ons which you absolutely need.
MAKE SMART CLAIMS
File a claim against your car insurance policy only when you cannot personally afford to pay for the cost of damages. Making small claims will reset your NCB cycle.
If you buy and install any security devices, for example, an Anti-theft device, you will earn a discount on car insurance premium.
Expensive modifications will increase the cost of car insurance policy as you would want to get these parts insured against risks along with the car. If your priority is to reduce the amount of premium, then avoid these modifications.
NO CLAIM BONUS (NCB)
The sure shot way of reducing your car insurance premium is by earning the NCB for your car.
Avoid policy lapse by renewing your car insurance policy on time. This will help in availing the No Claim Bonus.
Providing accurate information like: geographical location, age of owner, profession or marital status, will result in better pricing for the policy you purchase.
Frequently Asked Questions
While buying a car insurance policy, tweaking factors like Insured Declared Value and Deductibles can reduce the cost of your policy. Note that if you do not raise a claim, you will be entitled to a No Claim Bonus. This discount is awarded to you for driving safely and not raising a claim. It can be as high as a 50% discount. Buying only those Add-ons that fulfill your necessity will also decrease the added cost. Consider installing an anti-theft device in your vehicle which might help you to further decrease the cost. Also, becoming a member of the Automobile Association of India might help you earn a special discount on car insurance.
Yes, an important factor for determining the cost of a policy is its Insured Declared Value (IDV), that is the approximate current market price of a car. As the cost of a car depends on its model, car insurance also depends upon the model of a car. Higher the IDV, higher is the cost of the car insurance policy. For example, the cost of getting an hatchback insured is less than that of a sedan.
Unfortunately no, you need to make the full payment while purchasing a car insurance policy. But don’t worry about burning a hole in your pocket as we have tailor-made plans that will suit your budget. Acko strives hard to offer you the best price available in the market. Thus, you not only spend much lesser on car insurance but also avail our top-notch after sales service.
Yes, since the cost of a car varies slightly depending upon the location, the cost of the insurance policy also varies. This is because the Insured Declared Value (IDV), that is the approximate current market price of a car, will be different in different parts of India. Also, if you live in a high-risk area the cost of your policy will increase. These are areas that have a higher chances of claims related to theft, vandalism or natural calamities.
With the help of a car insurance premium calculator, you can determine the approximate cost of your policy before actually buying it. All you need to do is enter the details related to you and your car and a car insurance quote will be generated. You can then tweak the factors that affect the cost of your policy and see how each factor increases or decreases the quote. Some of these factors are Insured Declared Value (IDV), number of Add-ons, deductibles, etc.
is there a different car insurance calculator?
A car insurance premium calculator will help you generate a quote for your car insurance policy. You need to enter details like manufacturing date, model, Insured Declared Value (IDV), number of Add-ons, deductibles, etc. to see a quote. No, you can use the same car insurance calculator for both used and new cars. This is because the factors affecting a car insurance premium remains the same for both cases. Be sure to enter all the details correctly for the right quote to get generated.
Yes, you can get a number of discounts of your car insurance policy. The most important one is the No Claim Bonus (NCB), it is a discount that is awarded for driving safely and not raising a claim. It can be as high as a 50% discount on the cost of your car insurance policy. Another discount might be availed by installing an anti-theft device in your car. This will ensure a layer of safety against theft. You can also, become a member of the Automobile Association of India. Members of this associations might get a discount on their car insurance policy.