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Volvo rolled out its first car in 1927 and since then it has been making better and safer cars with cutting edge technology and innovation. It is one of the most respected car brands in the world with its presence in about 100 countries. For a premium brand such as Volvo, it sure needs car insurance to protect you against liabilities. Read ahead to learn about Volvo insurance and benefits of car insurance for Volvo cars.
Vehicle insurance for your Volvo car acts as a financial shield in case of losses or damages to your car due to an accident. Besides, the cost of replacing car parts of the Volvo is indeed expensive. While the Third-party car insurance is mandatory, Comprehensive car insurance will offer wider coverage by covering both third-party and damages to your vehicle. Below are the important benefits of buying Volvo car insurance.
Coverage against losses or damages to third party property or life.
Protection against losses or damages to the insured car.
In case of total loss or theft of the insured vehicle, get the specified sum insured amount.
Protection against losses or damages due to fire, floods, storms, cyclones or other natural calamities.
Coverage against losses or damages due to riots.
Motor insurance is of two types: Third-party and Comprehensive. Both come with different benefits and features.
Mandatory as per law, the Third-party car insurance covers losses or damages to third party life or property.
Although not mandatory, it covers losses and damages to both third party and damages to the insured vehicle.
|Particulars||Comprehensive Car Insurance||Third-Party Car Insurance|
|Coverage for third party life or damages to property||✔||✔|
|Own damages to Volvo||✔||✘|
|Personal Accident (PA) cover||✔||✔|
|Customisable Insured Declared Value (IDV)||✔||✘|
While the Third-party insurance provides coverage to third-party life and property, the Comprehensive insurance for Volvo offers extensive coverage through the following inclusions:
Personal accident coverage for owner-driver.
Accident-related damages to your Volvo.
Loss or damage due to natural calamities such as flooding and storms.
Loss due to fire or explosions.
Theft of the insured vehicle.
Loss or damages to third party life or property.
Loss or damages due to riots.
Similar to all types of insurance policies, the Volvo car insurance comes with the following exclusions:
Regular wear and tear caused over the years.
Loss or damages while driving with an invalid driving licence.
Damages or losses while driving in an inebriated state.
Mechanical and electrical breakdowns.
Driving outside the specified geographical limits.
The Comprehensive plan does not cover damages such as oil leakage or water ingression in the engine. However, with Add-on covers, these can be covered as well.
In case of theft or total loss, the insurer will pay the ex-showroom price of the car.
Depreciation of the car parts being replaced or repaired will not be considered.
This add-on covers damages to the engine due to water ingression or oil leakage.
Even if you register a claim during the policy period, the NCB or discount remains intact.
Provides roadside assistance including a change of a flat tyre, towing service, emergency fuelling, etc.
With the advent of new innovations in the digital ecosystem, online insurance has made the complete process efficient and easier especially for customers. Below are the benefits of Acko Volvo Car Insurance.
Every aspect of the process is online. Be it buying or renewing to servicing a claim, customers can use the website or the app to raise a request.
With most transactions online, settling claims has never been faster compared to the conventional process.
Throughout the process which includes purchase, renewal and servicing of claims, Acko’s trained professionals will guide customers with their issues.
Registering a claim under your Volvo car insurance is a lot faster and easier through online or digital insurance companies. Below are the steps to raise a claim:
Step 1: Visit the car insurance provider’s website or mobile app.
Step 2: Log in with your username and password to access your account.
Step 3: Under the claim section, register a claim and upload the pictures of the damages to your Volvo.
Step 4: The insurer will assign a surveyor to inspect the vehicle and get it repaired at any of the network garages. You can also opt for the reimbursement method.
Below are answers to some of the frequently asked questions about car insurance.
Traditionally, the process to renew car insurance was cumbersome with several paperwork and procedures. However, with new-age digital insurance companies such as Acko are providing a digital platform to transact. This has made the entire process of renewing Volvo car insurance online faster and even receiving the policy document instantly through email. Through the online method, you need to log in with your username and password and select the insurance to renew, pay instantly and receive the policy document immediately.
While the traditional method would have required you to approach an insurance agent or the insurance branch to purchase car insurance for your Volvo, digitalisation of the insurance sector has made it easier to buy car insurance online. Simply visit the insurer’s website or download the mobile app to transact on the go. You can buy Volvo car insurance within minutes by providing basic information such as the vehicle registration certificate, policyholder’s ID and address proof along with the previous insurance policy details in case you are switching insurance companies.
No. If you are buying from digital insurance companies such as Acko, the premium is comparatively cheaper. This is because Acko has removed agents, middlemen and digitised most of its operations which has led to reduced operating cost. This benefit is passed on to the policyholder. Online insurance for Volvo cars are not only competitive in pricing, but they are faster, easier, hassle-free and paperless making in a competent insurance product.
Every car insurance add-on covers are designed to meet different requirements. Take, for example, the “Return to Invoice” add-on. Under this add-on, the insurer will pay the invoice value (ex-showroom) of the car in case of total loss or in case of theft of the insured vehicle. In the basic comprehensive insurance, the insurance company will pay only the sum insured and not the invoice value of the car. Also, add-ons such as Roadside Assistance, Key Replacement Cover, Zero Depreciation and more such add-ons mentioned in this article are important and exclusive add-ons for your Volvo.
There are several ways you can reduce the cost of insurance for your Volvo. While new digital insurance companies have made insurance affordable, you can use different methods to reduce the premium. This can be done by installing anti-theft devices or becoming a member of automobile clubs or associations such as the Automobile Association of India (AAI) and the Western India Automobile Association (WIAA). Insurers will reduce the cost of insurance if part of these associations.
Below is the car insurance for Volvo models in India: