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If you had to buy or renew vehicle insurance a few years back, you would have to fill lengthy forms and undergo a tedious documentation process. With the advent of newer technologies, this process has become paperless and super quick.
Insuretech companies like ACKO allow you to buy/renew vehicle insurance by eliminating mundane tasks such as form-filling and submitting them. Let's take a walk through this new-age way of buying/renewing private vehicle insurance which is more convenient, time-saving and safe.
As of 31st March 2019, there were approximately 23 crore vehicles on Indian roads. However, while India was the fourth-largest car manufacturer across the globe in 2019, the insurance penetration in India is not too great. Out of 23 crore vehicles, 57% of vehicles were uninsured. Meaning, close to 13 crore vehicles did not even have a mandatory Third-party insurance cover. Apart from being mandatory in India, here are a few reasons why vehicle insurance is a necessity in India.
As per the National Crime Records Bureau (NCRB) report, ~2.4 lakhs vehicle thefts were reported in India in 2019. This means close to 105 vehicles are stolen out of every 1 lakh vehicle in India, with only 25% of these vehicles getting recovered.
In 2018, India witnessed the third highest road accident in the world. According to the NCRB report, close to 4.4 lakhs road accidents were reported in 2019. That is a worrisome number of ~191 accidents per 1 lakh vehicle in India. In these accidents, close to 1.54 lakh deaths and injuries to ~4.4 lakhs people were reported.
Vehicle Insurance refers to insuring your vehicle against unfortunate and unpredictable incidents. Vehicle insurance is also called motor insurance or auto insurance in the insurance industry.
You can buy vehicle insurance from companies authorised by the Insurance Regulatory and Development Authority of India (IRDAI). As per The Motor Vehicles Act, both private and commercial vehicle owners are mandatorily required to insure their vehicles. Not following this rule can lead to monetary penalties and legal issues.
You can buy or renew vehicle insurance online, which is an easier and quicker way to insure your vehicle. Just visit the insurer’s website (for example, www.acko.com), provide a few details, select your policy and make the payment online. You will get your vehicle policy in your inbox in 2 minutes.
Vehicles are used for private purposes or commercial purposes. Note that you cannot purchase private vehicle insurance for a commercial vehicle or vice versa. Once you have decided on the category, you have the following vehicle insurance options.
The Third-party Liability Policy is also referred to as Third-party Plan, Liability-only Policy, and Third-party Cover. The Third-party Vehicle Insurance Policy is a basic plan and is mandatory as per The Motor Vehicles Act. Not owning this basic vehicle insurance plan while driving/riding in India can lead to heavy monetary penalties. The Third-party Policy covers the vehicle owner’s liabilities in case the insured vehicle injures a third party or damages their property. The price of such policies is regulated by IRDAI and is based on the cubic capacity of the vehicle's engine. It is noteworthy that the third-party plan does not offer insurance coverage for damages to the insured vehicle.
The Comprehensive Vehicle Insurance Policy includes the benefits of a Third-party Vehicle Insurance Policy as well as covers damages to your vehicle in case of an accident, fire, riots, mand-made and natural calamities. The policy also covers vehicle theft. Buying a Comprehensive policy also opens up avenues to purchase add-ons for extra coverage. Since the Comprehensive policy offers enhanced coverage, it costs more than the Third-party policy. Also, if you choose any of the add-ons, it will lead to a proportionate increase in the payable premium. Thus, you must choose only suitable add-ons. Motor insurance companies decide the price of the Comprehensive Vehicle Insurance Policy in India. Hence, prices can vary from insurer to insurer.
Here are the top reasons to purchase and renew vehicle insurance.
Insuring a vehicle with a basic Third-party insurance plan is a legal requirement. Not following the law of the land can lead to serious consequences such as monetary penalty and/or imprisonment.
Repairing a damaged vehicle can prove costly if the entire amount is paid from your pocket. Having a Comprehensive cover helps to enhance coverage and lends financial assistance to pay the repair bill for the damaged vehicle.
New-age insurers like ACKO offer value-added services such as pick up and drop facility where they pick up the damaged vehicle, repair it at a garage and drop the vehicle at your doorstep within 3 days.
|24×7 access||Purchase and renew the policy anytime from anywhere.|
|Convenient process||Forget form-filling and tedious documentation work.|
|Low premium||Online insurers like ACKO don't hire any middlemen/agents. Hence, they can offer policies at low premiums as they have a low operational cost.|
|Smooth processing||Online infrastructure helps digital-first insurers to issue policies, settle claims, and service policyholders in a hassle-free way.|
|Informed decision-making||All the necessary information is available on the ACKO's website/mobile app. Also, since there are no intermediaries, policyholders can make an informed decision based on their needs.|
|Quick renewal||Policies can be renewed almost instantly, with the help of just a few clicks.|
|Satisfying insurance experience||Right from researching about plans, buying it, renewing them or making claims, online insurance is more convenient, time-saving and effective.|
A vehicle insurance calculator or a premium calculator helps you get an idea about the premium amount you would be required to pay for the chosen insurance coverage. It is simple to use and is available free of cost. All you have to do is share basic information about your vehicle, choose the required coverage, and you will come to know the approximate cost for the cover. Here are the steps to follow to know the payable premium.
Visit www.acko.com or download the mobile app to buy a vehicle insurance policy online.
Enter your vehicle (car/bike) details, choose the coverage, and select the suitable add-ons.
Once you enter the details, you can view premium amount for the most suitable coverage for your vehicle.
You can modify the optional inputs and get to know the different premium amounts for different covers. Once you are convinced about a particular cover, you can go ahead and purchase the policy. The policy will be available to download as soon as your payment is processed.
Also, read: Vehicle Scrappage Policy in India
The extent of a private vehicle policy’s cover is dependent on the type of policy purchased. Here are the inclusions of a Third-party and Comprehensive plan. You can refer to the concerned policy’s Policy Wordings for a detailed list of inclusions.
Here’s a list of inclusions in Third-party Vehicle Insurance Policy:
Third-party Cover: Cover for injuries to a third party or property damage.
Law-abiding Citizen: You shall be considered a law-abiding citizen concerning the mandatory vehicle insurance requirement.
Here’s a list of inclusions in the Comprehensive Vehicle Insurance Policy:
Third-party Cover: Coverage for injuries to a third party or damages to their property.
Own Damage: Damage to the insured vehicle due to an accident, fire, natural calamities or man-made calamities.
Theft Cover: Insurance cover for the vehicle in case it gets stolen.
Exclusions are situations where the insurer is not liable to settle the claim. Read ahead to know about the exclusions of a Third-party and a Comprehensive plan. You can refer to the concerned policy’s Policy Wordings for a detailed list of exclusions.
Riding/driving with an expired vehicle insurance policy.
Riding/driving in an intoxicated state.
Own damage is excluded in case of a Third-party policy.
Not following driving/traffic rules such as riding/driving with an invalid driving license.
Claiming against an incident that is beyond the policy’s scope of cover.
Accidental damages during war or similar conditions
Cost of repair/replacement of parts that are damaged due to regular wear and tear.
Any claims related to personal items stolen from your car
There are additional insurance covers for a private vehicle insurance policy that can be purchased by paying an extra premium. Note that you can only buy these additional covers only with a Comprehensive policy and not with a Third-party policy. You can buy most of these add-ons for both two-wheelers and four-wheelers. The premium will vary for every add-ons. Thus, it is crucial to first research before buying. Here’s a list of popular vehicle insurance add-ons on ACKO.
With this add-on, ACKO will not consider the depreciation charges while settling the claim. As a result, your after-claim pay-out will be more than what it would have been if you didn’t have this cover.
Stranded on the road? Simply call us and our professional vehicle mechanic will rush to your location to help you out with the vehicle’s issues including towing services during car breakdowns.
Usually, you have to pay the cost of consumables while repairing the vehicle. ACKO does not cover costs such as usage of oil, nuts and bolts, etc. With this add-on, such costs shall be covered.
With the Engine Protection Add-on, you can insure your car’s engine against most of the damages such as floods that are not covered in a Comprehensive Plan.
Car keys aren’t cheap and the cost can go upwards of Rs. 10,000. With Key Replacement Cover, you can save your money on expenses incurred for replacing a lost, stolen, or damaged key and even a replaced lock, if required.
Outstation Emergency Cover secures you against accidents/breakdowns outside a 100 kilometers radius of your residence during the policy period. Also, you will get a reimbursement of Rs. 2,500 if the repair takes more than 12 hrs.
When you don't raise a claim during the previous policy period, ACKO rewards you in form of an NCB discount on the premium amount during renewal. This discount can go up to 50% if you don't raise a claim for five consecutive years.
In case your car is stolen or damaged beyond repair, Return to Invoice add-on cover will help you recover the amount mentioned on the car's invoice value, including the car registration cost and road tax as well.
Along with a Third-party vehicle insurance plan, it is compulsory to own a Personal Accident Cover in India. This additional cover provides financial protection in the event of permanent disability/death while driving or riding your vehicle.
While riding, helmets are critical to circumvent injuries to your brain. With this add-on cover, ACKO will cover the repair/replacement cost in case your helmet is stolen or damaged in an accident, fire, man-made or natural calamities.
When you buy this add-on cover along with your Comprehensive car insurance policy, you can secure your near and dear ones in case of permanent disability/death while driving a car. With this add-on cover, you get access to coverage of up to Rs. 1 lakh per passenger.
Here are a few steps to apply for a motor vehicle insurance online.
The modern method of buying an insurance policy does not include submitting documents. All you have to do is visit www.acko.com or download the mobile app. To apply for vehicle insurance online, you need to just answer a few details such as car/bike model and few other personal details. Once you share the required information, select the plan and add-ons that suits your requirement. Pay the premium amount and get your vehicle insured. It's that simple and easy!
You can check if your vehicle insurance policy has expired or not by simply having a look at the policy document. It states the policy start date and the end date. Also, you can log in to your account and check out the policy’s status. You can also call or email us and request the vehicle insurance policy status. We also send periodic start renewal notifications via SMS and email so that you do not miss out on renewing the policy before the due date.
The process of renewing policy is similar to buying a new vehicle insurance policy. Here’s the process to renew vehicle insurance on ACKO.
If you have purchased your previous policy on ACKO, you can modify your policy by logging into your account. If you have purchased from a different insurer and want to renew on ACKO, visit our website or download the mobile app.
While renewing your vehicle insurance policy on ACKO, you will have to share and verify details related to your vehicle, previous policy, etc. Select the right plan and add-ons that suits your requirement.
Once you have selected the right insurance policy for your car/bike, make an online payment. Once you pay the premium amount, you will receive the policy document in your inbox.
Filing a claim on ACKO is easy and hassle-free. All you have to do is log in to your account via website or mobile app to raise a claim. Here is how the claims are settled on ACKO.
For minor claims, ACKO will instantly reimburse the repair cost. In case of major claims, ACKO will inspect your vehicle. The repair bill will be settled with the garage (except deductibles) if it is a Network Garage. If not, you will have to pay the bill first, then submit the bills to ACKO to get them reimbursed.
In case of theft or third-party losses, the process becomes a bit complex and can involve filing a First Information Report (FIR) with the police. When your vehicle is stolen, you will need a Non-Traceable Certificate from the police to raise a claim. In case of third-party losses, the issue is directed to Motor Accident Claims Tribunal, which decides the compensation amount.
Here’s a list of factors that play a vital role in determining the vehicle insurance premium of your bike or the car’s Comprehensive Insurance Policy.
Details related to the vehicle such as age, engine specifications, etc.
Details about the PIN code of your locality.
Details related to previous claims associated with the vehicle.
The extent of the policy cover including the add-ons, if any.
The higher the Insured Declared Value (IDV), the higher the premium amount.
The higher the amount of the deductibles, the lower the premium amount.
Installation of anti-theft devices will also have an impact on the premium amount.
No Claim Bonus percentage at the time of vehicle insurance policy renewal impacts the final payable premium.
New-age digital insurers like ACKO eliminate the need for middlemen, which reduces operating costs. This in turn results in a lower premium amount.
Here’s are a few ways that can help you reduce your vehicle insurance premium.
Select only those add-ons that have the potential to add value to your vehicle’s insurance cover.
Install anti-theft devices and earn a discount on the premium amount.
Purchase a policy from a digital-first insurance company like ACKO to enjoy a lower premium amount.
Renew your policy before it expires, as not doing so can spike the premium.
Raise claims judiciously and keep the No Claim Bonus discount in mind while raising a claim.
FAQs concerning buying or renewing a motor insurance policy
As long as you own a vehicle legally, you can purchase a motor insurance policy for it.What are the different types of vehicle insurance policies available in the Indian market?
The vehicle insurance segment is primarily divided into private vehicle insurance and commercial vehicle insurance. The next layer involves selecting either a Third-party Liability policy or a Comprehensive Motor Vehicle Insurance Plan.What is the basic working model of motor insurance in India?
Vehicle owners purchase policies from certified insurance companies for their vehicles. If the vehicles get damaged, the policyholder raises a claim, the insurer verifies it, and if approved, settles the claim by paying the cost of repairs as per the terms and conditions of the policy. This is the basic working model of motor insurance in India. However, this can differ in special cases like theft or third-party liabilities.Is it compulsory to insure my car if I use it only on Sundays and drive safely on the highway?
If you are driving a vehicle on public roads, then it must be insured. Not following such a mandate can lead to penalties and legal issues.How long will the online vehicle insurance policy buying process take?
The online vehicle insurance policy buying process can be completed under three to five minutes provided you have all the details handy and your smartphone/laptop has a functional internet connection.How to file a claim against my motor insurance policy?
The first step in filing a claim against a motor insurance policy is to contact your insurer and let them know about the incident for which you want to raise a claim. You can do this by visiting the insurer’s website, by calling them, or by sending an email.Is it possible to switch to a different insurer as well as a different insurance plan?
Yes, you can choose to avail the services of a different insurer and select another plan while renewing the policy for a smooth transition process. Make sure to spend some time researching about the insurance company and the plan before buying it.
ACKO General Insurance Limited
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