Acko Car Insurance
- CASHLESS GARAGES 2,000
- CLAIMS SETTLED 72.68%
- Covers Third Party Person
- Covers Third Party Property
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About ACKO Car Insurance
Have you been talking about cutting-edge technology and the perks of things turning digitized? Well, Acko General Insurance is a brand you must know about. Just over two years in the car insurance industry, Acko already sounds to be a familiar name with a growing customer base. So, let’s dig a little deep and gather more information about the company. Here we will do the Acko car insurance review and find out all about it.
Acko General Insurance is a private sector general insurance company in India. First established in November, 2016, Acko entered the rat-race with the very innovative concept of an online-based model. The company achieved its license from IRDA (Insurance Regulatory and Development Authority of India) in September, 2017.
Car insurance, two-wheeler insurance, mobile insurance, in-trip domestic insurance, and insurance are among the retail products offered by the company. The insurer offers all three types of car insurance policies: third-party car insurance, standalone own-damage car insurance, and comprehensive car insurance.
Varun Dua, the “MAN” behind the company’s incredible growth, also the CEO of Acko ensures that all operations related to car insurance are seamlessly executed via an advanced digital platform. In a short span of two years, the company has managed to raise more than $42 million from big shot investors like Catamaran Ventures, Accel Partners, Amazon and SAIF Partners.
Learning about its tie-ups is totally worth it. To offer mobile insurance plans, Acko General Insurance has partnered with Amazon India. Acko, on the other hand, has left no stone unturned in the field of motor insurance too. Here’s something new you want to hear about – the company makes an alliance with Ola Cabs in more than 110 cities in India, offering in-trip insurance. The company completely focuses on a digital business model. Insurance policies are offered online and claims are settled in a similar manner.
Acko Four Wheeler Insurance
Acko General Insurance understands that car insurance is a simple and effective way to protect your car from unforeseen risks such as accidents, thefts, fire, natural disasters, or third-party liabilities. The car insurance companies offer two types of insurance policies that protect your car from various types of damages and losses, namely third-party car insurance policies and comprehensive car insurance policies, both of which are available at affordable premium rates. In addition to these, the insurer also provides personal accident cover of up to Rs. 15 Lakh to compensate for permanent disability or death while driving.
Acko General Insurance offers many add-on covers to customise your car insurance plan and protect your car. These add-ons offer additional coverage for extra cost over your base policy while buying or renewing the policy. Some add-on covers provided by the insurer are zero depreciation cover, key replacement cover, roadside assistance cover, consumables cover, engine protection cover, outstation emergency cover, and so on. Apart from a selection of insurance plans and additional cover, selecting an Acko plan can provide additional benefits such as low premium rates, paperless door-to-door claim services, and unique plans and discounts tailored as per the requirements of the customers.
Key Features of Acko Car Insurance Online
Features | Coverage |
Founding Year | 2016 |
Network Garages | 2000 |
Claim Settlement Ratio | 72.68% |
Third Party Property Damage | Up to Rs. 7.5 Lakh |
Own Damage Cover | Coverage for Own Car for Its Loss and Damage |
Personal Accident Cover | Up to Rs. 15 Lakh |
Add-on Covers | 6 Add-on Covers |
Claim Assistance | 24/7 Claim Assistance |
Eligibility Criteria for Acko Car Insurance
- Nationality: You need to be an Indian citizen. This ensures that the policy is applicable within the legal boundaries of the country and meets the regulations set by the Indian government.
- Age: All individuals aged 18 years and above can buy car insurance. It aligns with the legal driving age, ensuring that only those legally allowed to drive can insure their vehicles.
- Vehicle Registration: It's imperative that your vehicle is registered. You should have a valid vehicle registration number and certificate, proving the legitimacy of your vehicle's presence on the road.
Documents Required for Acko Car Insurance
Securing car insurance has become more straightforward over the years, with minimal paperwork involved. However, to ensure a smooth process, make sure you have the following details:
- Car Registration Number: This unique identifier is essential as it provides information about your vehicle's make, model, age, and other vital details.
- Mobile Number: This allows the insurance company to communicate with you, sending you timely updates, reminders, and facilitating quicker claim settlements.
- Residential PIN Code: This helps the insurance provider understand the geographical risks associated with your vehicle. For instance, certain areas might be prone to thefts or have a higher frequency of accidents.
- Previous Policy Details (if any): If you've had car insurance before, details of the previous policy are crucial. It helps the new insurer understand your insurance history, claim records, and can also sometimes make you eligible for certain discounts.
Acko Car Insurance online makes getting car insurance easy and simple. By using the latest technology, they've changed the way we handle insurance issues, making things faster and less complicated. With Acko, you don't just get a good price; you also get quick help when you need it. It's a fresh take compared to the old ways of dealing with car insurance.
What is Covered Under ACKO Car Insurance?
ACKO Car Insurance provides comprehensive coverage to ensure the policyholder is well-protected against various risks. Here's what is covered under the ACKO Car Insurance:
1. Third-Party Liability:
- Coverage against financial liabilities that may arise due to damages caused to a third party person or property.
2. Own-Damage Cover:
- Protection against financial losses due to damage to the insured car from accidents, natural calamities, or man-made disasters.
3. Personal Accident Cover:
- A cover of up to INR 15 lakhs is provided for the owner-driver under the personal accident cover, which takes care of accidental death and disability.
4. Cashless Repair Facility:
- Cashless repair services at network garages, making the repair process hassle-free and convenient.
5. Additional Add-ons:
- ACKO also offers various add-on covers such as zero depreciation, engine protection, roadside assistance, and more, which can be chosen to enhance the coverage of the policy.
6. Coverage against Natural and Man-Made Calamities:
- The comprehensive policy covers damages caused due to natural calamities like floods, earthquakes, storms, etc., as well as man-made calamities like riots, theft, vandalism, etc.
The coverage under ACKO Car Insurance is designed to offer a broad spectrum of protection to the car owner against both legal liabilities and damages to the insured car, ensuring peace of mind during unforeseen events.
What is Not Covered Under ACKO Car Insurance?
Certain aspects are not covered under ACKO Car Insurance, including:
1. Regular Servicing and Wear and Tear:
- Costs related to regular servicing, and expenses arising due to the normal wear and tear of the vehicle are not covered.
2. Inactive Policy:
- Any damage caused to the vehicle when the policy is not active is not covered.
3. Driving Under Influence:
- Damage caused to the vehicle when driving under the influence of intoxicating substances like drugs or alcohol is not covered.
4. War and Similar Conditions:
- Damage caused during war, civil war, rebellion, and similar conditions are not covered.
5. Liability Only Policy Exclusions:
- Under the liability-only policy, damages to your insured private vehicle are not covered.
6. Private Car Package Policy Exclusions:
- Components that undergo wear and tear are not covered under the private car package policy.
It's advisable to thoroughly read the policy document and discuss it with the insurance provider to understand all the exclusions in your ACKO Car Insurance policy.
Benefits of ACKO Car Insurance
- Pricing is a crucial factor in insurance. One is hardly aware but every car insurance product is topped with a 20%-30% commission. This certainly explains a steep hike in the price of insurance plans and premiums. Acko guarantees a considerable cut-back in premiums.
- So, not a huge fan of paperworks? Neither is Acko. Buy insurance, renew your plan or make claim, do anything and everything online without the hassles of paperworks.
- Completing a claim process could sound like a tedious affair. Well, definitely not with Acko as your car insurance partner. Just start with a call and your job is done. From picking up your vehicle, getting it fixed to dropping the same at your doorstep, the company does it all. You can sit back and relax meanwhile.
- Getting minor damages and dents fixed could cost a fortune in the long run. Acko get its done and pays out cash as an instant claim settlement for minor damages.
ACKO Car Insurance Add-Ons
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Loss of Accessories Cover
Adding this cover to your car insurance policy is of great benefit. Afterall, a basic car insurance covers damages to your vehicle in case of accidents. It certainly does not pay for damages to the accessories fitted in the car. So, if you have installed high-end accessories like reverse camera, modified tail-lights, stereo system and others, having this cover will aid you financially by large.
If these accessories are lost by theft, it will be covered at an additional premium of 4% on the value of accessories. This is not all. It needs to be specifically declared in the proposal form.
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Consumables Cover
A basic comprehensive car insurance policy does not compensate for consumables in a vehicle. Opting for a consumables cover comes of great use in the event of accident. The add-on by Acko covers for consumables like:
- Engine Oil
- Oil Filters
- Lubricants
- Grease
- Radiator Coolant
- Nuts and bolts
- Washers
- AC gas oil
- Gearbox oil
- Power steering oil
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Emergency Roadside Assistance
Simply bundle this add-on cover in your comprehensive car insurance policy. RSA ensures on-spot rescue in hours of need. So, what does it cover?
- Towing service. Please note: Free towing facilities are provided upto 50kms.
- Repair of flat tyres.
- Emergency fuel delivery. If you are stranded because there’s no fuel in your vehicle, Acko helps you out with 5 litres of fuel. However, this is chargeable.
- Immediate repair works by professional technicians are guaranteed in case of mechanical and electrical breakdown.
- If an accident has left you impaired from driving, Acko send in professionals to drive you to your desired location. Please remember, such services are not chargeable for upto 50kms.
- Immediate key service. If you’ve lost your car keys or have locked yourself out, Acko arranges for a technician to repair and unlock your car. If there are spare keys left at home, the insurer sends it over. Please Note: such services are only applicable if the services are in the same city.
- Accommodation is provided if the repair works take longer than usual. In such circumstances, the insurer arranges for a nearby hotel. However, it is not payable by the insurance company.
- Cab services are ensured if your vehicle is irreparable on the spot. It is provided as an alternative mode of transport.
- Spare parts to your vehicle are delivered in events of accident. It will be shipped to your location. However, this service is chargeable.
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Return to Invoice Protection Cover
If you have recently bought a vehicle or you are an owner of a luxury car, having a return to invoice protection cover clubbed with your comprehensive insurance plan is of great worth. It is similar if you are living in theft-prone areas. The add-on guarantees that the invoice value of your car remains intact. This amount also include registration charges of your car and the total road tax paid.
Please Note: Such a cover is not applicable if the vehicle is older than 3 years.
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Engine Protection Cover
Bearing the expenses of engine repair could be overwhelming. Having this add-on clubbed to your comprehensive policy can save you big money. It compensates for repair and replacement of engine parts like connecting rods, pistons and others. Damages can be caused due to water-logging, leakage of lubricating oil, impairment of the gearbox or conditions of hydrostatic lock.
ACKO Car Insurance Claim Process
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Insurance Products by Acko General Insurance
ACKO Car Insurance FAQs
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What is car insurance and why do I need it?
Car insurance is a contract between you and an insurance company. You pay a premium, and in return, the insurance company promises to pay for specific car related financial losses during the term of the policy. It's essential because it not only protects you from financial losses due to theft or accident but also because it's a legal requirement in many countries to have at least a basic level of coverage.
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What do 'comprehensive' and 'third-party' insurance mean?
Comprehensive insurance covers damages to your car which happens due to unforeseen incidents like accidents, theft, natural disasters, and more. It provides a broader protection, including both, damages to your car and damages you might cause to others. On the other hand, third-party insurance covers the damages that you may cause to other vehicles. It doesn't cover damages to your own vehicle.
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How is my insurance premium determined?
Several factors determine your car insurance premium. These include the make and model of your car, its age, where you live, your driving record, and the coverage type you choose. Typically, newer, more expensive cars or cars with a history of being stolen have higher premiums.
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Why should I purchase motor insurance from ACKO?
Acko is a licensed non-life general insurance company, fairly new in business. However, the company has managed to establish a strong foothold in the industry with its innovative digital business model. The company stands for affordable, effortless and hassle-free policy procedures. From purchasing policy to renewing and settling claims, ACKO guarantees seamless customer experience.
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What happens if I don't have car insurance?
If you get caught, you could face fines, penalties, and even suspension of your driver's license. Moreover, if you're involved in an accident without insurance, you could be held personally liable for all the damages and injuries you cause, leading to potentially massive out-of-pocket expenses. Many countries or states also have laws that require drivers to have at least basic liability insurance, so it's crucial to be insured not only for financial protection but also to comply with the law..
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ACKO Car Insurance Contact Details
- 1860 266 2256