What is car insurance?
Car insurance refers to an insurance policy that covers various car-related risks. You need to pay an insurance premium to purchase a car insurance policy from an insurer (for example, ACKO). And if your car faces damages or you cause damage to others via the insured car, your insurer will offer financial assistance, as per the applicable terms and conditions.
Why do we need insurance for cars?
We need insurance for cars mainly because of the following two reasons..
- It offers financial help in case of damages.
- And it is mandatory.
Without car insurance, you may face a lot of trouble legally as well as financially. Thus, it’s crucial to buy a suitable policy to meet these requirements.
What are the different types of car insurance policies in India?
Different types of car insurance policies might be marketed via different names, but at their core they offer the following foundational coverages.
1. Third-party Liability Policy
A Third-party Car Insurance Policy is mandatory according to The Motor Vehicles Act, 1988. Thus, you cannot drive a car legally on Indian public roads without buying at least this policy. Why? Because it offers coverage against third-party liabilities like injury, death, and property damage.
2. Own Damage Car Insurance
While your Third-party Car Insurance Policy helps you in case of third-party liabilities, it does not offer any assistance in case your car gets damaged. For that, you need an Own Damage (OD) cover. It is focused on insuring your car against damages arising from accidents, calamities, etc.
3. Comprehensive Car Insurance Policy
A Comprehensive Car Insurance Policy merges the benefits of a Third-party Policy and an Own Damage cover making it a must-have. Here, you can also opt for suitable add-ons to enhance your coverage.
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 car insurance policies directly to you, without middlemen commissions. This results in lower premiums.
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!
Gone are days when you had to stress over raising a car insurance claim. With features such as free pickup and drop*, three-day repair guarantee*, and claim tracking, your claims experience with us is bound to be stress-free! (*as per terms and conditions)
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.
Want to buy car insurance at midnight? Available. Renew the policy on a Sunday? Available. Raising claims on a public holiday? Available. With ACKO, you get total convenience for all things insurance!
We know that accidents are unpredictable. Thus, you can avail of our 24×7 support, one way or the other, as and when you require insurance assistance. We are just a call/click away!
More Car Insurance Features
|KEY FEATURES||ACKO ADVANTAGE|
|Premium||Car insurance plans starting at ₹ 2,094|
|Add-ons||Multiple add-ons available to enhance your insurance plan|
|Own Damage policy||Available under Comprehensive Insurance|
|Damages to the third party||Covered|
|Personal Accident (PA) cover||Available. Cover of Rs. 15 lakh for permanent disability/death while driving|
|Claim Settlement Ratio (CSR)||95.53% for FY21-22 (For Private Car Insurance)|
|Motor Own Damage Claim Settlement Ratio||95.50%|
|Repairs||We offer services like 3-day doorstep delivery*, 1-hour pickup*, and instant repairs**. You don’t have to pay any extra cost to avail these services***.|
|Buying/renewal process||100% digitally-driven|
|Zero Depreciation Cover||Available as an add-on/type of cover|
Types of car insurance plans we offer
Planning to buy a car insurance policy? We provide different types of policies for your unique needs. Note that these policies, features, and add-ons are subject to availability. Please refer to the respective policy wordings for details.
1. 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.
2. Own Damage Cover
Third-party Liability Car Insurance cover proves to be inadequate when it comes to damage from accidents, natural disasters, fire, or theft. Such coverages are provided under an Own Damage Insurance policy.
3. Comprehensive – Basic
Comprehensive Car Insurance Cover not just secures you against third-party liabilities, it 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.
4. Comprehensive – Super Saver
Exclusive on ACKO. Enjoy 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 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.
5. Zero Depreciation – Basic
Sometimes called the bumper to bumper plan, this plan includes all the benefits of a Comprehensive – Basic Plan while additionally covering depreciation costs of parts. Without Zero Depreciation benefits only partial costs of some parts like fibre & plastic parts are covered.
6. Zero Depreciation – Smart Saver
Exclusive on ACKO. It has 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. This gives upfront savings to safe drivers who think chances of them filing a claim are less.
7. Zero Depreciation – Super Saver
Exclusive on ACKO. Enjoy Comprehensive Insurance & 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 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.
8. Personal Accident 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.