ACKO Car Insurance: Types, Covered, Not Covered & Eligibility

ACKO Car Insurance: ACKO Technology and Services Pvt. Ltd. is the parent company of ACKO General Insurance which was founded in 2016, they use technology to innovate insurance products and provide simple processes. ACKO focuses on the digital-first, direct-to-consumer model, eliminating the need for intermediaries (Insurance Agents). 

Their goal is to make insurance more accessible and affordable for Indian consumers by offering competitive rates and a completely digital experience, from buying a policy to managing claims. They have a 24/7 customer support system and a focus on a hassle-free claims process.

Features of ACKO Car Insurance

ACKO car insurance has many features which include low premiums, zero paperwork, stress-free claims, instant claim settlement, etc.

• Low Premiums: ACKO offers a competitive rate that can help you save up to 85%* on your car insurance.

• Zero Paperwork: Their process is completely digital, eliminating the hassle of physical documents.

• Stress-free Claims: ACKO Car Insurance offers a streamlined claims process, aiming to make filing and resolving claims as easy as possible.

• Instant Claim Settlement: ACKO offers quick claim settlements in certain cases.

• Convenience: Everything from buying a policy to managing claims can be done through their mobile app or website.

• 24x7 Support: ACKO provides customer service 24x7.

• Easy Insurance Renewal: The renewal process is simple and can be completed online.

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Types of ACKO Car Insurance Policies

There are primarily four main types of ACKO Car Insurance Policies which include Third Party Car Insurance, Comprehensive Car Insurance, Zero Depreciation Policy - Super Saver, and Stand Alone Own Damage Policy.

• Third Party Car Insurance: Third Party Car Insurance is a mandatory law to have, which offers financial protection if you damage someone else's property or cause injury or death to a third party accidentally. However, this policy does not cover damages to your own vehicle.

• Comprehensive Car Insurance: With a comprehensive car insurance plan, you get the benefits of a third party policy along with additional coverage for damages to your vehicle caused by accidents, natural disasters, theft, and more. You can even choose add-on covers to boost the protection of your policy, ensuring comprehensive coverage against various risks.

• Zero Depreciation Policy - Super Saver: This specific ACKO car insurance policy offers the same coverage as the comprehensive plan along with full coverage for the cost of replaced car parts. This means that any depreciation costs for car parts are covered, guaranteeing that you will receive the highest possible claim amount for repairs.

• Stand Alone Own Damage Policy: The Stand Alone Own Damage Cover policy from ACKO provides extensive protection for damages caused by accidents, natural calamities, fire, or theft. 

What Is Covered In ACKO Car Insurance?

ACKO car insurance covers a range of benefits to ensure peace of mind for policyholders such as coverage for third-party losses, accident protection, fire damage coverage, etc.

• Coverage for Third-Party Losses: ACKO provides coverage for third party losses in Comprehensive and Third-Party policies. It covers Injuries or death to a third party in an accident you cause. 

• Accidents Protection: Both Comprehensive and Third-Party Liability policies cover damages to your vehicle caused by accidents. However, Third-Party Liability only applies if you are at fault.

• Fire Damage Coverage: Comprehensive car insurance covers fire damage to your insured vehicle.

• Theft Protection: Comprehensive car insurance covers the loss of your vehicle due to theft. You'll be compensated up to the Insured Declared Value (IDV) of your car.

• Calamities Coverage: Comprehensive car insurance covers damage to your car caused by natural disasters like floods, earthquakes, and cyclones.

• Rat Bite Damage Protection: If rats bite your vehicle, you may have to pay repair expenses. However, these damages are included in the ACKO car insurance policy.

What Is Not Covered In ACKO Car Insurance?

ACKO car insurance does not cover pre-existing damages, normal wear and tear, mechanical and electrical damage, driving without required documents, etc.

• Pre-Existing Damages: ACKO will not cover damages that existed on your car before the policy began.

• Normal Wear and Tear: General wear and tear from regular usage is not covered which includes fading paint, worn-out tires, or deteriorating interiors.

• Mechanical and Electrical Damage: Standard ACKO policies don't cover mechanical or electrical breakdowns that happen due to regular usage or age-related issues.

• Driving Without Required Documents: If you're caught driving without a valid license, registration, or pollution control certificate (PCC), any damages won't be covered.

• Illegal Driving: ACKO won't cover damages caused by activities like drunk driving, racing, or other illegal activities.

• Loss Outside Geographical Limits: Your policy applies only within India. If your car is stolen or damaged outside the geographical limits specified in the policy, it might not be covered.

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Add-on Covers In ACKO Car Insurance

ACKO Car Insurance offers a range of add-ons to customize your coverage and enhance the protection of your vehicle. These add-ons provide additional benefits such as roadside assistance cover, no-claim bonus (NCB) protection, engine protection cover, etc.

• Roadside Assistance Cover: This add-on assists in case of car emergencies like a flat tire, dead battery, or minor breakdowns. Services may include towing, on-site repairs, and help with arranging alternate transportation.

• No Claim Bonus (NCB) Protection: This protects your NCB discount, even if you claim during the policy period. The NCB discount rewards you for claim-free years, so this add-on can help you save money on future premiums.

• Engine Protection Cover: This add-on covers the cost of repairs or replacements to your car's engine in case of damage caused by an accident, fire, or other insured perils.

• Consumables Cover: Standard policies don't cover consumable items like engine oil, lubricants, or brake pads used during repairs. This add-on reimburses you for the cost of these consumables if your car requires repairs due to a covered event.

• Personal Accident Cover for Passengers: This add-on provides financial compensation for any injuries or deaths sustained by passengers (excluding the driver) during an accident.

• Paid Driver Protection: If you allow others to drive your car occasionally, this add-on ensures they are covered under your insurance policy.

• Compulsory personal accident (owner-driver): This add-on offers coverage for your paid driver in case of accidental injury or death while driving the insured car, with a sum insured of up to Rs. 1 lakh.

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Factors Affecting ACKO Car Insurance Premium

Factors affecting ACKO car insurance premiums include the car's engine capacity, insurance coverage, insured declared value (IDV), add-on cover premiums, etc.

• Car's Engine Capacity: Higher engine capacity vehicles cost higher premiums because they are generally more expensive to repair and replace.

• Insurance Coverage: The type of coverage you choose can affect the premium. Comprehensive coverage offers the most protection but costs more than Third-Party Liability only.

• Insured Declared Value (IDV): The IDV represents the current market value of your car. A higher IDV means a higher potential payout in case of a claim that costs a higher premium.

• Add-on Cover Premiums: Each add-on cover you choose comes with an additional cost that gets added to your base premium.

• Age of Your Car: Premiums are lower for newer cars as they are considered less prone to breakdowns and malfunctions. As the car ages, the premium might increase.

• Claim History: A history of accidents or claims can lead to a higher premium as you are considered to be a higher risk. Maintaining a clean claim history can reduce your premium.

• Deductibles: A deductible is an amount you pay upfront before the insurance company starts covering the claim amount. Choosing a higher voluntary deductible can lower your premium, but you'll have to pay more out of pocket if you need to make a claim.

• Geographical Location: If you live in an area with a higher rate of accidents, thefts, or natural disasters, your premium might be higher compared to someone in a lower-risk area.

How To Calculate Premium Of ACKO Car Insurance Online?

There are two main approaches to estimating your premium for ACKO car insurance online which include using the ACKO online premium calculator, and manual estimation (for reference only).

Using The ACKO Online Premium Calculator

This is the simplest and most recommended method. ACKO offers a user-friendly “Online Car Insurance Premium Calculator. Here's how it works.

• Provide the make, model, variant, and fuel type of your car.

• Provide your car's registration details and purchase year.

• If you have any previous insurance policies, mention if you made any claims.

• Choose your required insurance plan (Third-Party Liability or Comprehensive) and any add-on covers you want.

• The calculator will then estimate your premium for ACKO car insurance online based on your selections.

Manual Estimation (For Reference Only)

This method involves a few more steps and might not be as accurate as the online calculator. 

• Find the IDV of Your Car: The Insured Declared Value (IDV) represents the current market value of your car. You can find this using online tools.

• Compute Own Damage (OD) Insurance Premium: If you're considering Comprehensive Coverage, you can estimate the Own Damage (OD) premium based on the IDV and depreciation rate (which varies depending on your car's age). This gives you a rough idea of the cost of covering your car's repair or replacement. 

Eligibility Criteria To Buy ACKO Car Insurance

ACKO's eligibility criteria to buy car insurance are straightforward. As long as you meet the following requirements, you should be able to get coverage.

• Car Ownership: You must be the legal owner of the car you want to insure.

• Geographic Location: Your car must be registered and primarily driven within India.

• Age: There's no minimum or maximum age limit to purchase ACKO car insurance, though rates may vary depending on your age.

• Driving Experience: No specific driving experience is required.

• Car Condition: While ACKO doesn't add limitations, heavily damaged or non-functional cars might not be insurable.

• Car Usage: Personal use is covered. If your car is used for commercial purposes (taxi, delivery, etc.), you might need to inquire about special coverage options.

Documents Required To Buy ACKO Car Insurance

Some documents are required to buy ACKO car insurance such as a car registration number, mobile number, residential PIN code, previous policy details, and KYC verification.

• Car Registration Number: This is crucial to identify the specific vehicle you want to insure.

• Mobile Number: This is used for communication throughout the application and policy period. ACKO might send important updates and notifications via SMS or phone calls.

• Residential PIN Code: This helps ACKO determine your geographical location, which can be a factor in your insurance premium.

• Previous Policy Details: If you're transferring your insurance from another provider, details like the previous policy number or company might be required.

• KYC Verification: As per IRDAI regulations, ACKO might use Aadhaar or other approved methods to verify your identity during the online application process. 

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How To Claim ACKO Car Insurance?

You can claim ACKO car insurance in two ways which include cashless claim, and reimbursement claim.

1. Cashless Claim

• Inform ACKO: Inform ACKO about the incident as soon as possible. You can do this through their mobile app, website, or by calling their 24/7 customer care number.

• Register Your Claim: Provide details about the accident or damage to your car, including any injuries and photos of the scene (if possible).

• Network Garage Selection: ACKO will recommend nearby network garages that are authorized to handle cashless claims. You can choose from their partnered garages.

• Car Pickup (Optional): In some cities, ACKO offers free pick-up and drop-off services for your damaged car to deliver to the chosen network garage.

• Repair Assessment: The garage will assess the damage and determine the repair cost. ACKO will then communicate with you and the garage to approve the repairs.

• Cashless Repair: The network garage will repair your car using authorized spare parts, and ACKO will directly settle the repair bill (within policy limits).

• Car Delivery: Once repairs are complete, you can collect your car from the network garage.

2. Reimbursement Claim

• Inform ACKO: Similar to a cashless claim, inform ACKO about the incident as soon as possible.

• Register Your Claim: Provide details and any photos (if possible) related to the damage.

• Get Estimates: Choose a repair garage of your preference and get repair estimates for the damages.

• Submit Documents: Submit the repair estimates and other required documents (like bills and receipts) to ACKO for claim processing.

• Claim Approval: Once ACKO approves your claim, they will reimburse you for the repair costs (up to the Insured Declared Value and policy limits).

Documents Required To Claim For Acko Car Insurance

Some documents required to claim ACKO car insurance are a copy of the registration certificate (RC) of your vehicle, a copy of your driving licence, policy number, etc.

• Copy of the Registration Certificate (RC) of your vehicle: This proves ownership of the insured car.

• Copy of your Driving Licence: This verifies you were authorized to drive the car at the time of the incident.

• Policy Number: This helps ACKO identify your specific policy details.

• Description of the Incident and Photographs of the Vehicle (if possible): A detailed description of what happened, along with photos of the damage, helps ACKO assess the situation.

• First Information Report (FIR) in case of theft, injuries to any third party, or damage to their property: An FIR from the police is mandatory in these scenarios.

• The original bills for the repairs of the car: These are required for ACKO to reimburse you for the repair costs.

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