Acko General Insurance offers both comprehensive car insurance and third party car insurance policies. Their comprehensive plan provides protection against damages to your car from both natural and man-made accidents, coverage for injuries to yourself as the owner or driver of the car, and coverage for damages and injuries to third party individuals and property. Acko's third party policy strictly protects against third party damages, and does not provide coverage for your car or yourself.
Annual premiums through Acko are some of the cheapest of any car insurer in India, especially for used cars. They provide one of the best online purchasing experiences of any insurer in our study, but do not allow consumers to purchase policies for brand new cars on their website. Acko offers a strong collection of both add-on coverages and discounts to help enhance the scope of your coverage and perhaps lower annual premium costs even further. Their claim settlement rate is one of the best in India, but their incurred claims ratio is a bit worrisome.
|Summary of Acko General Car Insurance|
|15 add-ons and 5 discounts to choose from|
|Go Digit has an excellent 98.8% claim settlement rate.|
|Used car drivers can purchase a new policy online in just a few minutes.|
Acko General Comprehensive Car Insurance Policy Highlights
Acko General's comprehensive car insurance plan is one of the cheapest on the Indian car insurance market, especially for drivers of used cars. Annual premiums for a used Honda Amaze start at Rs. 6,034, 54% cheaper than the market average and the cheapest of any insurer we analysed.
Drivers of new sedans, SUVs, and luxury cars are also able to access Acko's cheap annual rates, but will need to work with an insurance agent to obtain a new policy instead of buying one online or on their mobile phone.
Acko's comprehensive car insurance policy provides personal accident coverage for the owner or driver of the insured car, and covers against damages from both man-made and natural calamities up to Rs. 15 lakhs, as well as damages to third party property. This policy does not cover depreciation of
- Glass parts
- Fibreglass components
- Rubber parts
- Nylon parts
- Plastic parts
- Air bags
It also does not protect against damages caused by:
- Driving without a valid driving license
- Driving under the influence of drugs or alcohol
- Speeding, racing, motor trade, using a private car for commercial purposes
- Items stolen from your car
- Depreciation, contributory negligence, consequential loss
- Mechanical or electrical failure or breakdown, wear and tear
The company offers up to 15 different add-on coverage options to enhance the scope of your comprehensive coverage, which is slightly above-average for an Indian car insurer. While many of their add-ons are standard and offered by the majority of insurers, they do have a few that stand out as unique and popular among policyholders.
Acko offers a small repairs claim add-on, which allows policyholders to file a claim for damages caused by an event other than an accident. For example, if you break your wing mirror while parking, the small repairs claim add-on allows you to submit a claim to have it fixed. Acko also offers a license and registration replacement add-on, so if your documents are lost or damaged in an accident, Acko will cover the cost of replacing them. They are one of just four insurers in our study to provide this feature for their customers.
|Consumable Expense Coverage||Available|
|Key & Lock Replacement||Available|
|Engine & Gear Box Protection||Available|
|Passenger Accident Coverage||Available|
|CNG Kit Coverage||Available|
|Electrical Accessories Coverage||Available|
|Invoice Price Coverage||Available|
|Small Repair Claims||Available|
|Wear and Tear Coverage||Available|
|Mechanical & Electrical Fail Coverage||Available|
|Personal Belongings Coverage||Available|
|No Claims Bonus Protection||Available|
|Loss of License/Registration Replacement||Available|
|Legal Liability For Paid Driver/Worker||Unavailable|
|Hospital Cash Allowance||Unavailable|
|Non-Electrical Accessories Coverage||Unavailable|
|Medical Expense Coverage||Unavailable|
|Ambulance Expense Coverage||Unavailable|
|Road Tax Coverage||Unavailable|
|Daily Cash Allowance||Unavailable|
The company also offers 5 discounts on top of their already affordable rates, including a claims free discount that reduces your annual cost for every year you drive safely and avoid filing a claim.
|No Claims Bonus||Yes|
|Auto Association Membership||Yes|
|Vehicle Modified for Handicapped||Yes|
|Voluntarily Increased Deductible||No|
Third Party Policy Highlights
Acko General Insurance provides a third party car insurance plan in addition to their comprehensive plan, which is best suited for consumers seeking a cheaper policy or a smaller scope of protection. Their third party policy includes coverage for damages to third party vehicles or property and coverage for injury or death of a third party individual as a result of an accident.
The company allows their third party policyholders to opt for personal accident coverage, but does not make it mandatory. Acko does not offer any add-ons or discounts to apply to their third party coverage, so this policy is relatively standard compared to the rest of the market. The Indian government regulates third party coverage pricing, including the policy offered by Acko, so all third party plans from all insurers will cost the same annually.
|Engine Capacity (cc)||Annual Premium|
|1,000cc - 1,500cc||₹3,221|
Comparing Acko Against the Market
Acko General has received high praise from their policyholders, as evident by their perfect 5-star rating on InsuranceDekho. Consumers are appreciative of their fast response times, knowledgeable agents, and the ease of use of their online tools and portals.
The company's 98.8% claim settlement rate is the second-best of any car insurer in our study, so you can expect your claims to be settled quickly. However, their incurred claims ratio (ICR) is a worrisome 129%, which misleadingly sounds optimal because it's significantly higher than 100%. Actually, Acko's ICR is one of the worst of any insurer we studied, and is far outside the optimal range of 75-90%, which indicates a strong ability to settle claims against annual premium collection. Such a high ICR indicates that a sizable part of the company's annual premiums are used to cover risk transfer.
|Incurred Claims Ratio||129%||90%|
|Claim Settlement Rate||98.8%||94.3%|
|PolicyBazaar Star Ratings||5.0 (104 reviews)||4.2 (22 reviews)|
Acko offers their policyholders a solid list of cashless garages, but their network is still nearly 1,000 facilities below average in India. There's a chance, especially if you live outside of city limits, that you'll have a bit of difficulty finding an in-network cashless garage to perform repairs to your damaged car.
Online Car Insurance Platform
Acko's online buying process is amongst the best in our study. Their quoting tool is smooth, fast, responsive and very user-friendly. They provide the option to send you a copy of your quote via email, SMS and WhatsApp, which is offered by fewer than half of the insurers we analysed. Acko also allows you to apply discounts to your final price right from the purchasing tool, as opposed to working with an agent to do so.
The unfortunate down side to Acko's fantastic online platform is that they do not allow consumers to purchase policies for brand new cars without working with an agent. So, only used car owners are able to take advantage of Acko's excellent purchasing tool.
The company's website provides a great deal of information to consumers, so they can educate themselves before making a purchase. Acko also provides a car insurance calculator, so you can estimate your annual premium cost before navigating through the quoting and purchasing journey.
Unfortunately, the rest of their website leaves much to be desired. Acko does not offer live support, and is one of just four insurers we studied to omit this feature. They also do not provide a network garage locator or an office branch locator, so it may be difficult to find assistance in a time of need.
Acko General's claim submission and settlement process is one of the easiest on the Indian car insurance market, despite a sub-optimal ICR. They promise stress-free claim settlements, one-hour pick-up of your damaged car in select cities, and cashless settlements at all network garages. They also promise that your car will be fixed within three days. If it isn't they'll pay any commuter fees incurred from not having access to your vehicle.
Policyholders can register a claim online on Acko's website or from their mobile device. Acko will send a vehicle to pick up your damaged car within an hour, and when repairs are finished, they'll drop your car back off at the location of your choosing. You can track that status of your claim on their website as well, so you'll be aware of any obstacles along the way.