Acko Technology and Services Private Limited is the parent company of ACKO General Insurance. Acko, founded in 2016, is a digital company that focuses on providing services directly to customers. Acko uses advanced technology to improve customer experience and create better value for customers.
Car insurance protects your vehicle from damage caused by accidents, natural disasters, or theft.
A Comprehensive Car Insurance Policy protects your vehicle financially if something bad happens. It also covers third-party liabilities and helps you follow the law.
Whether you need car insurance to follow the law or want full coverage, ACKO has what you need! We provide different types of car insurance online at low prices.
Factors Affecting Car Insurance Premium
1. Vehicle's Insured Declared Value (IDV):
• The Insured Declared Value (IDV) is the maximum sum insured provided by the insurer in case of total loss or theft of the vehicle.
• Higher IDV leads to higher premiums as it reflects a higher replacement cost for the vehicle.
2. Vehicle's Age, Make, and Model:
• Newer vehicles or high-end models generally have higher insurance premiums due to their higher market value and repair costs.
• Older vehicles might have lower premiums, but depreciation can affect the insured amount.
3. Engine Capacity and Cubic Capacity:
• Cars with larger engines or higher cubic capacities are considered to have higher risks of accidents and may incur higher premiums.
4. Geographical Location:
• The location where the car is primarily used affects the premium. Areas prone to accidents, theft, vandalism, or natural disasters may have higher premiums.
• Urban areas usually have higher premiums compared to rural areas due to higher traffic density and theft rates.
5. No Claim Bonus (NCB):
• NCB is a discount offered by insurers for every claim-free year. It accumulates over the years and can significantly reduce premiums.
• The higher the NCB percentage, the lower the premium.
6. Driver's Age and Experience:
• Young and inexperienced drivers are considered higher risks, leading to higher premiums.
• Older, experienced drivers with a clean driving record may receive lower premiums.
7. Driving History and Claims Record:
• A history of accidents or claims increases the perceived risk for insurers, resulting in higher premiums.
• A clean claims record and safe driving history may lead to lower premiums.
8. Add-On Covers and Riders:
• Additional coverage options like zero depreciation, roadside assistance, engine protection, etc., increase the premium.
• While these add-ons enhance coverage, they also increase the overall cost of insurance.
9. Voluntary Deductibles:
• Opting for a higher voluntary deductible (the amount the policyholder agrees to pay from their pocket in case of a claim) can lower premiums.
• However, higher deductibles mean higher out-of-pocket expenses during a claim.
10. Anti-Theft Devices and Safety Features:
• Cars equipped with anti-theft devices, GPS trackers, and safety features like airbags, ABS, and central locking systems may be eligible for discounts on premiums.
11. Policy Tenure:
• Longer policy tenures may offer discounts or lower premiums compared to shorter terms.
12. Insurance Company's Underwriting Policy:
• Each insurance company has its underwriting policies and risk assessments, leading to variations in premiums for similar vehicles and profile
