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Acko Health Insurance Claim Settlement

As a motor insurance seeker, one of the primary questions that you need to ask about any insurance company is it’s claim settlement ratio. This is like the run rate of a batsman. It gives you an idea of the insurance company’s track record with regards to settlement of claims by measuring the number of claims it has settled versus the number of claims it has received. 

You should also thoroughly acquaint yourself with the insurance company’s claim settlement processes because just in case you do suffer damage to your beloved and trusty car, you might already be too upset (and perhaps shaken up, especially if you were in an accident) to start doing research at that point. 

By the end of this article, you should be completely prepared to make a claim should your precious set of wheels meet with some unfortunate fate. 

The Acko car insurance claim settlement ratio stands at over 83% which is definitely considered to be far above average. You can say that insurer’s who boast 80% to 95% claim settlement ratio are considered to be top brass. Note that some policyholders prefer car insurance companies that have just average claim settlement ratio because they have concerns about companies with high claim settlement ratios staying profitable in the long term – of course they are only concerned about it if they have purchased a long term policy. However car insurance policy seekers on the lookout for one year policies will obviously have a preference for a high settlement ratio because that means that in the short term, the insurer is displaying a good track record of settling claims of its policyholders. 

Now let us observe the claim processes, both cashless and reimbursement claim processes. 

1.Cashless motor insurance claim process

Step 1: Contact Acko

In case of an unfortunate incident like an accident, fire or calamity causing damage to your vehicle, you or that of a third party, contact Acko Health Insurance immediately. The same is to be done in case of theft of your vehicle. Do this immediately. Be sure to supply details like your policy number, the vehicles number and details of the incident. 

Step 2: File an FIR with relevant police station 

If there has been damage to a third party or in case of a vehicle’s theft, it is mandatory to include an FIR in your claim paperwork. As a result, you will need to visit the nearest police station to file the same. 

Step 3: Submit all your paperwork 

Depending on the case at hand, Acko will request some documents from you in addition to the claim form. Always keep the policy document and premium receipts handy in case you need to show or submit copies. Complete your paperwork diligently. 

What to expect following claim submission:

  • Acko will have your car picked up for repairs in case of an accident 
  • Depending on the extent of damage, your car will be returned to you within three days
  • Acko provides cab vouchers in case repairs take longer than 3 days
  • In some cities you might be able to have your car picked up within just one hour of filing your claim

2.Reimbursement motor insurance claim process

Step 1: initiate contact with Acko Motor Insurance in case of theft, accident, damage or calamity affecting you, your vehicle or in cases where a third party is affected due to your vehicle. 

Step 2: file an FIR at your local police station and retain a copy of the FIR to be submitted along with your reimbursement claim application 

Step 3: update Acko and get any clarifications on the process ahead

Step 4: contact your nearest garage or the garage you have on call and have them pick up your vehicle. Coordinate with them for payment and for detailed paperwork – their invoice should explain the repairs that were required due to the accident and the incident details FIR and details pertaining to repairs required should tally. 

Step 5: pay all your expenses independently but submit all originals to Acko for scrutiny and paying off your claim. 

Documents checklist for both categories of claims 

  1. Acko motor insurance policy copy 
  2. Premium receipt copies
  3. FIR
  4. Copy of registration certificate of your car 
  5. Original of bills and receipts related to repair of the car 

How to avoid rejection of Acko Motor Insurance claims 

Here are some ways to avoid a rejection of your Acko Insurance Claim:

Drive carefully: if any accident was caused due to you speeding, driving rashly, cutting signals or your own negligence, it is likely that your claim will be rejected. 

Be sure to inform Acko: You must be sure to contact Acko Motor Insurance before getting any repairs done to your car. 

Play by the law: if your car is being used for illegal activities, any insurer has to turn down your insurance claim. It basically becomes null and void. 

Pay and renew: if you have failed to pay your premiums or if your policy has expired, logically your claim will be rejected. Ensure that you pay premiums on time and renew policies as soon as they expire in order to avoid disappointment. 

FAQs

I have life insurance. Why do I need motor insurance?

Life insurance is a financial safeguard against loss of life, which is much more serious that damage to you or your car or a third party’s car. When you have motor insurance, the costs of repair are covered by the insurer. Life insurance pays out an assured sum only in case of death of the policyholder or in some cases in case the policyholder outlives the policy term. The two are complete different from each other.

I have opted for an accidental injury rider on my health insurance. Do I still need motor insurance?

Yes you still need motor insurance because the accidental injury rider will take care of the costs of “repairing” you in case of an accident but what about the cost of repairing your car? Health insurance covers your health but not repairs to the car. That will only be covered by health insurance.

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