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HDFC insurance policy vs Acko insurance policy
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HDFC insurance policy vs Acko insurance policy

Araki bought a new car from her first salary and, bursting with exhilaration, took it on a stroll. Some kids in her neighborhood were playing football and one of them kicked the ball that landed on Araki’s car’s headlight. Her new car’s left headlight shattered in pieces. Disheartened, Araki returned home and didn’t know what to do. Then she remembered about the car insurance she took whilst buying the car. She calls up her insurance agent and tells him about the whole thing, and, guess what? She just got her headlights repaired with her car insurance without spending a single penny.

This story was essential to tell you how important it is to get insurance to keep your property and pockets intact.

HDFC ERGO Insurance VS Acko Insurance:

HDFC ERGO is one of the leading insurance providers in the country.HDFC has a 1.5 CR+ customer community along with the fastest 24*7 customer service. HDFC renewal policy is easy and hassle-free. 

Acko is famous for its 100% digital work and 0 paperwork policy. It provides the lowest premiums for the best of insurance plans as its operating costs are low compared to other companies. Acko’s general insurance policy has fast claim settlements.

Insurances can be compared on certain factors like premium, coverage, claims, benefits, etc. We’ll go through each of these factors in detail.

HDFC is prominent, one of the best insurance providers in the field of Health Insurances and, Acko is famous for its car insurance.

HDFC ERGO provides you with various categories of general insurances like:

  1. Car Insurance 
  2. Two-wheeler insurance
  3. Health insurance 
  4. Travel Insurance
  5. Home insurance

Acko provides you with categories like:

  1. Car/Taxi insurance
  2. Bike Insurance
  3. Health Insurance 
  4. Electronic Insurance

     

HDFC ERGO VS Acko Motor Insurance policies

1. Premium: HDFC ERGO car insurance premium starts from a low Rs.2072-3000/yr. Acko insurance premium starts from Rs.2072/yr.

2. Cashless Garages: HDFC has a network of 8000+ cashless garages. Acko provides cashless garages facilities.

3. Renewal: HDFC car policy renewal is done online in just three easy steps. Acko is 100% digitally driven. Thus, all Acko general insurance policies can be renewed online.

4. Claim settlement ratio: HDFC Ergo car insurance CSR is 91.4%. Acko insurance policy CSR is 94%.

Both HDFC and Acko provide a third-party liability policy and comprehensive policy. These motor insurance policies have different benefits and inclusions.

1. HDFC comprehensive insurance policy covers:

  1. Damage due to natural calamities – Earthquake, cyclones, floods, etc.
  2. Damage due to events like – fire, theft, vandalism, etc.
  3. Choice of add-ons – Zero depreciation, NCB protects, etc.
  4. Customization of car value
  5. Personal accident cover of Rs. 15 Lakhs
  6. Damage to third party vehicle/ property
  7. Injury to a third party person
  8. No hefty fines are levied if a valid policy is in place.

2. HDFC Third-party insurance policy covers:

  1. Personal accident cover of Rs. 15 Lakhs
  2. Damage to third party vehicle/ property
  3. Injury to a third party person
  4. No hefty fines are levied if a valid policy is in place

3. Acko Comprehensive insurance policy Covers:

  1. It covers third-party liabilities and Own Damage Cover. Including damages/losses to your car due to fire, flooding, theft, etc.
  2. This plan also makes you save money from damages like theft, accident, fire, etc.
  3. It is more expensive than third-party insurance as it provides more coverage.
  4. It can be personalized with four components: Insured Declared Value (IDV), Voluntary Deductible, Security Devices such as anti-theft devices, and add-ons.

4. Acko Third-Party insurance policy covers:

  1. It covers injury to third parties and damages to their property/vehicle.
  2. This cover ensures that you comply with the law and save the penalty of Rs. 2,000.
  3. The disadvantages of this policy are its limitations. It only offers basic Liability Coverage. 

There are further add-ons in both the policies:

HDFC car policy add ons

  • Zero depreciation cover: Every asset depreciates with passing years, but with zero depreciation cover, you’ll get no depreciation cuts even when you make a claim. You get the entire amount.
  • Engine and gear protection: These are two crucial components of a car; thus, a cover for the engine and gear will ensure financial assistance in case of damage to your engine.
  • Emergency Assistance cover: This provides you with 24*7 assistance with any kind of technical or mechanical issues with your car.
  • Return of Invoice: Cars are expensive, and any damage can be very heavy for the pockets; thus, this cover provides you with invoice value back in case of theft or total damage to your car.
  • Downtime Protection: Get this cover to cover all the expenses you make for traveling in cabs or any other transportation while your car is being 
  • repaired.

 

Acko insurance policy add ons

  • Zero depreciation cover: Every asset depreciates with passing years, but with zero depreciation cover, you’ll get no depreciation cuts even when you make a claim. You get the entire amount.
  • Key replacement cover: Keys can be quite expensive, and to get a new key, one has to spend thousands of rupees, so this cover helps you save that money in case of a stolen, lost or damaged key.
  • Outstation emergency covers: This cover will secure you against accidents/breakdowns outside a 100 km radius of your residence.
  • Engine and gear protection: These are two crucial components of a car; thus, a cover for the engine and gear will ensure financial assistance in case of damage to your engine.
  • Roadside Assistance cover: This provides you with 24*7 assistance with any kind of technical or mechanical issues with your car.
  • Return of Invoice: Cars are expensive, and any damage can be very heavy for the pockets; thus, this cover provides you with invoice value back in case of theft or total damage to your car.
  • Consumables cover: Consumables like engine oil, gearbox oil, lubricants, nut and bolt, screw, etc., can cost a lot. This add-on will help you cover expenses for the same.

 

Millions of people trust HDFC car policy. HDFC has provided the trust with its name and exceptional services over the years. Moreover, the HDFC car policy renewal process is also very effortless. Thus, going for HDFC can be a good choice.

On the other hand, Acko is also not a bad option. Although the company has recently gained popularity, the reviews are also very good. The services they provide are hassle-free and cost-effective. 
Concluding, Both company’s motor insurance policies are top-notch. They provide you with every possible convenience from the initial stage of taking the policy to eventually claiming the money; the procedure is quite easy and user-friendly.

FAQs

Why should I buy car insurance?

A car insurance policy helps you with financial liabilities you encounter during unforeseen circumstances. It also helps you meet the legal requirements.

How much is the car insurance premium?

There are two types of policies and their premiums. IRDAI fixes third-party car insurances premium, and comprehensive standalone premiums differ for each car depending on model, type, engine, etc.

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