Which car insurance renewal is better? IIFL or Acko?

Gayatri was racing down the street in a bid to reach work on time. She lost control of her car and banged into another. The other vehicle suffered extensive damage. Gayatri had car insurance and was confident her car insurance company would cover the losses. But when she approached them, they rejected her claim.

Gayatri had ignored the expiry date of her car insurance policy, which had lapsed. She had to pay the cost of repairing her car, the car into which she crashed, and had to pay a hefty fine for driving on Indian streets without valid car insurance.

Is the expiry date of your car insurance fast approaching? Hurry and renew the same before it lapses. Know which car insurance renewal is better: IIFL car insurance renewal or Acko car insurance renewal?

Why Compare Car Insurance Companies?

It’s best to buy a low-cost, highly beneficial insurance policy. Comparison, therefore, becomes necessary. The available plans, their price, features, and benefits should be weighed against your requirements. 

Car insurance policies may be compared online or offline. Nevertheless, online comparison is faster and uncomplicated.

What to Compare to Get the Best Car Renewal Insurance Policy?

Although the comparison feature for car insurance is available online, it is of no help unless you know what factors to compare. Listed below are the aspects that you must carefully check to get the best car renewal insurance policy.

1. Get the Best Price

It is not appropriate to compare a car insurance renewal policy by price only. However, know the price to find out if this policy fits your budget.

While comparing the policy prices, you must first know that the mandatory third-party insurance plan is cheaper than a comprehensive one. However, you must also know, the former covers only third-party liabilities, but the latter covers both damages to your car and the third party.

• Which One is Better Comprehensive or Third-Party?

A comprehensive plan provides you a higher level of coverage with an array of add-ons like engine protection, zero depreciation, consumables, which are not available for third-party car insurance plans. The add-on will further increase the price of the car-renewal insurance policy, but the cover enhanced due to the selected add-ons provided is priceless.

• What other factors affect the car insurance renewal price?

It should also be remembered that the price of a car renewal insurance policy for two different cars cannot be the same even if all other aspects are the same. The reason being factors such as brand, model, age, and Insured Declared Value of the car and the purpose for which it is used influence the premium rates.

2. Extent of Coverage

While comparing quotes, check the coverage offered by various companies by way of add-ons. Look for those on your requirement list, and buy the one available at the best price.

3. Customer Reviews

Check customer reviews, especially those testimonials about settlements. Opt for fast and efficient claim settlements or those with better CSR.

4. Exclusions and Inclusions

Check the policy carefully to see what is covered and what is not covered by the policy. Know the terms and conditions applicable to the policy that you intend to buy. Ignorance of such details could be troublesome in the future.

Which one is Better? Acko or IIFL

You cannot make a comparison between an online car insurance company and an online car insurance broker. While one offers car insurance plans the other offers an online platform from where you can compare and buy car insurance plans online instantly. Scroll down for the benefits of these two insurance companies, ACKO and IIFL, to know the renewal benefits available from each.

Acko Car Insurance Renewal

Acko car insurance renewal is a preferred brand for car insurance in India, with a Google rating of 4.9 out of 5. Licensed by the IRDAI, Govt of India, and established in Mumbai in 2016, they have to their credit a total of 65,000 settled claims, 6 Crores happy customers, and 75% of them have long-term relationships with the company.

The company has a Claim Settlement Ratio (CSR) of 83.91% and offers customer assistance from Monday to Saturday and emergency assistance 24X7.

Benefits of Acko Car Insurance Renewal

Listed below are the main benefits of Acko car insurance renewal.

• Best Car Insurance Cover at Lowest Cost

Acko car insurance renewal is only available online. Moreover, they have limited sales branches, further lowering the cost of running the company. They neither charge commission nor fees but distribute the money thus saved among their customers by offering excellent services at lower premiums.

• Impressive Claim Settlements 

Acko offers to pick up and drop off the car for repairs for free. The company promises to get repairs done and deliver the vehicle within three working days.

• Condition and Age of the Car

The lower the value of the car, the lower the premium will be. The value of the car drops year after year, that is, if it is in good condition. The IDV should be accurate for a car insurance renewal on a budget that suits you.

• Express Services

All processes, from selling car insurance to settling claims, are done quickly. All paperwork is eliminated to provide express services to the customer.

• Round the Clock Support

The company offers 24X7X365 support assistance to its customers. 

IIFL Car Insurance Renewal

IIFL Insurance is a online insurance broker, it is powered by a group of three subsidiary companies, IIFL finance, IIFL Wealth, and IIFL Securities, who have been in business from 1995 with more than 10,000 satisfied employees in 2000 pan India offices and offers 24X7X365 emergency assistance. In the 25 years of service, the company has advanced much in technology to provide online services to its customers and has collected 25,951,900,550 in premiums and sourced 14,55,974 NOPs(Number of Policies).

 Plus, Points of IFFL Car Insurance Renewals

Scroll down for the advantages of the IFFL Car Insurance.

• Renewal in under 5 minutes

The entire process of comparing quotes and renewing a car insurance policy can be done in 5 minutes.

• Quick Comparison 

The quick comparison feature offered by the IIFL car insurance renewal plan enables customers to compare policies in record time to affect a quick buy.

• Low Priced Premium

IIFL insurance offers customer car insurance at much lower premiums; much to your surprise, you may find a suitable policy at a rate that is much lower than the one about to expire.

Final Thoughts

The question still lingers – which car renewal insurance policy is better, Acko car insurance renewal or IIFL car insurance renewal? The truth is both are great, but for you to get a better deal, scrutinize your requirements against those offered by the company for the budget you have in mind.