[JMaruru]

What's the difference between 'Voluntary Deductible' and 'Compulsory Deductible'?

The 'Digit' policy states VD as '0' and CD as INR 1000/-.

[GTsunny]

Originally Posted by JMaruru

'Voluntary Deductible' and 'Compulsory Deductible'

Members are free to correct me if wrong.

Voluntary deductible is an option where, you agree to be a co payer during every insurance claim up to a certain amount, and in return you are charged a lower premium.

Let’s say your car insurance claim is INR 50000 and, you have signed up for voluntary deductible for INR 5000.
In this case you will have to pay INR 5000 out of the total as co pay.

Compulsory deductible is charged by the company each time you claim insurance.
Example would be INR 1000 or INR 2000, each time you file a claim.

So, in case you file a claim, the insurance company would charge you minimum INR 6000 (5000 VD + 1000 CD), apart from the other deductibles as per your cover.

[amvj]

My car insurance is going to expire next month and I need to renew it. For the last 3 years I have taken it from Maruti but I don't want to support them anymore.

I am planning to take from Acko but I find they are not fully explaining what are the things covered. Things like Engine cover, Return to invoice are not mentioned. If anyone aware of these, then please let me know.



I get below pop-up if select "see details". However, the same information is displayed for all the different policies.



On the other hand, I find Maruti is much more transparent.

[amvj]

I just went for the Maruti Insurance :(

Regarding Acko, I increased the IDV value, Engine cover and a few other items and I find the Insurance premium increased to 11K. Which is just 2K less than Maruti insurance.

Also disadvantages of Acko: for insurance claim, we need to inform Acko asap and get the car repaired from Acko authorized garages which in turn nullifies the advantage of owning a Maruti car. Maruti service centres are everywhere while Acko authorized garages are few. If we service it outside Acko authorized garages, then we need to pay Rs: 5K fine. I don't know whether they have any further restrictions on this.

Also Return to invoice option is not available with Acko. This is useful in case of theft etc.

Disadvantages of Maruti Insurance: IDV value is severely restricted. Maruti quotes IDV value 3+Lakh for my car while Acko can increase to 6+ Lakh

[esc2break]

While comparing quotes from Acko/Digit with Maruti Insurance for a new car that I booked, found out today that:

• Maruti's PA cover quotes are for 3 years (e.g., Compulsory PA cover for owner-driver, Optional PA cover for passengers, Optional PA cover for paid-driver).
• Acko/Digit's PA cover quotes are for 1 year only.

On top of this, as already mentioned in this thread, Digit policies have 1K Compulsory Deductible - ditto with Maruti quotes I got. Acko has a 5K Voluntary Deductible.

Just wanted to point this out so that you consider this info also for a fair apples-to-apples comparison of policies.

[JithinR]

I did have a short call with Acko customer care today on this 5k deductible. It seems that is applies only for customers who opt for the Super Saver policy (I guess this is only for new cars though).

For my old car this policy was not available. I did go ahead and renew the policy with Acko since they gave an additional 1.5L in IDV value that very few others were offering. It does have a Rs. 1k deductible that others have mentioned.

[Marauder]

I visited the Digit website and got a call from their representative. The quote provided by them mentioned VD as NIL. They have also quoted a price which 60% of the quote provided by HDFC Ergo (my existing insurer). Going through the thread, there are some hassles with these firms during claim settlement. Is it really that bad?

[IamNikhil]

Insurance quotes received for XUV 700 AX7 Petrol AT including the whole works, viz. EP+CM+RTI+Zero Dep.

Acko: 50,000 + GST

Bajaj Allianz: 90,650 + GST

Digit: 61,500 + GST

Kotak: 51,000 + GST

Surprisingly, XUV 700 is not yet listed on ICICI Lombard and HDFC Ergo portals. Will call customer care tomorrow.

Been hearing really good reviews for ACKO these days. Any BHPians who've opted for an ACKO policy here, please let us know how's the experience. Thanks in advance.

[impala]

Originally Posted by IamNikhil

Any BHPians who've opted for an ACKO policy here, please let us know how's the experience. Thanks in advance.

There's a thread on Acko and GoDigit; here (Acko & Digit, the new insurance firms. Any reviews?). I am using Acko for 3 years now and made one claim to replace wiring harness due to rat bite. The claim experience was very prompt and hassle free.

[IamNikhil]

ACKO has become India’s latest unicorn after the digital insurer raised $255 million at a valuation of $1.1 billion in a fundraising round led by private equity firms General Atlantic and Multiples Private Equity. With the latest infusion, Acko has raised a total of about $450 million.

Acko may acquire 1-2 insurance businesses over the next year in a bid to strengthen its product service integrations with more primary care providers, garages and workshops for the auto insurance vertical. So far, more than 70 million users have bought insurance products from the company.

[MukundanMK]

Originally Posted by IamNikhil

Insurance quotes received for XUV 700 AX7 Petrol AT including the whole works, viz. EP+CM+RTI+Zero Dep.

Acko: 50,000 + GST

Been hearing really good reviews for ACKO these days. Any BHPians who've opted for an ACKO policy here, please let us know how's the experience. Thanks in advance.

I have so far been using insurance for my cars with the companies that my near by service center has cashless tie ups. So it is mostly ICICI, HDFC Ergo or TATA AIG only. I checked the quote in ACKO for the model that I have booked and it comes to about 55K + tax, which is almost 40K less than what the dealer had mentioned in his price list. The only thing with ACKO is that we either need to use their authorized garage for repairs or if we are using company authorized service centers, we need to pay 5000 as compulsory deductible and also on top of that we might have challenges in cashless claim. For a brand new car I personally would be skeptical and would bargain hard with the dealer for a better quote and would see if ACKO can be used a negotiation vehicle. If the dealer agrees for even price which is 5-10K more than ACKO, I would definitely settle for that. ACKO definitely seems more suitable for my older cars and I would definitely consider them during their renewal. However the difference in quotes would not be that wide for older vehicles. The difference is substantial for new cars though!

Would be good if we get some additional insights from our fellow forum members on ACKO and how it works if the claim is done in a company authorized service center.

[alokk0912]

Originally Posted by IamNikhil

Insurance quotes received for XUV 700 AX7 Petrol AT including the whole works, viz. EP+CM+RTI+Zero Dep.

Been hearing really good reviews for ACKO these days. Any BHPians who've opted for an ACKO policy here, please let us know how's the experience. Thanks in advance.

I faced couple of issues with ACKO. Their deductibles are higher so please check on that. Secondly, in case of major claims, issue is they will pay as per the initial estimate. However, as it happens most of the time the actual bill is generally higher. Getting that delta means lot of follow ups.

My suggestion would be to go with the established and old ones at least for the initial couple of years.

[impala]

Originally Posted by MukundanMK

The only thing with ACKO is that we either need to use their authorized garage for repairs or if we are using company authorized service centers, we need to pay 5000 as compulsory deductible and also on top of that we might have challenges in cashless claim.

As far as I know, the ₹5000 deductible is only if you choose their 'smart saver' plan and not the standard plan. I did cashless claim from Maruti Authorised Service Station and there was no trouble, in 2019. In fact, back then, Acko customer care had recommended to use MASS as it was a wiring harness replacement. I think what I lost in the process was the compensation they offer if the car is not fixed in 2 days.

[Aviator_guy]

Originally Posted by MukundanMK

I have so far been using insurance for my cars with the companies that my near by service center has cashless tie ups. So it is mostly ICICI, HDFC Ergo or TATA AIG only.

Would be good if we get some additional insights from our fellow forum members on ACKO and how it works if the claim is done in a company authorized service center.

I recently purchased new car and went through the similar experience while looking for insurance. ACKO was cheapest but I couldn't find a list of network garage on their website so I called them up. They mentioned that they don't have list published but can advise preferred multi brand garages near me in case of a claim. My nearby OEM garages were not in their preferred list.

I did some more research and found that if a certain service center is not in preferred list of an insurance company, it means that we may not get priority during claim process. It may also be time consuming having to wait for paperwork or even garage may delay working on the car as they would give more preference to insurance with tie up.

So I stuck to my trusted providers like ICICI Lombard, HDFC ERGO, Bajaj Allianz etc and finally bought from ICICI which was still cheaper than dealer's quote by 50%. So in short, for a brand new car I was also bit skeptical of going with ACKO.

[ruzbehxyz]

I am using Go Digit insurance for my car since 4 years. My first two insurance premiums were way lower than other standard insurance companies. Now the premium of Digit is almost same as other companies. So considering this, is it a good idea to continue with them ?