Which is Better: Acko Or Hdfc Ergo?
Which is Better: Acko Or Hdfc Ergo?
For a car owner, having a reputable insurance provider is crucial. There are lots of choices, but when it comes to picking a company, customers frequently have to trust their instincts. Since HDFC and Acko have both been in business for a number of years, they have developed a reputation within the sector.
Car Insurance: HDFC Ergo VS Acko Insurance
One of the top insurance companies in the nation is HDFC ERGO. With the fastest 24-hour customer service, HDFC has a 1.5 CR+ customer base. The HDFC renewal process is simple and easy.
Acko is renowned for its zero-paperwork and 100% digital work policies. Due to its minimal operating costs in comparison to other companies, it offers the best insurance policies at the lowest charges. Claims under Acko's general insurance policy are settled quickly.
List of Types of Insurance Plans Offered by HDFC Ergo General Insurance
You can choose from a number of general insurance categories through HDFC ERGO, including:
- Vehicle Insurance
- Bicycle insurance
- health protection
- Travel Protection
- Housing insurance
List of Types of Insurance Plans Offered by Acko General Insurance
You can choose from the categories below if you are opting for insurance from Acko:
- Car/Taxi insurance with Acko.
- Cycling Insurance
- Medical Insurance
- Digital Insurance
Parameters of Comparison Between HDFC Ergo Vs Acko General Insurance
There are various parameters of comparison through which you can identify the best car insurer based on your needs. Listed below are some of the top ones:
-
Claim Settlement Ratio: Claim settlement ratio or CSR gives you an understanding on the percentage of claims an insurer has settled in a given year. This percentage is derived by using the formula - claims settled in a year divided by claims received in a year and multiplied by 100. The claim settlement ratio of HDFC Ergo has a claim settlement ratio of 100% [1] whereas the claim settlement ratio of Acko General Insurance is 98% [2].
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Network Garages: Network garages are the number of garages that the insurance company has a tie up with across India. These are the garages where you can get your vehicle repaired in a cashless manner in case of any damage to your vehicle. HDFC Ergo has 8000+ network garages [3] in the country while Acko General Insurance has 2000+ network garages across the country.
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Add Ons: Add ons are additional coverage that you can opt for by paying a nominal fee for each of them along with your policy premium amount. These add ons work as additional security for your vehicle. You can avail add ons with either a stand alone own damage car insurance or a comprehensive car insurance. While HDFC Ergo offers 7 add ons [4], Acko General offers a total of 14 add ons [5].
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Customer Rating: Reviews and ratings done by customers is also a parameter that one should not ignore while choosing the right insurer for you. The customer rating of HDFC Ergo is 4.4 stars while that for Acko General is 4.7 stars.
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Time Taken to Settle Claims: While this may not seem as a major criteria in the beginning, it is important to note this before buying your insurance plan as sometimes not getting your money back in time can be a stressful situation. Both HDFC Ergo and Acko General settle their claims within 30 days from the date of filing for the claim. [6] [7]
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No Claim Bonus: No claim bonus or NCB is a discount that the policyholder get during renewing their car insurance in case they have not made any claim in the previous policy year. The no claim bonus percentage of HDFC Ergo and Acko General is listed below:
HDFC Ergo [3]
|
Claim-free Year |
NCB Discount |
|
After 1st claim free year |
20% |
|
After 2 consecutive claim free years |
25% |
|
After 3 consecutive claim free years |
35% |
|
After 4 consecutive claim free years |
45% |
|
After 5 consecutive claim free years |
50% |
Acko General [8]
|
Claim-free Year |
NCB Discount |
|
After 1st claim free year |
20% |
|
After 2 consecutive claim free years |
25% |
|
After 3 consecutive claim free years |
35% |
|
After 4 consecutive claim free years |
45% |
|
After 5 consecutive claim free years |
50% |
Conclusion
In summary, the automobile insurance policies offered by both companies are excellent. From the moment you decide to purchase the policy until you finally collect the money, they offer you every convenience imaginable; the process is simple and intuitive.
Frequently Asked Questions
Which is the best car insurance based on claim settlement ratio - HDFC or Acko?
Ans. Based on their claim settlement ratio (CSR), HDFC Ergo is a better car insurance company with a CSR of 100%.
Which insurance is best for car accidents?
Ans. Having a comprehensive car insurance is best to secure yourself legally and financially from a car accident as it gives benefits of both third party car insurance and stand alone own damage car insurance. Read more about comprehensive car insurance here: https://www.insurancedekho.com/car-insurance/comprehensive
What is the claim settlement ratio of HDFC Ergo car insurance?
Ans. The claim settlement ratio or CSR of HDFC Ergo car insurance is 100%. Read more about HDFC Ergo car insurance here: https://www.insurancedekho.com/car-insurance/companies/hdfc-ergo
What is the claim settlement ratio of Acko General car insurance?
Ans. The claim settlement ratio or CSR of Acko General car insurance is 98%. Read more about Acko General Car Insurance here: https://www.insurancedekho.com/car-insurance/companies/acko
What is OD in car insurance?
Ans. OD stands for own damage. When you buy a stand alone own damage or a comprehensive car insurance, then you will see this word in your car insurance policy document. This means that your insurance covers repair, damage and replacement related expenses for your car.
Also Read:
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