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Top 5 Car Insurance Companies in India 2021 | Best Claim Settlement Ratio IRDA | Lowest Price Review - YouTube
Channel: TrekBook India
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Hello Friends, I am Mahesh from TrekBook India
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our todays subject is Car Insurance Policies
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which are the Top 5 Car Insurance Companies in India
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this year in 2021 and Why?
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that study I will present with reasons
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now this study I have done for my own car
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& this month only I have renewed my cars insurance
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so that is why this study was important for me
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so I thought, same study will be useful for you all
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so lets move on ...
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so which is my car?
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so my car is Maruti Cia 1.5L Alpha AT Smart Hybrid
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which I bought in Dec 2018
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so it have been over 3 years now
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for this IDV (Insured Declared Value) I have taken 5,92,000 Rs
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this has been calculated by Insurance company
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so all those quotations I have taken from online companies for comparison purpose
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for all I have kept IDV same, so that it becomes easy to compare
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what is the Premium & which company I should select
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I have specifically taken Zero Depreciation
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now what is difference in Comprehensive Vs Zero Depreciation
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that I will show you quickly
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and in case after watching this total study
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selecting any insurance company, like I will be telling you the Top 5
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so I suggest
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what you have to do is
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approved & associated garages of the company you select
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check how many are there in your area
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now what is importance of this?
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that if you have approve garage, you will not have any difficulty
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the garage person will pick your car from accident location
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and will return it after the work is completed
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billing and everything will be handled directly with the insurance company
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and the approved garage
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so for this it is important that you should look for approved garages in your area
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now simple - lets see the comparison
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shall I go for comprehensive or Zero-Dep?
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because premium for both are different
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as example if comprehensive insurance is 8,000 Rs
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in that case Zero depreciation may cost you 12,000 Rs or 15,000 Rs
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there is difference in costs
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so any time comprehensive policy premium will be less
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as compared to the Zero depreciation premium
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claim settlement amount you will get lesser in comprehensive insurance
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because
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if your plastic parts gets damaged during accident
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then you will get only 50% of plastic part cost
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other parts amount also you will get less
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because if your car is 2,3,4,5 years old
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as per the car age, depreciation will increase
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so in hand amount
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if expenses are 50,000 Rs, you will not get full repair amount
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but you will get depreciated amount only
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so for this reason - which one should we take?
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so as per me, if you have New car, then comprehensive insurance is more than sufficient
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suppose its first or second year
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then you can select comprehensive insurance
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suppose I take Zero depreciation insurance in second year
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which I generally prefer, since I don't like any problem & get 100% amount
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if your car is 3,4,5 years old we should go for Zero depreciation - this is my personal opinion again
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so lets see the insurance provider in the upper area
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and you are policy holder
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left side is your car
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and in case you meet an accident
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then the other side car
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with which you meet an accident
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car or any other thing
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that is called as third party
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so in India legally Third part insurance is mandatory
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if your car is one road in India
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then Third party insurance is a MUST
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so at least you need to do that
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& you have choice of comprehensive or Zero dep insurance
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so in case you have gone for Third part only
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so you are able to see - the car you met an accident
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that car will get complete amount
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but the damage of your own car
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expenses will have to be bared by you
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so damage on self car is not covered in only Third party insurance
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in case you go for comprehensive cover
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in comprehensive cover
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you will get repair cost of your car, but as I told you earlier
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you will get less amount considering depreciation value
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and in case you select Zero Dep
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which is the best as per me
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in that 100% of the damage
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like if its plastic part
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for which 50% amount gets cut in comprehensive
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that you will get full amount in Zero Dep
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so now lets move on to ..
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whatever I have taken for my Maruti Ciaz automatic
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for the IDV 5,92,000 Rs
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I took quotes from different companies
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just see the list of companies, Acko, Raheja, United India, National insurance, Navi insurance, SBI
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Universal sompo, new India insurance, chola, TATA AIG, kotak gen insu
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digit, Bajaj allianze
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and Shri Ram
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so I have taken Quotation from all these companies
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some are Government companies & others private
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so the first column you are able to see
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it is basic own damage premium
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Okay?
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second column is Third party premium
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so base cover Point A I am talking about
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base cover consists of basic own damage premium + third party premium
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Third party you can see 3,221 Rs is constant for all
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as I told you this is mandatory part
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first part is optional part
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second part is point B which is Discounts
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so the No Claim Bonus given by each company to me
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that I have shown
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and other discounts
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like if you see Sri-ram
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then on basic damage premium
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they have given discount of 16,000 Rs
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for me important is how much I have to pay after discount
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then column C shows Add-Ons
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so in add-ons I have majorly taken Zero Depreciation
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you get difference add-ons
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but what I say that at least you should take zero dep
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so that I have taken
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for that how much cost gets added is shown in this column
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I have written 1 Rs in front of Acko
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Actually the offer I got from Acko
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in which they gave me Zero dep in Zero Rs as a special offer (since I bought in 1 month advance)
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so you may also get this offer
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you can just check
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I have given link in the video description
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you can click and check if you get some offer
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so check it
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and misc or other benefits, some companies have given different offers like
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free towing option, you need to pay additional premium
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Acko have got that covered which I will show you
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so final column A+B+C is total premium what you have to pay actually
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so that package premium I have written
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over & above you need to add 18% GST
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& final premium is highlighted with specific colour
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so you can see this is the final amount you need to pay to the insurance company
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Okay?
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so for Acko I need to pay 8,734 Rs
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final insurance. Okay?
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now the most important thing
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that insurance I am getting in 8734 Rs that is correct
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what is important is that in case the car really meets an accident
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then does the company easily pays you easily?
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that is very much important
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otherwise accident will happen
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repair will be done & you will keep discussing with the company on bills
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& that becomes what is called as Claim Settlement Ratio
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so claim settlement ration I have taken from
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IDRA website (Insurance Development Authority of India)
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which is government body
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so data you will get is accurate, I am not sure what they can show in advertisements
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so last 2 columns show IRDA data
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one data is of 2018-19
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second is 2019-2020
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so you can see - the Top 5 companies I am taking about
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which includes Acko,
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Raheja QBE
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United India Insurance
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National Insurance & Navi Insurance
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for these companies 2019-2020 IRDA claim settlement ratio
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these are above 95%
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that is why I am saying these are top 5 companies Plus
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plus SBI Gen insurance is also there
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whose claim settlement ratio was 92% as per IRDA
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that I am keeping as runner-up
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remaining companies settlement ratios you can see on your own
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that how much settlement companies are providing to people
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so before giving money you should also see
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higher premium does not mean higher settlement ratio, that's what I want to show here
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that is main purpose of this table
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so you can see Acko insurance is lowest for me
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& their claim settlement ratio is 97.58% which is very good
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in my personal perspective because
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guarantee of getting money to me is more
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that is the reason why I have selected Acko
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some columns are showing settlement ratios over 100%
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why it is like that?
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you can think and tell me reason in comments section
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if your thinking is right I will answer
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I will like you to put answers in comments
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so this is the riddle for you
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so Acko advantage which I have got in ~8500 Rs
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you can see last year I paid premium or this year Tata AIG premium
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so last year I paid something around 17,000 Rs
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this years quotation was @17K only I got
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but now I got insurance in half price
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plus I have selected company which has got higher settlement ratio compared to Tata AIG
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okay, so that is the advantage
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so lets see what all I have got in Acko Advantage
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so FREE pickup from accident site or home I got
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I have got this in very less premium that you need to keep in mind
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repairs at owners network of expert garages
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so tie-up garage is going to do the repairs
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I have got 3 day repair guarantee
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I get cab voucher of 500 Rs if car remains in their garage for more than 3 days
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then I will get cab voucher of 500 Rs per day
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okay, then car drop after repairs
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& cashless hassle free processing
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so I need not do anything, of course
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1,000 Rs processing fee which every insurance company asks for
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that is common across all insurance companies
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irrespective of which company you are choosing from
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now what all is covered under this
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main - accident damages are covered, that's the purpose
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then fire is covered
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in case of theft, you will get IDV price
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calamities like earthquake or riots are covered
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then obviously third party which is basic
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death, injury or property damage will be given by the insurance company
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then consumables also covered in Zero Dep
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nut, bolt, lubricant in case of say engine damage is also covered
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zero dep obviously I have selected in this special plan
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& in case of car owners death you will get compensation
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now it is important to see what is not covered in this
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so non-accidental damages
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normal wear and tear
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like brakes or tyre wear are not covered under this insurance
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in fact if you want these they you have to pay additional premium
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but I think that is stupidity because
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you keep on debating with the insurance company on reasons
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so I will not prefer that
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consequential loss, indirect damage
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if another person dies and there are indirect loses then they are not covered
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tomorrow in case war happens
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nuclear war or normal war damages your car , then its not covered
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if you do illegal driving
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if you drunk and drive
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or drive without driving license
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or you are driving illegally like driving in BRT lane
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in case of accident you will not get insurance amount
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tyre, tube, normal wear and tear nobody gives
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and then
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preexisting damages are not covered in insurance (inspection will be done by the company)
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and one more point is
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in case your car is private
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like my car is private & I gave it to someone for commercial use (rent)
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& car meets accident which was used for commercial purpose, you will not get insurance amount
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and one more clause is voluntary deductible
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what it means that
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if - like I have taken Acko insurance
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if I get repaired in Acko approved garages then I have to pay only 1,000 Rs
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in case I go to my preferred garage which is not in list of Acko approved garages
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then I have to give 5,000 Rs
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this I have agreed for
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but in case I don't want this clause then
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in that case the insurance premium of 8500 becomes 12500 Rs
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so I have not gone for it
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so that's all guys
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as per me I have told the important thing that
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claim settlement ratio should be good
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and premium should be lowest
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and affiliate garages should be available in your area
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so considering these 3 factory I bought Acko insurance
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so what I have done
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for quick reference
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my previous insurance was Tata AIG
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so Tata AIG & Acko insurance links I have given in video description
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you can click and get quotations from both and compare on your own
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and then decide which insurance you want to take
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so if you have liked this video - do tell me in comments
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if you have different subject in which you are interested please let me know and I will try
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chalo .. bye for now
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thank you
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