Hyundai Elite i20 Car Insurance

What factors affect the cost of Hyundai Elite i20 car insurance?

Below are the factors that affect the cost of car insurance:

• Make and model of the car

• Engine capacity

• Geographical location

• Insured Declared Value

• Type of car insurance plan and add-ons

• Claim history

• Deductibles

• Security or anti-theft devices installed (If any)

Which car insurance plan is good for my Hyundai Elite i20?

You can consider buying the Comprehensive Car Insurance Policy for your Elite i20 car for an extensive coverage. The Comprehensive Policy provides coverage against damage/loss to third-party property/life, damages to your car, and total loss or theft of the insured vehicle. You can also enhance the policy coverage by purchasing add-ons as per your need or as per the vehicle you own.

How can I renew the Hyundai Elite i20 car insurance?

You can renew car insurance online or offline. For offline renewal, you have to visit the insurer’s office and submit the hard copies of the documents and complete the renewal process. Online renewal is very convenient as you can log on to the insurer’s website and complete the renewal princess online without any paperwork.

ACKO customers can visit the ACKO website/app and log in to their account to renew the car insurance policy. Select the car insurance plan and add-ons and pay the premium online. That’s it. Your car insurance policy renewal is complete. There is no paperwork or filling of forms.

Which documents do I need to submit to renew my Elite i20 car insurance?

You need to submit the following documents for car insurance renewal:

• Vehicle registration certificate

• Previous car insurance policy certificate

• Driving Licence

• Pollution Under Control (PUC) certificate

• Identity proof

ACKO customers need not submit any documents during car insurance policy renewal. Just log in to your account, choose the insurance plan and make the payment online. There is no paperwork or documentation.

Do I need to purchase a car insurance policy for my second-hand Hyundai Elite i20 car?

Yes. A car insurance plan is a must for a motor vehicle. It doesn’t matter if your car is new or used. Motor insurance is mandatory to comply with The Motor Vehicles Act, 1988. Driving a car without a valid insurance policy is an offence, and you may be penalised for doing so. You need to buy at least a Third-Party Car Insurance Plan for your second-hand car. For better coverage, you can opt for a Comprehensive or Package Insurance Plan.

The engine oil of my Elite i20 is leaking. Can I file a claim against my car insurance plan?

A Comprehensive Car Insurance Plan does not cover damages to the engine of the car. However, if you have opted for the Engine Protection add-on, you can raise a claim against the car insurance policy provided the engine oil leak is caused due to accidental damage. But consider avoiding a claim if the damage is minor. You may lose out on benefits such as No Claim Bonus unless you have opted for an NCB Protection add-on cover.

I sold my old car and bought a new Hyundai Elite i20. Will I continue to get NCB benefits?

Yes. You will continue to get the No Claim Bonus benefit despite selling your old car and buying a new car. NCB is earned by the owner of the vehicle and not the car. So, when you buy a new car insurance policy, you can transfer the NCB benefits of the previous policy. You will get an NCB discount on the premium when buying/renewing the car insurance policy.

How can I reduce the cost of Hyundai Elite i20 car insurance?

You can reduce the car insurance premium by installing an anti-theft or security device on your Hyundai Elite i20. With the reduced risk of theft, the car insurance premium will come down. You can also avoid purchasing unnecessary add-ons when buying a Comprehensive Car Insurance Policy. Opt for add-ons that are suitable for your driving style or the vehicle you own.

How is IDV calculated for Hyundai Elite i20 car insurance?

IDV or Insured Declared Value is nothing but the approximate current market value of your car. IDV also determines the premium of the car insurance policy. IDV is calculated on the ex-showroom price of the vehicle minus the depreciation value, depending on the age of the car. The registration costs and insurance costs are excluded while calculating the IDV. Declaring the correct IDV is important as it is the amount you would receive in case of a total loss or theft of your car.

What happens to my NCB benefit if my car insurance policy expires?

You will continue to get the NCB benefits if you renew the lapsed car insurance plan within 90 days of expiry. If you renew the insurance plan after 90 days, you will lose the No Claim Bonus accumulated over the years. Also, an expired motor insurance plan does not provide coverage to your car. So, it’s better to renew the policy before it expires. You might have to pay additional service charges while renewing an expired car insurance plan.