Insurance is like a spare tyre. You may not require it, but not having one is not an option.

6 Things To Be Aware Of When Buying Your Dream Car This Diwali

 4.5 / 5.0   by 2373 users
Used this product? Write a review >>

Policy Coverage

Customer Service

Claim Experience

Responsiveness

Cashless Garages

With the arrival of the festive season, car manufacturers and banks have posted attractive offers to lure customers into realising their dream of owning a car. With the torrent of promotional offers available this Diwali, it simply makes sense to splurge.

But before you buy your dream set of wheels, there are some things you should be aware of to prevent the brightness of the festivities from fading. Listed below are some of these points to note:

  1. Parking facilities - When planning to buy a new car, you should think through all the issues that can come up while you own the vehicle and be mentally prepared to handle them. One of the most important things to consider is the parking facility for your new car. If you live in a neighbourhood that is not safe, you should explore options to find a secure parking spot for your asset. Also, if you have a small hatchback as opposed to a long sedan, traversing narrow lanes and parking in restricted spaces will be easier.
  2. EMI - Diwali 2018 is a time when several banks and car manufacturers are offering exciting discounts on car loan interest rates. So, if you have chosen to finance your car purchase this festive season, you have made a wise decision. However, when applying for a car loan, you should assess your monthly budget and identify whether you will be able to bear the EMIs on a consistent basis.
    1. If you think the cost of the car is a little too high when weighed against your monthly take-home income, then you should explore buying a more cost-effective model.
    2. You should also consider the car maintenance costs and price of fuel that you will have to bear as the owner of the vehicle.
    3. Keep in mind that a car is a depreciating asset; so the market value of the vehicle is only set to go down with age.
  3. Car insurance - When buying motor insurance for your car, you should choose one based on your budget and insurance needs. There are two types of car insurance policies offered by insurance companies in India:
    1. Third-party liability insurance - This is the most basic form of insurance, and it is also mandated by law for all vehicles in the country. This insurance coverage protects you against legal liability to third-party injuries, death, and property damage. It does not offer protection to the insured car itself. Since the coverage under the plan is limited, it is also the cheapest form of car insurance. The third-party liability insurance plan is also referred to as liability-only policy or act-only coverage.
    2. Comprehensive car insurance - This insurance plan offers own-damage cover to the insured car. It also protects the car owner from accidental injuries and death through the Personal Accident cover. Additionally, third-party liability insurance is offered as part of the coverage. Also referred to as a package policy, the comprehensive car insurance plan can be further enhanced through the use of add-on covers such as zero depreciation cover, engine protector cover, return to invoice (RTI) cover, etc.
  4. Car maintenance - Most car manufacturers in India offer the first three services of a car free of any charges. So, if you are the first-time owner of a car, you should ensure that you get your vehicle is serviced on time. This is crucial for the smooth functioning of the engine and the overall health of the car as well. The date of servicing will be communicated to you at the time of purchase. Usually services are scheduled based on the number of kilometres you have driven. It can also be scheduled after a fixed timeframe from the date of purchase of the car.
  5. Car theft - With the rising incidence of car thefts in the country, it is imperative that you park your vehicle safely and install security devices to protect it from theft. There are several approved safety devices available for all models of vehicles. Some of these include:
    1. Steering wheel lock - This is one of the least expensive anti-theft device that you can purchase. This device is placed on the steering wheel and locked, so that the steering wheel does not move until the device is unlocked.
    2. Hood lock - This device blocks thieves from accessing the battery of the vehicle by locking the hood in place.
    3. Tyre lock - These safety devices take a lot of time and effort to attach, and can be as difficult to unlock as well. So, this is not recommended for vehicles that are used on a daily basis.
    4. Electronic immobiliser - Several models of cars these days have standard car keys and fobs that offer protection to the vehicle through electronic immobilisers. These built-in microchips send signals to the car’s anti-theft system. When a person tries to use the car without these signals, the vehicle will not start.
    5. Car alarm - Car alarms have electronic sensors that get activated when there is an unauthorised entry, sudden movement, breaking of glass, or perimeter violations. The sensors activate a siren that alerts the car’s driver and everyone in the vicinity of the action.
  6. Other anti-theft devices such as gearshift locks and brake pedal locks are also effective in protecting a car from theft.

  7. Car insurance policy document - It is crucial that a new car owner is aware of the terms and conditions mentioned in the motor insurance policy documentation. This helps him/her in taking the right action in an eventuality. So, as soon as you receive the policy document, read through it thoroughly, focussing mainly on the exclusions and claim process.

Diwali is a time to rejoice with family and friends, indulge in scrumptious food, and engage in delightful gifting. You can add sparkle to the festivities this Diwali by bringing home your much-awaited dream car. And, of course, there is nothing like being well prepared for the car ownership.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

Car Insurance Reviews

Page 1 of 50 1 2 3 4 5
  • Reliance General Car Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    For my old policy I paid the amount of Rs.8000 it was comprehensive plan from front to back bumper was covered, I have chevrlot drive suv. The process was easy and I got the insurance paper from the company on time. I used to make the payment through online.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 22, 2019
  • ICICI Lombard Car Insurance
    "Better than better"
    0.5 4.5/5 "Excellent!"
    I have taken a car insurance in ICICI Lombard and till now have not compared but at the time of purchasing it was good. I have not gone for claim and there is no requirement for the customer service. I have received the insurance paper. The policy coverage is one year. It is a zero dep plan.
    Was this review helpful? 0
    , faridabad
    Reviewed on Feb 21, 2019
  • Iffco Tokio Car Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have a car insurance with IFFCO TOKYO from more than 1 year. I paid a premium of Rs 17000-18000 for first year and Rs 13000 for second year. This policy has full coverage with 0% depreciation and i have no claim experience so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 20, 2019
  • Royal Sundaram Car Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    For the past three years i am using the royal sundaram Car insurance , i had not gone for any claim till now and there is no issue in my vehicle . I feel okay with the royal sundaram client service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 19, 2019
  • Oriental Insurance Car Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I hold a car insurance with Oriental insurance from last 1 year, a premium of Rs 5000 has to be paid for this insurance policy. There was no claim experience taken so far with this insurance. This policy has 50% coverage and i am satisfied with it.
    Was this review helpful? 0
    , ahmednagar
    Reviewed on Feb 19, 2019
  • Bajaj Allianz Car Insurance
    "I have bought my two wheeler insurance policy from Bajaj All"
    0.5 5.0/5 "Blown Away!"
    There is no reason for choosing the car insurance from Bajaj Insurance. Till now i' have not claimed anything from them. Around 3 years I've renewing the policy with the same company. I'm not sure about the premium amount i paid. I never spoke with the customer care service so far.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 19, 2019
  • ICICI Lombard Car Insurance
    "Very Good Policy"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long time back and i have been paying the premium on an annual basis. The premium amount has not been too high and the payment method is pretty simple which is done online. I had made some claims two to three times and the services where quite good.
    Was this review helpful? 0
    , pune
    Reviewed on Feb 18, 2019
  • Oriental Insurance Car Insurance
    "Good Car insurance"
    0.5 4.0/5 "Great!"
    I have bought my car insurance from Oriental company. Based on the lower premium and claim ratio, i have chosen this company. I never interacted with their customer care. I pay the premium amount of Rs. 10000. This car covered with the bumper to bumper facility.
    Was this review helpful? 0
    , mumbai
    Reviewed on Feb 17, 2019
  • ICICI Lombard Car Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I got Car insurance from Icici Lombard general insurance through As The premium amount is nominal one am satisfied with it , as it has low premium amount with cashless garages comprehensive cover with bumper to bumper coverage .Customer service and response is good . I pay it annually through online banking
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 15, 2019
  • Royal Sundaram Car Insurance
    "Not satisfied with the service"
    0.5 1.0/5 "Really Bad"
    I had taken this insurance policy a while back and the experience with them has not been that good. For making the claim it had taken almost 20 days which was not good and it was not convenient. The services of then has to be improved and their customer care has to be improved and the staffs should be more responsible.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • HDFC Ergo Car Insurance
    "Excellent Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy a long time back and i had been paying the premium on an annual basis. The premium amount was around 30,000 and the payment method has been simple. There has been a single claim which i had made so far and the services where very good and there has not been any difficulty faced.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • Royal Sundaram Car Insurance
    "Satisfactory"
    0.5 4.5/5 "Excellent!"
    I have chosen Royal Sundaram for car insurance and done a online comparison. I have received the insurance paper. The premium was reasonable and the policy period is one year. They have good garages and also they are giving me n-number of claims can be done in a year. It is a comprehensive plan.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Feb 13, 2019
  • review Car Insurance
    "Average "
    0.5 3.0/5 "Satisfactory"
    I took my car insurance in Kotak General Insurance because I have account with them. The premium was reasonable. The claim experience was bit tough and it was not beneficiary. The customer service was good but need to improve the garages for cashless. The policy coverage was good but my experience was not satisfactory.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Feb 13, 2019
  • Shriram Car Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    I took my car insurance in Shriram General Insurance before 3 years. Its not purchased based on the premium because one of my relative is working here. The customer service was good. The policy coverage is also good. It is a one year policy and first party insurance.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 13, 2019
  • Reliance General Car Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    I have taken the car insurance policy with the RELIANCE GENERAL INSURANCE where the premium is nominal when compared to the others also the IDV value is good with this policy. They have provided the policy coverage of bumper to bumper with this policy.
    Was this review helpful? 0
    , namakkal
    Reviewed on Feb 12, 2019
  • United India Car Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the car insurance policy with the UNITED INDIA INSURANCE where i have no claim experience with this insurance policy. I am using it since from last 3 years where the premium is lower compared to the others along with that they offers good IDV value.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 12, 2019
  • review Car Insurance
    "Smart protection"
    0.5 4.0/5 "Great!"
    My showroom guy issued car policy from Bharati Axa, I didn't compare the cost of the policy. Its zero depreciation plan, bumper to bumper protection is there. They give 24 hours service, road side assistance its all standard. With best IDV on my Honda I20 car.
    Was this review helpful? 0
    , thane
    Reviewed on Feb 12, 2019
  • New India Car Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I took car insurance with New India Assurance for 1 year, a premium of Rs 5000 has to be paid for this insurance policy. There was no claim experience so far with this insurance. This policy has full coverage and the customer service is very good.
    Was this review helpful? 0
    , nasik
    Reviewed on Feb 11, 2019
  • Bajaj Allianz Car Insurance
    "Its Good but they need to provide less claim settlement"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz cost of the car policy is reasonable, last year I paid the amount of Rs. 9000, now I need to pay Rs. 10,000 it has the benefits of zero dep and two times I have claimed it, first time my front mirror got damaged then second time back bumper got damaged. Only I paid the fine of Rs. 1000. Remaining they have taken care but claim settlement value is less, it should be 100%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 11, 2019
  • ICICI Lombard Car Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have purchased car insurance with ICICI Lombard. The premium was less when compared to others. I am using the service for one year. It is a third party insurance and it has bumper to bumper offer with zero dep and road side assistance. I have no claim and the hard copy have not received. I paid 13K through online to purchase the policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 09, 2019
Common Loader Icon
Page 1 of 50 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.