Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Foolproof Ways In Which Car Owners Can Save Money

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    Owning and operating a vehicle is an expensive undertaking. The purchase price of the vehicle is only the beginning. When this is added to the cost of maintenance and fuel expenses, this could stand out as one of the biggest personal expenses in your budget.

    As with all types of personal finance tasks, the more cost-saving measures you resolve to adopt today, the more money you will save in the future. Although the savings can depend largely on your personal situation, the following ways guarantee significant cuts in costs:

    How To Save Money When You Buy A New Car

    Before you buy a new vehicle, you should be well-prepared so as to avoid some of the following mistakes:

    • Car finance - If you are financing the purchase of the car, you will find that the friendly car salesman at the dealership is very accomodating. More often than not, dealers can ensure that almost all vehicles fit into your budget. They adjust the interest rates, offer longer loan tenures, or restructure the car loan in such a way that you are able to make monthly payments in a comfortable manner. But you should be aware of the fact that even a few extra months in repaying the loan can add thousands to the total cost of the vehicle. So, choosing an affordable car is a crucial step. If you are financing the vehicle 100%, remember that you will be paying a lot more as interest over the long term.
    • New versus used cars - With the availability of attractive used cars in the market, you can consider buying a second-hand vehicle to bring down your car purchase cost. New cars undergo a significant amount of depreciation in value over the first 2 years; so buying a one or two year old vehicle actually makes sense.
    • Maintenance costs - When buying a car, it is important to consider its long-term maintenance costs that are often overlooked. If you have an expensive vehicle, the cost of insuring it also increases.
    • Car trading - Trading cars every few years is not a great move. You would know that cars depreciate quickly, so when you change vehicles frequently, you lose on trade-in values. It is advisable to buy models that are smaller with higher mileage.

    How To Save On Car Maintenance Costs:

    After you purchase the vehicle, you will have to bear the monthly EMI, auto insurance premiums, and cost of fuel. There are several money-saving opportunities as far as car maintenance is concerned:

    • Keep your vehicle tuned properly, as this will improve its mileage.
    • Replace the oil and oil filter after the car has run for a specific distance. Changing the oil frequently will extend the life of the engine, reducing engine wear and saving on repair work.
    • Examine the air filter of your vehicle on a monthly basis. A clean filter improves the mileage of the car.
    • Using the right tyres for the car can also improve its mileage by up to 10% each year.
    • It is not necessary to use high octane gas in your vehicle unless it is pinging and knocking. Premium gasoline costs higher than ordinary fuel, but it is most suitable for cars with high-performance engines or when the manufacturer recommends high-octane fuel for the vehicle.
    • It is advisable to check the tyre pressure regularly, as you can lose out on mileage for under-inflation. You should also get your tyres balanced every year in order to avoid wearing out the suspension system and shock absorbers.
    • It is important to check your car’s fluid levels often. If the battery has low water levels, its life will be shortened. Similarly, check the automatic transmission fluid, coolant, and brake/clutch fluids regularly.

    How To Save On Driving Expenses:

    You know that it is impossible to negotiate on fuel prices the way you negotiate the cost of the car. However, you can take several steps to reduce the overall expenses on driving:

    • Check if it is possible to carpool to work. This saves you a lot of money in the long run, and it is also an environment-friendly initiative. Not only will you save on gasoline, you will also save considerably on wear and tear of the vehicle and its maintenance costs.
    • Carpooling has an added advantage of reducing the annual mileage on the vehicle. Since you are using the vehicle less, you may also strike a better deal on your car insurance premium. Just make sure that your insurance company is aware of the average distance you drive so that you can benefit from this.
    • Develop habits that save on fuel. This includes accelerating gently, watching the traffic conditions in front of you so that you can slow down gradually instead of stopping, avoiding driving too fast or too slow, and maintaining a steady speed when driving on the highways. You should also try not to get stuck behind slow-moving vehicles too often. When this happens, you will slow your pace of movement and then speed up to pass, burning more fuel than usual.
    • Do not let your vehicle idle in traffic, as idling wastes a lot of fuel.
    • You can save on fuel substantially by combining multiple errands into one trip.

    How To Save On Motor Insurance:

    Car insurance is a significant expense associated with car ownership. The cost of your insurance policy will be higher if you have a poor driving history or if you live in specific high-risk areas. Listed below are some ways in which you can save on car insurance premiums:

    Voluntary deductible Opting for a high voluntary deductible ensures a low premium. However, you should not choose very high voluntary excess values, as you will be required to pay this amount when you raise a claim. If you are a very confident driver with a blemish-free driving history, you can consider raising your voluntary deductible value to save on car insurance costs.
    Safety features If your vehicle has authorised anti-theft devices installed in it, you can qualify for big discounts on car insurance premium.
    Insurance for older cars If you have a very old vehicle, say one that is 10 years old, you can consider dropping own-damage cover for it. You should, however, retain the third-party liability insurance cover as it is mandated by the law. For cars that are older than 5 years, buying a comprehensive car insurance policy may not be a worthwhile investment owing to depreciation.
    Compare insurance between providers Several financial websites that are neutral offer the facility of comparing insurance policies between providers. This is a very useful service as it helps you in determining the most cost-effective product for your needs. You can also compare policies at the time of insurance renewal and make a judicious purchase.
    Bundling insurance If you have a health or home insurance policy from an insurance company, you can consider purchasing car insurance from the same provider. This way, you may be eligible for discounts based on loyalty. Speak to the insurer and understand whether you are eligible for such discounts.
    Preserve your No Claim Bonus (NCB) Insurance companies offer NCB for drivers who do not raise any claim in a policy year. This is a very attractive benefit in car insurance as it helps in bringing down your renewal premium by a significant amount. So, preserve your NCB by not raising frequent claims and claims for small expenses.
    Practise defensive driving If you are careful on the roads, the chances of you getting involved in an accident are lower. This can save you a lot of money. So practising defensive driving is a great way to cut down your car maintenance/driving costs.
    Discounts based on profession and age Car insurance companies offer premium discounts to customers based on their profession. Doctors and military personnel benefit from lower premiums this way. If you are between 25 and 60 years of age, you are likely to receive car insurance at lower costs as well.
    Automobile association membership discounts Car owners who have membership in certain automobile associations get cheaper insurance rates. In case you have membership in such an association, do not forget to mention this at the time of car insurance purchase.

    In conclusion, there are several ways in which you can bring down your car ownership costs. You will have to be diligent and consistently adhere to the cost-saving methods chosen by you in order to see significant gains.

    Car Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Lombard Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a car insurance policy with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 7000 has to be paid every year for this insurance policy. They cover bumper to bumper damage and i had no claim experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • HDFC Ergo Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I got Car insurance from Hdfc ergo 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 every 2 years through on-line banking
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the Bajaj Allainz Car insurance policy for a while now. I have a paid a premium of 15000 per year, the premium will be lowered after 1 year. They also offered a fair IDV value for my car. I've claimed this policy once and the whole claim process was easy and hassle free.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 16, 2018
    • National Insurance Car Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My car is insured with the National Insurance. I have a paid a premium of 27000 and I don't know much about the policy in detail. So far it has been a good experience and I never claimed this policy.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jul 14, 2018
    • Bajaj Allianz Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insurance with Bajaj Allianz from last 6 months, a premium of Rs 12500 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. They cover bumper to bumper damage and i am satisfied with it.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 13, 2018
    • National Insurance Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with National Insurance from last 5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a premium of Rs 5500 for this insurance and they cover third party damages.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a car insurance policy with HDFC ERGO from more than 4 years, a premium of Rs 8000 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • National Insurance Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the National Insurance. I have Claimed it once and it was a seamless experience. I am paying a premium of 12000 an year and the IDV value was also fair for my car. Overall it has been a very good experience with the national insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • Iffco Tokio Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a Car Insurance policy with the IFFCO Tokyo. I am paying a premium of 30000 Per year, they also offered a fair IDV value for my car. The policy has got roadside assistance and cashless garage facility as well. I've claimed the policy twice. It was very fast and they precessed the claims with out any hassle.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • HDFC Ergo Car Insurance
      "Average Policy"
      0.5 3.5/5 "Pretty good"
      My car insurance is with HDFC ERGO from last 1 year, i pay a premium of Rs 12000 and it has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy. I am not happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2018
    • Bajaj Allianz Car Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My car is insured with the Bajaj Allianz. I am paying a premium of 6000 year, I do not have any claim experience. It provides road side assistance and cashless facility in selected garages. Overall it has been a hassle free experience with the car insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • Bajaj Allianz Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the Bajaj Allainz. I am paying a premium of 16500 per year for Zero depreciation. I do not have any claim experience with the policy still considering the plan coverage and policy benefits it has been a good experience with the policy so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken car insurance from United India assurance Am satisfied with the premium month even i had claim experience they responded very well for claiming process, this policy doesn't cover bumper to bumper cover as my car got old. Making the payment annually through the agent.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a Car insurance with ICICI lombard from last 7 months, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. They cover bumper to bumper damages and i pay a premium of Rs 10500 for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 3 years and it is a good policy to use. I pay a premium of Rs 6300 for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value and they cover bumper to bumper damages.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 05, 2018
    • HDFC Ergo Car Insurance
      "Below average service"
      0.5 2.0/5 "Expected more"
      Taken car Insurance from Hdfc general insurance company for last 2 years .And am making payments through on-line banking service annually . It has the benefits of bumper to bumper coverage , cashless garages Their customer service and response is good . It has good coverage policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 03, 2018
    • United India Car Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have four wheeler, whuich have insured with the United India Insurance company. I would like to say that the response is an excellent one too with the United India Insurance company. Coverage value is around 2.9 lakh Rupees with them as such.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 03, 2018
    • Tata AIG Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with the Tata Aig Car insurance. I pay a premium of 15000 per year. They have also offered me a fair IDV value for my car. I never had any issues with the their services. Overall I never had any issues with the car insurance policy so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • review Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with Bharti Axa general insurance from last 2 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 11500 for this car insurance. The coverage value is good with this insurance and they cover both bumper to bumper and third party.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 01, 2018
    • National Insurance Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with National insurance from last 10-12 years and it is one of the good policy. I pay a premium of Rs 9000-10000 for this car insurance. I have claimed once in 2010 and the experience was very good, road side assistance was given and there was a cashless garage.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 01, 2018
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