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
    • HDFC Ergo Car Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      I had a claim experience once. It was amazing experience. I was just submitted the cocuments in the dealer and they have taken care of all the things. They have given the 100% coverage value. I have started using this HDFC ergo car insurance for past 1 year. I have paid a premium amount as Rs. 40000. I never interacted with the customer care services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • Tata AIG Car Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car is insured with TATA AIG general insurance,i got insurance through my agency, and i am not aware about premium amount it on yearly, It is a easy process, I have no claim experience so far with this insurance policy.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • HDFC Ergo Car Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I hold a car insurance policy with HDFC ERGO from long time, i got this insurance through showroom as agent himself gave this insurance, I am not aware of the premium amount for this insurance policy. I have no claim experience so far with this insurance policy.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • Reliance General Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a car insurance with Reliance general insurance from last 1 year, a premium of Rs 24795 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy and this policy has full coverage with 0% depreciation.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • ICICI Lombard Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      My car insurance was offered by the Tata Showroom when I purchased a car. I have paid 24,000 rupees to purchase the policy for 2 years. They are giving bumper to bumper offer for one year and IDV for 2 years. I am happy with the service and policy. I have received the insurance papers on time.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • review Car Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a car insurance with Kotak Mahindra . The services are good. Its a one year policy. It was included on the loan so don't know the premium. I don't have any claim experience. It was taken in May 2013 and it was renewed with the third party. The policy coverage is very good. There is no bumper to bumper offer.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Ergo Car Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I hold a car insurance with HDFC ERGO from last 1 year, a premium of Rs 12200 has to be paid for this insurance policy. This policy has full coverage with 0% depreciation. My claim experience was not good, the bill amount was for Rs 40000 but they covered only Rs 26000. There was no cashless garage facility provided.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2018
    • National Insurance Car Insurance
      "Good insurance for car"
      0.5 5.0/5 "Blown Away!"
      When i purchase my car, they have provided the car insurance policy with National and they have charged me a premium amount of Rs. 14000. I have taken a one time claim. The claim experience was very good. They have given me a claim amount of Rs. 11000. The claim was fully cashless covered. I pay for the consumable items
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • New India Car Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      My Maruthi Swift car got the insured declared value of Rs. 5 lakhs with New India company. I have comprehensive plan with bumper to bumper it covers loss, damage, accidental cover with life cover for the driver for maximum of one lakh. If we pay Rs.50 rupees extra with the premium.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 12, 2018
    • National Insurance Car Insurance
      "Good Policy for four wheeler"
      0.5 5.0/5 "Blown Away!"
      National insurance is good, I have been holding the car policy with them around one year. My car showroom person have suggested this policy, I got better insured declared vehicle. Its new car brand swift dezire with bumper to bumper protection.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 09, 2018
    • Iffco Tokio Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The dealer have suggested the IFFCO TOKIYO car policy, I got the better IDV value for bumper to bumper zero depreciation plan. I got the policy documents on time, I had a claim once, I directly approached the dealer they taken money from the cover. But I have paid 20 to 30% of amount according to the parts which was not covered.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 05, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the card insurance where i have a good experience with this policy. I have experienced with the claim which is reimbursement and i got no complete claim. The policy coverage is for basic but the premium and the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • United India Car Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the two wheeler policy with the UNITED INDIA INSURANCE and i am using it from past three years where i am facing with no issues with this policy. I have no claim experience added on that the premium and also the IDV value is good with this policy.
      Was this review helpful? 0
      , kota
      Reviewed on Nov 04, 2018
    • Reliance General Car Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      When I purchased a car, the showroom has offered me a car insurance with Reliance. I have paid 12,000 rupees for this policy. The customer support is excellent. The claim experience is excellent and have applied for accidental claim, It was approved within few more days, zero depreciation was provided, All items been replaced of the car.The policy coverage is good, bumper to bumper offer is available. Every year am renewing my insurance only with RELIANCE.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 03, 2018
    • HDFC Ergo Car Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have compared in online for car insurance and gone for HDFC Ergo. The top one is Reliance and HDFC, though reliance is providing more benefits since I know HDFC is very well so opted for HDFC Ergo. It is a easy process. No claim gone till now. I have paid 12K to purchase and bumper to bumper offer is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 02, 2018
    • Liberty Car Insurance
      "Hopeless company"
      0.5 1.0/5 "Really Bad"
      They have literally detrayed me when i apply for a claim. There are some issue with the policy documents itself. When I met with an accident they said they will process the claim. After 3 days they said there is an issue with the policy. I called the customer care service but no one was picked up the call. After 4 days, they have issued the new policy and i got the car after 7 working days only from the garages.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Superb Policy"
      0.5 5.0/5 "Blown Away!"
      I selected Bajaj Allianz for my car. I chosen the company because of the lower premium rates. They have sent all my documents to my residential address. They do have regular follow up with the customer regarding the car insurance. I never had any issues with this policy. I pay the premium amount of Rs. 6300 and i have not availed the bumper to bumper facility. They have provided me the no claim bonus upto 50%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 01, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance policy with HDFC ERGO from last 1 year, I am not aware of the premium amount for this insurance policy. I have no claim experience so far with this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a car insurance policy with Bajaj Allianz and i have taken this policy for 2 years. A premium of Rs 17000 has to be paid for this insurance policy. I have no claim experience so far with this insurance policy and this policy has full coverage with 0% depreciation.
      Was this review helpful? 1
      , nellore
      Reviewed on Oct 31, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO from last 1 year and it is a good insurance policy. I pay a premium of Rs 5000 for this car insurance policy. I have no claim experience so far with this car insurance policy. This policy covers only bumper to bumper damage.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2018
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