• Foolproof Ways In Which Car Owners Can Save Money

     4.5 / 5.0   by 1937 users
    Used this product? Write a review >>

    Policy Coverage

    Customer Service

    Claim Experience

    Responsiveness

    Cashless Garages

    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
      "Good"
      0.5 4.0/5 "Great!"
      The service of Icici Lambard car insurance service is awesome compared to others in the market. They collected all my documents directly which was an easy process. The payments are through online. It was a good experience with Icici Lambard car insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • HDFC Ergo Car Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Hdfc Ergo car insurance service is good. The online portal is easy for navigation with lot of good options. They never asked for any documents as it was an paperless approval. The payments are through online. It was an good experience with Hdfc Ergo car insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • Tata AIG Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with TATA AIG from last 3 months and it is a good insurance policy to use. They cover bumper to bumper as well as third party damages. I have not claimed anything so far with this insurance and i pay a premium of Rs 12000 for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • ICICI Lombard Car Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I directly purchased my car insurance service from the showroom through Icici. The payments are through cheques. They use to intimate regularly. The payments are through cheques. The staffs where friendly during the process. It was an good experience with Icici car insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 23, 2018
    • ICICI Lombard Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have my car insured with ICICI lombard from last 7 years, my claim experience was not up to the mark with this car insurance policy as they covered only bumper to bumper damage. I got a coverage value of Rs 2000 for this claim experience. I pay a premium of Rs 6000 for this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 20, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 2 years, i am happy with the coverage value of this car insurance. I do not have claim experience so far with this car insurance. They cover bumper to bumper as well as third party damages. I pay a premium of Rs 17000 for this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • ICICI Lombard Car Insurance
      "ICICI LOMBARD Car Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with ICICI lombard and the premium is 28000. They provide bumber to bumber, road assistance, cashless garages, zero depression, accidental coverage to the first party and the third party. While comparing its a good policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • National Insurance Car Insurance
      "Good policy for car"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance from National insurance and the premium amount is 9000. There was no bumber to bumber included with this policy as it was an old car. They include accidental insurance, and third party coverage. I have to renew the policy every year.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • ICICI Lombard Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far with this insurance. I am not aware of the premium amount of this car insurance. They cover only bumper to bumper damages for this insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 19, 2018
    • HDFC Ergo Car Insurance
      "Car insurance with HDFC ERGO"
      0.5 5.0/5 "Blown Away!"
      I have taken the car insurance with HDFC Ergo and the yearly premium which i am paying is 20000. The provide bumber to bumber cashless garage, road assistance and accidental insurance as well. And yearly i have to renew the policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 19, 2018
    • Shriram Car Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Recently I have renewed the car insurance from the SHRIRAM GENERAL INSURANCE company. The customer support service and the response is good with the Shriram because they give reminders to renew the policy before the due date. I have paid Rs,12,000 to renew the car insurance from the SHRIRAM GENERAL INSURANCE company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • Oriental Insurance Car Insurance
      "Good car policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with ORIENTAL INSURANCE and the premium which i am paying is 14000 which i have to renew yearly.The benefits include bumber to bumber, road assistance, cashless and accidental insurance as well. I don't have any claim experience but its a good policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 18, 2018
    • Iffco Tokio Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insured with IFFCO TOKYO from more than 1 year, i had a very good claim experience and they covered 80-90% of the billed amount. This policy covers only bumper to bumper and third party damages. A premium of Rs 30000 has to be paid for this insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 17, 2018
    • review Car Insurance
      "Very good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the car insurance policy from the Bharathi axis general insurance company around 5 months ago. I have paid around Rs,40,000 to get this policy this year, because this policy covers bumper to bumper benefits and the policy coverage is good with this policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 17, 2018
    • National Insurance Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a car insurance with National insurance from last 10 years, i have a very good coverage value for this car insurance. I do not have any claim experience so far with this car insurance. A premium of Rs 2500-3000 has to be paid for this car insurance.
      Was this review helpful? 0
      , faridabad
      Reviewed on Apr 17, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with HDFC ERGO from last 3 years, i am happy with the coverage valye of this policy, they cover bumper to bumper as well as third party damages. I have not claimed anything so far with this insurance and the premium amount of this insurance is Rs 13000-14000.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 16, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with Reliance from last 2 years, i do not have any claim experience so far with this car insurance. I pay an insurance premium of Rs 30000 every year. I am happy with the coverage of this insurance and they cover bumper to bumper as well as third party.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 14, 2018
    • Liberty Videocon Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I was having a car insurance with Liberty videocon from last 1 year, i do not have any claim experience with this insurance policy and i find the coverage value is good when compared to other insurances. I pay a premium of Rs 12000-15000 for this insurance policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 12, 2018
    • Iffco Tokio Car Insurance
      "best experience"
      0.5 5.0/5 "Blown Away!"
      I had taken a car insurance policy from the Top most private sector insurance company IFFCO TOKIO GENERAL INSURANCE. The important benefit is the claim procedure is very easy and simple. My idv value for my vehicle is Rs. 11k.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 12, 2018
    • Chola Ms Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have recently insured my car with Cholamandalam insurance, i do not have any claim experience so far with this insurance and i have a coverage of bumper to bumper damages. A premium of Rs 8000 has to be paid every year for this car insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.