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  • 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 Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO for 1 year, i am happy with the policy benefits and plan coverage of this insurance policy. A insurance premium of Rs 18000 has to be paid for this insurance policy. This policy includes full coverage.
      Was this review helpful? 1
      , gulbarga
      Reviewed on Sep 12, 2018
    • Oriental Insurance Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance with Oriental insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay an insurance premium of Rs 5000 for this insurance. Customer service was good and they explained everything about the policy terms and conditions.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • Tata AIG Car Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      My car insurance is with TATA AIG and i have taken this policy for 1 year. I have to pay an insurance premium of Rs 9000 for this insurance. They cover bumper to bumper damages and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance with Reliance general insurance for 1 year, a premium of Rs 7600 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. This policy has a basic coverage and i am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Reliance General Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car insurance is with Reliance general for 1 year and it is a good insurance policy to use. I pay a premium of Rs 25000 for this insurance policy and it has full coverage. I am satisfied with the terms and conditions explained by the customer service of this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance with National insurance for 1 year, I have to pay a premium of Rs 10000 for this health insurance policy. The benefits of this car insurance is, it is 0% depreciation and it has a full coverage. Customer service was very good and their response was on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Iffco Tokio Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with IFFCO TOKYO and i have taken this insurance for 1 year, it is a zero depreciation and it has a full coverage. A premium of Rs 21808 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , palanpur
      Reviewed on Sep 12, 2018
    • National Insurance Car Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      My Car insured with the National Insurance. I am paying a premium of 3000, I do not have any claim experience with the policy and it offers features as cashless garage and roadside assistance. So far it has been an hassle free experience with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • review Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car insurance policy with Bharti AXA for 1 year, a premium of Rs 15000 has to be paid for this insurance policy. I am happy with the coverage value of this insurance policy. No claim experience so far and they cover bumper to bumper damage.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My car is insured with HDFC ERGO and i have taken this insurance for 1 year, a premium of Rs 21000 has to be paid for this insurance policy. The benefits of this insurance is, there is full coverage for this insurance and they can cover up to 90%.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 08, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have my car insured with HDFC ERGO and i have taken this insurance for 1 year. I am not aware of the premium amount for this insurance policy. They cover bumper to bumper damage for this insurance policy and the customer service was good with this insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 08, 2018
    • review Car Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have taken a car insurance policy with Bharti Axa general insurance for 1 year, i am happy with the coverage value of this insurance policy. I have to pay a premium of Rs 12500 for this insurance policy. Customer service was good and they explained about the insurance in detail.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 08, 2018
    • New India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken car insurance policy with New India Assurance for 1 year, a premium of Rs 29000 has to be paid for this insurance policy. This policy covers full coverage and i am happy with the coverage value. Customer service was good as they explained about the insurance terms and conditions.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 08, 2018
    • Shriram Car Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car insurance is with Shriram Finance. The services and response is good. I was able to get the policy on time and with ease. They have also provided a good policy coverage. There are good benefits like road side assistance and the premium is normal.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 07, 2018
    • Bajaj Allianz Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My car is insured with Bajaj Allianz from last 10 years and it is a good policy to use. I pay a premium of Rs 5000 for this insurance policy. I have claimed this insurance 4 years back and they covered 80% and i am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 06, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance policy with United India Insurance from last 1 year, i am happy with the coverage value of this insurance policy. A premium of Rs 24000 has to be paid for this car insurance policy. They cover bumper to bumper damages for this car insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 06, 2018
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 1 year and it is a good policy to use. I have to pay a premium of Rs 19000 for this insurance policy. I have not claimed anything so far from this insurance policy and they cover bumper to bumper damage.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 06, 2018
    • New India Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      MY car insurance is with NEw India Assurance from last 4 years and it is a good policy to use. I am not sure about the premium amount but they cover bumper to bumper damage. My claim experiecnce was good with this insurance policy. Customer service was good with this insurance and they responded on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 05, 2018
    • HDFC Ergo Car Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      . I have taken car insurance from Hdfc ergo. Am not satisfied with the premium amount which i paid where i had to pay extra rs 2000 for the policy . While claiming i had very bad experience as they not responding where i have given several follow ups . I will not recommend this policy , as they didn't kept their promise while taking this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • Iffco Tokio Car Insurance
      "No Claim experince yet"
      0.5 4.0/5 "Great!"
      My car is insured with the IFFco Tokyo. They offered a fair IDV value for my car and it has got all the features such as roadside assistance and cashless garage. There hasn't been any claim experience with the policy so far.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Sep 04, 2018
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