Car Insurance-Money Savings Tips Car Owners Should Look Into
Looking at the Indian landscape, most Indians are more aspirational about two important things : Buying a home and owning a car. Owning a car has actually become the primary dream but we shouldn’t forget that expenses don’t cease after it is out of the dealer’s showroom. There are an endless set of expense which follow post purchase and your car insurance plan is just one of them. A rough expense estimate of Rs.10000 to Rs.40000 which a car owner needs to spend after every 40000 kms of drive.
In a country where close to 10 millions are automobiles are registered every year , the infrastructure has not been able to match that growing need.With bad roads conditions and no so effective driving behaviors of Indians, the cost of maintenance is always very high.So it is very important for any car owner to get look into few of the money savings hacks given below.
Credit score and Car insurance:
As car insurance forms a large part of yearly expenditure which car owner makes every year, the relationship between credit score and car insurance premium is an important phenomenon which one should always look into. You may not know that car insurance premium is inversely proportional to your credit score. An higher credit score means that you have a less premium for a higher amount of cover. If you go by actual data you will find that regular car owners actually pay 80% more cost for their premium compared to car owners who have higher credit score.
Buying the right car insurance cover:
One should have clear understanding of when to buy a comprehensive add on cover or when just a third party cover is just sufficient. Consider a case where you car is already 10 years old , which means your car has already depreciated 10 times the initial premium. This means buying a comprehensive cover is of no worth. At this stage it is always advised to buy a third party cover car insurance plan just to satisfy the compliance. In fact one important fact that one should remember that at this stage the cost of premium would much higher case of a comprehensive plan which is not worth spending.
Keeping your car in a healthy condition:
As like any other asset , cars also depreciates which regular wear and tear. But maintaining a good health of the car reduces the chances of spending more that the normal. Getting your car check ups on regular schedules insures the car to be in a healthy state. One of the most common thing is getting your oil filter ok on regular interval and getting engine oil changed This ensures engine efficiency and reduced wear and tear. Quite similar on these lines is keeping check of the state of the tyre. Tyre is good condition gives you drive safety , reduces the chances of accident and reduces road friction.
The above tips may look bit common but we generally miss them. Keeping these things in mind can effectively help you reduce your car maintenance cost. Thus leading to efficient operation and longevity of your beloved asset.