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The truth of car ownership: What you need to know and do to keep a check on expenses?

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Published on June 11, 2021. EST READ TIME: 3 minutes

Countrywide intermittent lockdowns had probably made it impossible for you to take your car out for some time, right? However, it appears that the worst of the second wave is over, and states are slowly emerging from lockdowns. It’s time to bring your car out of the garage and hit the road again. But this time around, fuel prices have skyrocketed and are bound to impact your budget adversely. And, taking public transport to save some money isn’t a good option either.

So, how to save money on car expenses? Here are some tips that are easy and completely doable.

1. Increase fuel efficiency: You can save a lot of money on fuel if you are a little more careful. Avoiding aggressive driving techniques like increasing the speed of the vehicle rapidly, hard braking, and hard turns can improve the car mileage. Fuel efficiency also increases when you drive neither too fast nor too slowly. It takes 20% to 30% more gas to drive at 70mph than 50mph. Gradual acceleration also enhances fuel efficiency. And, haven’t we all read that switching off the engine at a traffic signal where you have to wait for more than 30-40 seconds can save fuel? Well, start applying the golden rule!

2. Service your car on time: Prevention is better than cure. By keeping track of your car's servicing schedule, you can prevent any potential issues that may escalate later and cost you way more to repair. During a routine check-up of your car, ensure the following:

• The engine and other car parts should be well-oiled as the friction between the car parts decreases its output.

• The free play in the braking system should be at an optimum level as a jammed setup can reduce momentum and exert stress on the engine.

• Any oil leaks should be identified and repaired.

• The tyres should be properly inflated. Get them changed if the mechanic suggests so.

• Check the alignment of the car and inspect the battery life as well.

• Make sure your four-wheeler has adequate coolant levels and the vehicle's air filter is not clogged.

• All these and more such check-ups will improve your car's performance and save you from any fatal accident due to a mechanical failure.

3. Buy car insurance and still save money on it: Getting car insurance is a double delight. Firstly, comprehensive policy with the right number of add-on covers will provide your car protection against damages caused by natural disasters as well as malicious acts. This financial shield will help you to easily repair or replace car parts in a hassle-free manner. The second wonderful thing about car insurance is that you can save money on premiums. So, here are some ways to save on car insurance:

• Compare the various plans available to get the best deal.

• Opt for Insured Declared Value or IDV as per your needs and budget.

• Use your NCB bonus points to bring down the premium.

• Pick the right number of add-on covers.

• Avail other types of discounts like anti-theft device installation

• Review your coverage needs and costs while car insurance policy renewal

4. Opt for carpooling: If you embrace the idea of carpooling, you will not only save money on fuel but contribute to lowering pollution levels. If you are considering it as an option, it would be a good idea to get co-passenger insurance for the safety of your friends and colleagues who are travelling with you.

5. Combining multiple trips: If you can combine errands when going out, it will reduce the load on the car and save fuel. Planning your drive so that you hit all your pit stops in one outing instead of making extra trips is the key. If you save just 10 km a week, that's over 500 km each year, which can save a lot of money in the long run.

Key Takeaway

Apart from keeping the above pointers in mind, if you learn to fix some minor glitches yourself, you can save some money in repair as well. So, drive safe, get your car serviced regularly and don’t miss your chances to keep the insurance premium low.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by:

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

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Few Other Articles:

• Be smart, make the right choice - Always purchase car insurance online

• Ten commandments of the wise to save more on car insurance premium

• Increasing vehicle price may empty your wallet but not your motor insurance

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