Author: Sidharth Hampanavar

Mr. Sharma wanted to gift a car to his son on his graduation ceremony. After all, his son was the topper of his institute! Though Mr. Sharma decided the car which he was going to buy he wanted to the cheapest car insurance policy on his son’s car. He didn’t know how to achieve what he wanted. Do you?

You can save money on your teen’s car insurance policy if you follow some tips. Let’s see what these tips are –

• Buy a used car

While you want to buy a car for your child you should remember that your child is not a seasoned driver. Chances are that your child would learn driving after getting a car. In such a case, buying a brand new car is a waste. You should buy a second-hand car so that your child can learn and practice his or her driving skills. A used car would come cheap, have a low Insured Declared Value (IDV) from the perspective of your car insurance policy and would, therefore, have a low car insurance premium. You can, thus, save not only on the car’s cost but also on the car insurance premium. A double treat, is it not?

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• Install safety devices

Car insurance companies allow a premium discount if the car is fitted with safety devices. This is because of the fact that safety devices reduce the chance of accidents and theft. So, if you install safety devices in your teen’s car you can avail premium discounts and save on the premium cost.

• Ask your teen to maintain a clean driving record

A clean driving history goes a long way in saving premium costs. It shows that the driver is careful and the possibility of a claim is low. Insurance companies, therefore, allow lower premium rates for drivers having a clean driving record. Moreover, a clean record also earns no claim bonus which lowers the renewal premium. So, ask your child to maintain a clean driving history so that future premiums are low.

• Renew the policy on time

A car insurance policy is offered for a period of one year after which you have to renew it. If the policy is renewed on time you get two benefits. One, the premiums are low compared to lapsed plans where the premiums are high. Two, your earned no claim discounts can be used for discounting the renewal premium. If the policy is not renewed on time you might lose the accumulated no claim discount. That is why, renewing on time is always recommended.

Read more about why is an on-time renewal of car insurance important?

• Compare

Never buy a car insurance policy in a hurry. Always compare the available plans before finalising one. When you compare you can find out the coverage features, promised Insured Declared Value (IDV) and the premium of various plans. Then you can weigh in the coverage and premium of different plans and choose one which offers the best features at the lowest possible premium. So, always compare car insurance before buying to ensure lowest premium rates.

• Look for available discounts

Discounts are allowed in car insurance plans for different factors. If you are a member of a reputed automobile association you get a premium discount. Installing safety features gets you a discount. You also get a discount if you choose a voluntary deductible or buy a policy online. So, when buying a car insurance policy for your child, look for the available discounts and lower your premiums.

Mr. Sharma’s friend advised him to buy a second hand car in which safety devices were installed. Both these tips saved Mr. Sharma thousands in premium on his son’s car insurance policy. He couldn’t be happier. If you also want to save premiums on your teen’s car insurance, follow the above-mentioned tips and save your money.

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If you have a car and wish to use it on Indian roads, you need to get a car insurance policy first. The Motor Vehicles Act which was passed in 1988 mandates every vehicle to have a valid insurance cover before it is driven on Indian roads. So, buying a car insurance policy is inevitable. Do you know from where you can buy a policy?

A car insurance policy is available both online as well as offline. The offline mode is cumbersome as you have to visit an insurance company’s office or seek the help of an insurance agent. The other alternative is buying a policy online. There are various websites which cater to this need. Online brokers and aggregators let you buy a policy after comparing different plans. Turtlemint is an online broker through which you can buy a car insurance policy easily. Turtlemint is tied up with leading insurance companies offering the best car insurance policies. Moreover, personalized assistance is provided when you buy the policy and also at the time of claim. So, if you are planning to buy a car insurance policy for your car, you can choose Turtlemint. The process is simple and takes minutes. Here is a step by step process of buying a car insurance policy through Turtlemint’s website –

1. First, visit Turtlemint’s website at turtlemint.com You would land on the homepage which looks like this –

2.On the homepage, select ‘Car’ tab. You would be redirected to a new page. Here is how the page looks –

3.In the box displaying ‘Car number’, enter the number of your car. Once you do so, you would have to click on ‘Find Plans’ which would take you to another page wherein you would have to provide the details of your car. Here is what the page would look like –

You are required to enter the car model, the manufacturing year, the fuel type and the variant of your car. These details are required for calculating the premium and the Insured Declared Value (IDV) of the different plans. When you hit ’Next’, you would be asked whether you want a new policy or renew an existing one. Then you would be asked your mobile number and email id for sending the quotes through SMS and/or email respectively.

This information is optional. If you don’t provide your contact details, you can hit ‘Show Quotes’ and be directed to a page showing the available plans.

4.Alternatively, if you don’t know your car’s number, there is another option. Here’s what –

In this page, instead of providing your car number, choose the option mentioned below – ‘Continue without car number’. When you click this option, you would be taken to another page wherein you would have to choose your RTO –

Once you provide the RTO, you would be asked your car’s model.

After entering the model, the manufacturing year, fuel type and variant of the car is to be provided –

After you provide these details, you have to specify whether you want a new policy or renew an existing one –

When you give the required information, you can choose to get the quotes of the different plans through SMS or email or both. This information is optional. If you don’t want you can directly skip to see the plans and their quotes –

5.Whether you know the car’s number and proceed to see the quotes or you go by the alternate way, you would see the available plans with the premiums when you hit ‘Show quotes’. Here’s what the page would look like –

In the left hand corner, you can see various customizations available. If you have fitted accessories in your car, you can put in their value under ‘Value of your accessories’ and update the quotes –

6.Similarly, you can choose the mentioned add-ons and again update the results –

7.When you scroll down on the page, there is a discount if you choose voluntary deductible. If you choose a deductible and enter the chosen amount, you get a premium discount –

8.Based on the chosen customizations, you can shortlist a plan with comprehensive coverage features at the lowest premium rate. Then you would have to click the ‘Buy’ button beside the chosen plan –

9.After you click ‘Buy’, you would be directed to a new page which looks like this –

10.You are required to provide the details of the registered owner of the car. Once you do so and hit ‘Continue’, you would be asked to confirm the registration number of the car –

11.When you hit ‘Continue’, you would be asked your details and your policy’s details. You would have to provide the date from which you want the policy to start, the engine number, chassis number, whether or not your car is financed, the institution offering the finance, registered and correspondence address –

12.When you hit ‘Continue’, you would be asked your personal details –

13.When the details are verified, you can procced to pay the premium –

14.Enter the payment details and complete the premium payment. Once you pay the premium the policy would be issued and you would get the policy details in your mail and also as a hard copy.

This is how you can buy a car insurance policy through Turtlemint. Wasn’t the process easy?

So, the next time you think of buying car insurance, choose Turtlemint and ease the process.

How often do you feel dejected when, in spite of having a comprehensive car insurance policy, you do not get the total cost of repairs in a claim? Many times, I bet. Though your comprehensive car insurance policy pays for the damages suffered by your car, the claim settlement is done after making deductions for depreciation of your car’s parts. That is why, when you make a claim, you settle a portion of the claim from your pockets. Do you like it?

Of course, you don’t. But is there a solution? Yes, a Bumper to Bumper policy, also called a Zero Depreciation Policy, is your solution to this dilemma. Do you know what it is? Let’s find out:

What is Bumper to Bumper policy?

A Bumper to Bumper cover or a Zero Depreciation cover protects the value of your car’s parts from the effects of depreciation. When you make a claim in your Bumper to Bumper policy, the claim paid is not deducted for the relevant depreciation. Instead, you get the complete cost of repairs done to your car’s parts. Let’s see how this policy works:

You saved a whopping Rs.6100 on repair costs through a Bumper to Bumper cover. Isn’t it amazing?

Is a Bumper to Bumper cover policy effective?

Well, if you look at the above savings, you wouldn’t need any more answers. From the financial point of view, a Bumper to Bumper policy saves a lot of money which would otherwise come out of your pockets. So, a Bumper to Bumper policy is definitely effective. Here are other reasons to fortify this statement:

• The schedule of depreciation is high in car insurance policies

The rate of depreciation associated with different parts of the car is quite considerable and it might end up burning a hole in your pockets. If you don’t believe me, see for yourself. Here are the depreciation rates on different parts of your car:

So, you can imagine the proportion of the cost you would have to bear when your car goes for a repair!

• Parts of a new or a luxury car are quite expensive

A Bumper to Bumper policy is effective especially in case of new cars whose parts are very expensive. When you have already invested your savings in buying the car, paying the cost of repairs out of your pockets seems like a burden. In these instances, a zero depreciation policy is very effective. Moreover, if you are the proud owner of a luxury car or a high-end sedan, meeting the repair costs out of your pockets would be financially draining. Here is where a Bumper to Bumper cover is important.

Any more doubt on the effectiveness of a Bumper to Bumper cover? You can also read Are Car Insurance riders worth buying?

Things to remember for a Bumper to Bumper policy

Though a Bumper to Bumper policy provides a very effective cover, here are some things which you should remember:

• • This policy is usually available for cars not older than 5 years. For older cars, you cannot avail a Bumper to Bumper policy.

• You have to pay an additional premium for choosing a Bumper to Bumper cover. This premium is, usually, 10% to 20% higher than the basic premium.
• There is no separate Bumper to Bumper policy. You can convert your car insurance policy to a Bumper to Bumper cover simply by choosing the zero depreciation add-on with your basic policy.
• There are exclusions for this cover. Normal wear and tear of your car’s parts, mechanical breakdowns, consequential loss, etc. are not covered.
• There is a limit to the number of claims made under a Bumper to Bumper cover throughout the complete policy tenure. This limit varies across different plans.

So, now you know what a Bumper to Bumper policy is, what it covers and whether it is effective. If you buy a new car or have a high-end car, don’t forget to add a Zero depreciation add-on and ensure a higher coverage.

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