Cars make our lives immeasurably easier, but spending so much time on Aussie roads means we run the risk of getting into trouble every now and then. Accidents happen, but car insurance can at least give you peace of mind – that if they do happen, you’re covered for the repair costs.
Such a key service comes at significant expense over the years, with Australians spending hundreds of dollars per year maintaining their car insurance policies. Because of its importance, many of us will not pause to reconsider paying increasing amounts on car insurance premiums.
You’ve come to comparethemarket.com.au, which means you deserve to save. Why? Because you took the first (and arguably most important) step: visiting our site. Great job! Not only can we help you with the rest of the steps, we can assure you that the hard part is over.
Let’s take a look at some of the ways you can save money on car insurance – most of which you can complete from the comfort of the chair you’re sitting in right now.
- Consider who’s on your policy. There are several ways you can save money based on who’s covered by your insurance policy. The first is to consider adding an age restriction to your policy selecting drivers by age for example (e.g. only drivers 25 and over or even up to the age of 40 on some policies). In adding age restrictions this can significantly decrease costs on your premium. Any young drivers can then potentially move to their own no frills policy to keep their premium costs reasonable.
- Pay attention to the excess. The excess is what you pay to your insurer when you make an at fault claim only. You can take out a policy with no excess or even a relatively inexpensive one, but your monthly premium will typically be higher. Instead, you could opt for a more expensive excess, which results in a lower monthly premium.
- Strip out any extras you don’t use. Consider those insurance extras available through your policy. Did you use any of them over the last few years? If roadside assistance membership is a perk of being with your insurer, is it cheaper to take it out separately? Consider these questions, and reconsider those extras that do not add value.
- Catch the bus. Insurers will sometimes offer a cheaper premium if you don’t drive much throughout the year (i.e. a ‘limited kilometre’ product). Now’s the time for you to become intimately familiar with your city or town’s public transport. Just think: you can do a lot of reading and soul searching every day, instead of yelling at traffic.
- Bundle your insurance products. If you can take out insurance products all from the same insurer (e.g. home and contents, motor insurance, life insurance), you may find that they give you a discount. Pick up the phone and ask your insurer if they support this option.
- Shop around. We talk about this a lot on our site, but there simply isn’t a better way to save money than to routinely sit down and review car insurance options. It may be that your current insurer beats all others when it comes to value. But, if they’re not, you can begin checking out all your options with our comparison service.