Australians could be missing out on hundreds of dollars of savings that are available through their insurance policies, energy plans, mobile phone deals and more, according to new research from Compare the Market.
With households continuing to feel the pinch of rising energy prices, repeated interest rate hikes, rent increases and more, Compare the Market says Australians need to be aware of the rewards and incentives that are currently available to them.
Insurers, energy retailers and telcos currently offer a variety of rewards to new and existing customers, including sign-up credits, discounts on dining, activities, holidays, gift cards and more.
One insurer even offers 10% off your grocery bill once per month.
Compare the Market’s Noémi Hadnagy said Australians may not even know they’re eligible for some of these savings.
“Many insurers and energy retailers incentivise customers with a range of perks and discounts alongside the products and services they offer,” Ms Hadnagy said. “Our analysis shows that some rewards and programs entitle you to potentially significant discounts on everyday expenses, which could help households stay afloat as they battle rising costs.
“However, it’s imperative that you check which perks and rewards are available through your energy retailer, mobile phone provider, insurer and more. Our analysis shows that one insurer offers 10% off one grocery shop a month, while others entitle you to frequent flyer points, discounted movie tickets or even credit on your energy bill. Every dollar saved counts as the cost of living continues to increase.
“It’s also vital to check if there are any exit fees or break costs with your current plans. It may cost you more to change a plan or provider than what you’d reap in rewards, so ensure you are aware of these costs before switching.
Ms Hadnagy said the programs, perks and rewards vary, which is why it’s so important to compare what’s available on the market and use it to your advantage.
“Many companies actually use these types of rewards or perks to sweeten the deal with new customers and are often available when you first sign up to a product or plan,” Ms Hadnagy said. “If you are currently searching for a new electricity or gas plan or looking for a new insurance policy, be sure to consider what perks or discounts are available that could help ease cost of living pressures.
“It’s also worth checking with your retailer or provider, as you may be entitled to rewards without even knowing it.
For example, signing up to an Everyday Insurance policy entitles you to a 10% discount on one monthly grocery shop when you link your policy to your Everyday Rewards Card. Virgin Money offers Velocity points that can be redeemed for travel, while you can receive discounts on dining, activities, gift cards and more when you have two current policies with Budget Direct.
Energy retailers like Origin and Red Energy incentivise customers with points towards rewards programs, while many health insurers have reward programs that offer discounts on things like gym memberships, prescription glasses, meals, shopping and more. Others offer significant discounts on dental and other services, which can really add up over a year.
Ms Hadnagy said Australians would be silly not to take advantage of the perks they’re entitled to.
“We don’t want to see people paying more than they need to and these perks can make a world of difference for households doing it tough,” Ms Hadnagy said. “Use these incentives to your advantage.
“If you’re paying for things like insurance and energy anyway, it doesn’t make sense to waste these bargains that are available.”
Below are just some of the discounts available across car insurance, home and contents insurance, and energy (accurate as of 23/11/2023). Please note: Table is not reflective of all discounts and perks available on the market.
|Product||Offers at a glance|
|Car insurance||Everyday Insurance|
|Home and Contents||Everyday Insurance|
Information correct at time of publication (23/11/2023). Offers may vary. Always check with individual retailers for terms, conditions and eligibility.
For more information, please contact:
Phillip Portman | 0437 384 471 | [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy and travel products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.