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SME Business News

Are you paying too much for your car insurance?

  • Written by News Company


Car insurance is an important part of driving, but not all policies are created equally. You may be overpaying for your current insurance policy, especially if your lifestyle circumstances, such as age and those driving the car, have changed. Before you pay your next insurance bill, see if you need to re-think your policy.

 

Have your kids left home?

If you generously listed your kids on your car insurance policy, but they have since left home, its time to update your details. Keeping young drivers on your policy can increase your premiums by over $300 per year. Plus, in most states, a premium for a family with a younger driver is triple the cost of a premium for just one driver over 50. This is a huge and unnecessary expense if your kids are no longer at home.

 

Buying your policy online can save you money

Insurers usually offer cash back deals or generous discounts to customers who purchase policies online as they prefer to keep phone lines open and available. If you are looking for a new insurer, its worth shopping around and purchasing the new policy online rather than over the phone or in person.

 

If your car is more than five years old, you should be paying less

In almost every state in Australia, insurance policies for cars that are older than five years old are at least $50 cheaper than policies for new cars. This is because older cars are cheaper for an insurer if you need smash repairs, and this difference must be reflected in your policy. If your car is now five years or older, ensure your policy reflects this milestone.

 

Reconsider those extras

It can seem like a great idea to add many extras to your policy just in case,but it may be time to reconsider if you really need them. Extras such as Extended Warranties and Windscreen Replacement Services are just a few of the many items you could remove from your policy to keep your car insurance costs low.

 

If youve had a milestone birthday, ensure your policy reflects your age

While you may not enjoy getting older, your car insurance premium will become cheaper with each big milestone you celebrate. Most premiums become cheaper after the age of 25 through to the age of 29, then again from 30-49, then again for drivers over 50. If your premium hasnt changed after youve celebrated one of these milestones, contact your insurer or start shopping around.

 

Ensure you get a discount if you usually take public transport or cycle

If you reserve your car for weekend excursions and getaways, you are eligible for significant savings on your premium, especially if you drive less than 10,000 kilometres per year. Ensure your new insurance policy reflects how often you use your car, where you use it, and far you drive.

 

Car insurance is important for those unwanted and unfortunate circumstances, but you may be paying too much for your current policy. Check to ensure your current life circumstances are reflected in your policy, and if theyre not and your insurer wont consider amending your premium, its time to shop around for a company that will.

 

 

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