Unfortunately, many people get into the habit of just renewing their policies every year without checking other company's prices. I too was guilty of it for a while. In my opinion there is no such thing as company loyalty, they don't care about you, only your money. It was different many years ago when there wasn't as many companies offering car insurance. That is the nature of the business now. We now have phone companies and supermarkets selling insurance in a limited market. There is only a certain amount of people in Australia buying car, property, or life insurance, that's why many insurance companies, specially the big ones, are now relocating their main offices or new start subsidiary offices in the Asian countries where there are many more people, opportunities, and money. I also predict that within the next few years, many insurance policies will only be available on-line as this minimizes their costs.
Knowing all this , you need to look and all the available options in Australia and overseas. Last year I was insured by Barkleys in the UK, via an Australian broker. I took their agreed value policy with a agreed higher excess. This suited me and was the cheapest policy I'd had in years. It cost me about $650 per year with a $2,000 excess for $55,000. I have never had a claim that was my fault and had to pay the excess.
This may not suit you but you need to make the time to check all options. I find brokers are good value as they work for you and get paid by the company they sell you on.
All this can be time consuming but you can save hundreds of dollars if you look.
Now it's my turn to do the same ..... my insurance is coming due soon.
Reply With Quote