SMH.com.au:
There’s more to cutting the cost than just shopping around.
Like to save several hundred dollars this year? Here’s a tip. Get online and start shopping around for car insurance.
Unlike house insurance, it’s relatively straightforward to switch car insurance policies - and there’s never been a better time as the competition hots up, particularly among those insurers selling online. But there are factors apart from price to consider. Here’s what you need to know.
Discount Premiums
The good news is that car insurance premiums have fallen recently, thanks to a competitive market and factors such as a shift to cheaper, smaller cars.
Competition is particularly fierce in NSW, where IAG-owned NRMA has reduced its prices to recoup lost market share after controversy over its repair procedures.
Grahame McDonald, car insurance spokesman for NRMA, which boasts a market share of about 50 per cent in NSW, says NRMA’s premiums have fallen by about 4 per cent in the past 12 months compared with an average fall across the industry of about 1.5 per cent. He says the high depreciation rate for new cars is a factor behind reductions.
Carry on reading: Huge cost savings.
Photo by Virginia Sta.
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