Dollar Saver Tip #11
Save: $2,400+
Tip overview:
At Finder, we're keen to show you how you can save on your biggest household expenses – especially the ones you buy then totally forget about.
Take car insurance. I'm Gary, our senior writer for insurance, and when I crunched the numbers, I found a $2,492 a year difference between the cheapest and most expensive comprehensive policy.
There's a difference between these two policies: Bingle (the cheapest) covers you for the essentials and not much more. That means you're covered for damage to your car, including fires, storms and hail; theft and accidents; plus accidental damage to other people's cars and property.
ANZ, the most expensive option, covers all of this and comes with extra features, such as no excess windscreen repair, new for old car replacement and a hire car for up to 14 days if yours is stolen.
Did you know?
Finder awards research shows the cheapest comprehensive car insurance policies were Bingle ($673/y), Budget Direct: ($828/year) and Virgin Money ($892/year).
So, is the pricier policy worth it? Maybe – maybe not. It depends on your own situation, and the risks you're comfortable with.
But keep in mind, according to QBE (which issues ANZ policies), the 3 most common car claims are vehicle collisions, windscreen damage and storm or hail damage.
All of the cheapest insurers on Finder cover 2 out of 3 of these claims. If you want windscreen damage cover, you'll need to select it as an add-on and pay a little extra.
Reckon you're paying too much for your car insurance? See if you could save as much as $2,400 a year by comparing policies.