A survey of 44 car insurance policies suggests that going that extra mile to do your research can save you up to $2,200 a year.

Australia’s consumer watchdog called CHOICE found that policy options are so wide and varied that it pays to shop around.

For example, given the right insurance policy, a customer can save the following amount without compromising their cover:

  • Young drivers – $2202
  • Older drivers  $1607
  • Driver with a history of accidents – $2200
  • Standard cover – $1648
  • Top cover - $2080

Car insurance tips from Choice source: Choice website

Car insurance tips from Choice source: Choice website

Most people know already that you’re better off paying for small dings in your car and the recent survey reinforced this message. According to CHOICE, 16 out of the 44 insurers said they would increase premiums after drivers made a small claim, even if the claim was less than $1,000.

To save some money and avoid hassles after minor (or major) car accidents, CHOICE shares the following tips:

* Get at least three quotes before you renew your policy – include your existing insurance provider as they may have cheaper offers online.

  • * Understand what excess you will have to pay if you make a claim, including for young drivers or people that aren’t listed on the policy.
  • Opt for agreed value over market value. Some online insurance processes automatically default to market value, which can put a much lower price on your vehicle than you think it is worth.

For more information, check out the full report here. http://www.choice.com.au/reviews-and-tests/money/insurance/house-and-car/car-insurance-review-and-compare.aspx

Article above from a CHOICE media release.

Image sourced from the CHOICE website.

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