Does your car insurance stack up?

Does your car insurance stack up?

 

You might notice a common theme in Mozo blogs. From Rate Chasers to Managing Money and Money Smarts, they’re generally about how much money you could save by choosing the right financial products.

Mozo recently assisted Today Tonight with their story, Insurance Showdown, about Australian car insurance providers and the major differences drivers are paying on premiums.

The Australian car insurance market has been dominated by the same two players over the years now finally we are starting to see new car insurers shake things up, bringing lower prices with them. Today Tonight found that most of us are unaware of the big differences in prices between insurers and the insurance companies rely on us not to check.

Taking 13 different car insurance providers, Today Tonight found a young driver could dish out $1500 more on the most expensive car insurance compared to the cheapest. The drivers circumstances didn’t change – same age, car make/model and address, the only difference was the car insurer. The same went for middle aged drivers, roughly a $700 difference between the lowest and the highest car insurance quotes and almost $350 difference for retirees.

Here at Mozo we can help you compare car insurance. We can’t give you instant price quotes just yet, but we can help you to compare all of the key policy features and options with over 38 insurers compared including customer reviews  and ratings, so that you can save time shortlisting the car insurers that have the best options and reviews to meet your needs.

And don’t forget, it’s not just car insurance that you could be getting ripped off on. The same startling differences occur in life insurance, home loans, credit cards, just about every finance product you can think of.

In our own investigations we’ve found differences of thousands of dollars on home loan repayments, savings accounts earnings and even credit cards with fees more expensive than the rewards they offer. Check out ‘Pay yourself a like a bank CEO’ showing the massive differences on home loans repayments,  business banks accounts , credit cards and personal loans too. Keep an eye out  for misleading terms like repayment amounts shown in percentages, there could be some serious cash hidden in a 1% difference rate. What we’re trying to say is don’t jump head first into murky finance waters, especially when there are easy ways to compare and save.

So, does you car insurer stack up? Let us know…

Does your car insurance stack up? was last modified: June 26, 2015 by Kevin Boyle

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  1. Car insurance is necessary to protect yourself and your loved ones financially in the event of an accident. It pays to do your homework before you buy. If you’d rather not spend the time on the phone with your insurance broker, an online car insurance quote provider is a quick and easy option to see where the vehicles stack up.

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