Consider a higher excess to reduce car insurance premiums

Aussies hoping to reduce the amount they pay for car insurance policies may want to consider increasing the excess they are liable to pay in the event of an accident.

The excess is the amount people will have to pay themselves when they claim, but those who are willing to pay a larger sum could find their monthly payments are lower.

One of the disadvantages of claiming on an insurance policy is that it can invalidate no claims bonuses, so many people will not call their provider in the event of a small incident.

Those who are willing to pay for small repairs themselves may find they do not need to pay extra for a lower excess on their car insurance.

Of course, Aussies need to weight up their own situation carefully, because while a higher excess can mean lower premiums, if there is a need to claim, they could find they have to pay a significantly larger sum out of their own pockets.

In the latest Mozo People's Choice Awards, Shannons was voted the Best Car Insurer, while Youi was named Best Value for Money.ADNFCR-1761-ID-800742027-ADNFCR