How Much Could You Save?

Most people accept renewal quotes without question. Research consistently shows that switching insurer at renewal saves an average of 15–30% compared to auto-renewing with your current provider. Loyalty is penalised in the insurance industry — new customers almost always get better rates than existing ones.

  1. 1

    Shop around every single year

    Get at least 3 quotes before renewing. Use comparison sites (comparethemarket.com.au, iSelect, Compare the Market) and also go directly to insurers not on those platforms. This single step saves more than all others combined.

  2. 2

    Use quotes as leverage

    Call your current insurer with a better quote from a competitor and ask them to match it. Many will reduce their price rather than lose you. If they will not match, switch.

  3. 3

    Increase your excess

    A higher excess (the amount you pay in a claim before insurance kicks in) means a lower premium. If you have an emergency fund and drive carefully, a higher excess is a reasonable trade-off. Calculate the annual saving and compare it to the additional excess you would pay if you claimed.

  4. 4

    Accurately estimate your kilometres

    Most insurers price based on annual kilometres driven. If you work from home, drive less than average, or rarely use the car, ensure your estimated km is accurate and low. Overestimating means overpaying.

  5. 5

    Pay annually, not monthly

    Monthly premium payments typically cost 10–15% more per year than paying annually. This is effectively an interest charge. Pay the lump sum if you can afford it.

  6. 6

    Park in a garage if possible

    Cars garaged overnight are statistically less likely to be stolen or damaged. Many insurers offer a discount for garaging.

  7. 7

    Check if telematics (black box) suits you

    Usage-based insurance tracks your actual driving behaviour via an app or device. Safe, low-mileage drivers often save 20–30% this way. Worth considering if you drive infrequently or have a clean record.

  8. 8

    Bundle with home insurance

    Many insurers offer 10–15% multi-policy discounts when you have both home and car insurance with them.

Do not under-insure to save moneyReducing your cover level to third party only to save on premiums can leave you exposed to large bills if your car is written off or seriously damaged. Make sure the cover level matches your actual risk.

Frequently Asked Questions

In Australia, insurance quotes are a soft inquiry and do not affect your credit score. In the UK, the same applies — comparing insurance is a soft check only. You can get as many quotes as you like without any credit impact.
Yes — older cars are generally cheaper to insure (lower replacement value) but some older models have higher theft rates which can increase premiums. The car's repair cost, safety rating and the likelihood of it being stolen all factor into the premium calculation.