Have you been wondering why your Car Insurance premiums keep climbing every year while you haven’t made any claims? Rising premiums are not something you have to accept. Read on to learn more about what you can do to keep your premiums down and get the best deals on car insurance.
Car Insurance premiums are always rising but you can choose to pay less. Premiums rise for a number of reasons and you may be surprised to see that the main cause is not that insurance companies like to rip you off. The main reason lies within the fundamentals of car insurance costs which are not just about you but also about the other drivers on the road too.
Good to know
Comprehensive car insurance is increasingly viewed as unaffordable as the number of uninsured drivers on the road is increasing as a result. If these uninsured drivers cannot afford to pay for the damage they cause to an insured vehicle then the insurance company may have no way of reclaiming these costs and may choose to write off the debt. This will increase the costs of your insurer and in turn increase the costs of your car insurance. Fraudulent claims aren’t just morally wrong but they are also increasing your premiums. If your insurer is paying out fraudulent claims or claims that they shouldn’t be paying out then the cost of running their business increases. These costs are then passed on to you and are reflected in the increases to your car insurance premium.
The increasing costs of legal action are also driving up the costs of car insurance. While the number of claims requiring legal action is not increasing in any dramatic way, the costs of going to court or making a settlement is increasing. As your insurer is spending more money on claims of this type their costs are increasing and these business costs will be passed on to you.
Things that will save you money
Insurers are offering their best price to new customers! Don’t leave things the way they are and hope that your insurer is looking after your best interest. Chances are there is a policy out there that will better suit your needs and an insurer who will reward your business with a great price. Be proactive, shop around and compare quotes for competitive car insurance policies now.
Loyalty usually doesn’t pay when your business is taken for granted. Competition in the car insurance market is livelier than ever with many new entrants offering well priced policies. Do yourself a favour and check out the competition, shop around and compare quotes online and start saving.
Review online quote estimates from participating providers (though not all may be listed for every quote):
Budget Direct, Virgin Money, Ozicare, 1stforWomen, ibuyeco, Cashback, Retirease and AI Insurance.
Disclaimer
Nothing in this car insurance comparison service should be taken as constituting personal advice. It has been prepared without taking account of your objectives, financial situation or needs. Before you buy a car insurance policy you should consider whether it is right for you. Whilst policy features are listed here, it is only a summary and does not describe all policy details. Be sure to read the insurer's Financial Services Guide and Product Disclosure Statement before deciding to buy. Quotes are estimates of premiums of our participating providers. As with all insurance premiums, these are subject to underwriting and may change. See InfoChoice's Financial Service Guide. InfoChoice Ltd ABN 93 061 105 735 AFSL No. 349445