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With insurance premiums rising across Australia, one Hawkesbury resident has discovered that a few minutes online can save hundreds even thousands of dollars.
Tracey, from Kurrajong Heights, recently saved $1,100 about 25 per cent on her insurance premium simply by switching providers.
The surprising part? The new policy had exactly the same specifications and coverage as the one she had held for years with another major insurer.
And the whole process took less than 10 minutes.
Ten Minutes Online, $1,100 Saved
Tracey said she decided to check her policy renewal online after hearing repeated warnings that insurance prices have been climbing.
Instead of automatically renewing, she went onto an insurance comparison website to check alternatives.
Within minutes she had several quotes.
“I entered the same details and policy specifications and got a quote that was $1,100 cheaper,” she said.
“It was the same coverage and the same excess everything matched.”
Tracey said she switched insurers immediately.
“It took less than ten minutes. I couldn’t believe how easy it was.”
Loyalty Doesn’t Always Pay
Tracey said she had stayed with her previous insurer for many years, assuming loyalty would lead to better pricing.
But she recalled hearing advice from a well-known television finance commentator who warned that this is no longer the case.
The advice was simple: shop around every year.
“He said there’s no real benefit in loyalty anymore,” Tracey said.
“Insurance companies rely on people just renewing their policy without checking.”
Compare Every Insurance Product
Financial experts increasingly recommend consumers review all insurance products annually, not just home insurance.
That includes:
- Car insurance
- Comprehensive motor vehicle policies
- Green slip (CTP) insurance
- Home and contents insurance
- Health insurance
Many comparison websites allow consumers to check multiple insurers in minutes.
Because insurers regularly adjust their pricing, the cheapest provider one year may not be the cheapest the next.
Small Effort, Big Savings
Tracey said the experience has changed how she approaches household expenses.
“I’ll definitely be doing it every year now,” she said.
“It’s such an easy thing to do and the savings can be huge.”
For families already feeling the pressure of rising costs, she says the lesson is simple.
“Take ten minutes, go online and compare you might be surprised at how much you can save.”
