Switching car insurers – How to switch

You could save over $300 per year by switching!

Most people can save money quite easily by switching their car insurance to a lower cost option. Choosi research shows that on average Australians could save over $300 per year by switching their car insurance. Many people have actually saved nearly $1,000 per year!

This may surprise you so it's worth explaining why so many Australians are paying too much for their motor insurance. Up until recently there have not been that many genuine car insurance options to choose from so most people have ended up with the big old insurance brands you see advertised a lot like NRMA and Suncorp. These are often more expensive policies. The good news is that there are now more choices and more healthy competition in the car insurance market than ever. This means better value car insurance for you.

What you need to do is compare your existing car insurance premium and benefits to the other options that are available to you. With websites like choosi.com.au it only takes a few minutes to compare many car insurance policies in one place, to find out if you can save.

How to switch

Once you have compared and chosen a better policy for you, switching is very simple.

You don't need to wait for your current car insurance policy to come up for renewal before switching. You can cancel at any time and if you paid inadvance and have made no claims on the policy you could receive back the portion of your premium you have paid back from your existing insurer (relating to the remaining period of the policy). Your insurer may charge an exit fee but this is generally only approximately $30 and it could be a lot less than the amount you will be saving.

Follow these 3 simple steps:

1. Complete the application and pay for your new car insurance: you can get your new car insurance online or over the phone with Choosi.
2. Cancel you existing car insurance policy: ensure the end date coincides with your new policy start date.
3. Save!

Posted: 26 Apr 2012