Just got my renewal notice for car insurance and the bill has gone from $608 last year to over $1800.
Called company involved and they said it wasn't a mistake and that my changed status has caused the increase in premium (fiance' had a minor prang).
Got online and by second quote with full disclosure of said prang and within 5 minutes have a quote for $447 and almost identical policy provisions.
This got me thinking about other insurance policies that I have and policies that I should have, and am starting to think a broker may be the way to go.
Given the savings I could achieve in 5 minutes on the internet, does the cost of a broker cover itself when compared to policy savings they could make?
Are brokers interested in dealing with households? and
Is there benefit in rolling all policies (eg home/contents/car/income protecton/health and travel) into the one insurer?
Thanks.
Maybe a broker can help however with a bit of time and an Internet connection good deals can be found. Last year we were searching for insurance for my wife's car. The usual big insurers wanted around $800. This is for a very basic, small, cheap and fairly new Japanese car. I went to check out Coles Insurance. They offered to insure the car for $330.
We took up the deal and as a bonus once a month we can fill up a car and get a 12 cents a litre discount.
I use a broker for my personal insurances and they do hunt around for the cheapest deal - but only with the providers they deal with. Mine doesn't search every insurer for a quote.
Also if I'm doing a bit of checking on my insurance I cross check on CANNEX to see if I'm getting the basic coverage I want. Cannex rates all financial products and is a pretty good resource to use....
