Five surprising discount opportunities show that insured Australian drivers may have overpaid. This is the trick your auto insurer does not want you to know.
An important study found that the national car insurance average is $724 less when picking the cheapest insurer instead of the most expensive one. By the city, prices can vary even more significantly. For example, Sydney had a price difference of $928.1 During June – 1,236 Australian drivers have trusted this simple process to get extreme insurance discounts.
After much research and feedback, we've posted the following list of discounts that may very well help you find a winning insurance company. Without this guide, many of these discounts are difficult to find online, but please contact us if we've missed any discounts or if they've changed. Find our top 5 below (and how to save the most with them).
If you are at least 25 years old, you are in at least one of 3 age brackets that will give you an extremely high discount. Each insurer greatly varies their discounts. Companies have a risk-calculator that assumes drivers become careful as they age. The surprising part is that a 49 and a 50 year old will pay dramatically different rates at one insurer, but nearly the same rate at another insurer. These exact age brackets vary by the insurer because they all analyze different sets of data.
The popular age brackets are if you're at least 25, you get the largest discount. Furthermore, if you're at least 30 or 50, you'll get another discount. Those over 50 often get extra savings because they get a retirement or low mileage discount.
There are a few insurers that will give a discount for no traffic tickets within 5 years. Secondly, having no car accidents in the last 5 years shows to an insurer that you're skilled at avoiding accidents and your care while driving.
Next, to max out your savings, this brings us to vehicle discounts.
If your car is parked in a garage most nights, a factory-installed alarm, or a tracker – you qualify for a discount. If you qualify for 2 or 3 of these discounts, the savings may be extremely high. If an insurance company believes your car is LESS likely to be in an accident, they'll give you big a discount. This may be because you have anti-lock brakes. It's the same thing if you have a car alarm or theft-deterrent features because they're now less likely to have to replace your vehicle.
Additionally, if you live in a qualified postal code or neighborhood without a lot of thefts, you can save even more. Has your agent told you these discounts?
Consumer watchdog groups have warned that insurers unfairly hike up loyal customers’ rates just to maximize profits – insurers call it “price optimisation.” This means your insurer uses "big data" about you and other drivers. Based on their results, they'll give you the highest rate they think you'll spend.
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Discount Drivers shows how safe drivers are considered low risk to certain insurers. Comparing as many insurance rates as possible is an almost certain guarantee to get the lowest rate.
Many insurance companies see drivers as a huge financial risk. Some of these insurers have decided to reward good drivers (without a recent ticket) with highly discounted rates.