Sentry Page Protection
TIP STORE: HOUSEHOLD: Insurance
Save on Insurance Premiums!
I have House and Contents Insurance due each February and my Car Insurance due each July. I always manage to save on the quoted premiums just by going on the Chat Line and requesting a better deal. I have been with my current Insurer for many years and I have never made a claim. This week I saved $62 on my car insurance just by asking for a better deal and in February I saved $93 on my House & Contents Insurance. If you are a loyal customer and haven’t made a claim give it a go. You can always compare with other insurance companies and let them know you can get a better deal elsewhere. Nothing to lose and maybe something to gain!
Contributed by Annie Ponton
Contributed by Annie Ponton
Always Read the Fine Print Behind the Fine Print
Approximate $ Savings: $5,000
Just recently we had an experience where we had to claim on our landlord insurance due to property damage by the tenant. Much to our horror the $400 excess applied to every single item of damage and each was treated as separate claims. For example 10 holes punched in the wall is treated as ten separate claims. As a result of this rort we are out of pocket $5,112.40 (the amount agreed to by VCAT). As a result we have changed to a new insurance provider that has a $200 excess on two claims per year. Who would ever have thought that $5,112.40 worth of damage would result in an insurance cheque for damages totalling $78.50. We were covered for some rent arrears. Always read the fine print, behind the fine print.
Contributed by Christine McPherson, 27th February 2012
Just recently we had an experience where we had to claim on our landlord insurance due to property damage by the tenant. Much to our horror the $400 excess applied to every single item of damage and each was treated as separate claims. For example 10 holes punched in the wall is treated as ten separate claims. As a result of this rort we are out of pocket $5,112.40 (the amount agreed to by VCAT). As a result we have changed to a new insurance provider that has a $200 excess on two claims per year. Who would ever have thought that $5,112.40 worth of damage would result in an insurance cheque for damages totalling $78.50. We were covered for some rent arrears. Always read the fine print, behind the fine print.
Contributed by Christine McPherson, 27th February 2012
Perseverance Pays Plenty
Approximate $ Savings: $369
Insurance does pay! I had added my expensive mobile phone to my insurance as a "specific Item" (no extra cost) and recently had to claim for water damage to the phone. As it was over 12 months old that model was no longer available, I managed to convince the company that they pay me out and I would buy a suitable replacement myself. The payout was $699 and a similar "name" phone was now over $900! on to the internet, bothered all the local phone shops, back to internet etc. Lots of internet time later finally found what I wanted in a reasonably well known name for $330 (inc. extra 1 year w/tee and delivery) Frustrating at times but I saved over $570 on replacement cost and actually pocketed $369.
Contributed by Don Bryan, 21st June 2010
Insurance does pay! I had added my expensive mobile phone to my insurance as a "specific Item" (no extra cost) and recently had to claim for water damage to the phone. As it was over 12 months old that model was no longer available, I managed to convince the company that they pay me out and I would buy a suitable replacement myself. The payout was $699 and a similar "name" phone was now over $900! on to the internet, bothered all the local phone shops, back to internet etc. Lots of internet time later finally found what I wanted in a reasonably well known name for $330 (inc. extra 1 year w/tee and delivery) Frustrating at times but I saved over $570 on replacement cost and actually pocketed $369.
Contributed by Don Bryan, 21st June 2010
Home and Contents Insurance with Westpac
Approximate $ Savings: $270.00
I received my home and contents insurance in the mail a few weeks ago and was shocked that for the first time it was over $1,000.00. After talking to friends and family about their policies I realised I was paying way too much. I decided to shop around and see who could do me a better deal and was surprised that my bank was able give me the cheapest policy. As I have my home loan, savings accounts and a credit card with my bank, they were able to give me a big discount on the policy, with only a small increase in my excess being the only down side. But I increased the cover on the home and contents by over $30,000 from the old policy and still saved my self $270.00. My advice for anyone getting insurance quotes: go to the bank you currently deal with, and see what they can do for you. Like me you might save a bundle.
Contributed by Kelly, Acacia Ridge, 18th May 2010
I received my home and contents insurance in the mail a few weeks ago and was shocked that for the first time it was over $1,000.00. After talking to friends and family about their policies I realised I was paying way too much. I decided to shop around and see who could do me a better deal and was surprised that my bank was able give me the cheapest policy. As I have my home loan, savings accounts and a credit card with my bank, they were able to give me a big discount on the policy, with only a small increase in my excess being the only down side. But I increased the cover on the home and contents by over $30,000 from the old policy and still saved my self $270.00. My advice for anyone getting insurance quotes: go to the bank you currently deal with, and see what they can do for you. Like me you might save a bundle.
Contributed by Kelly, Acacia Ridge, 18th May 2010
Compare Policies and Save Enough for a Holiday!
Approximate $ Savings: $360/$480 a year
We have just bought a house so every cent saved is a good thing. We have four children ranging in age from ten years to three years and love to take them on holidays so my husband and I decided to take a good look at where we were spending our money so we could save up and take them on a holiday. One of the many places we found was insurance ..house, cars, health etc so we did some shopping around on the phone and the Internet to find that we could get a multi policy discount from one agency for our car and home insurances, which we were not getting from our present insurance company. We pay by the month and saved $30 - $40 a month which at the end of the year came to $360/$480 a year. We were amazed to see that we had just been using the same company for years and paying out whatever they asked. It definitely pays to shop around..we are going to look at our energy company and our phone/Internet company and see how much more we can save and add that to our holiday kitty or home loan. I recommend to all to have a good look at their policies and compare. Contributed by Samantha, Burpengary, 9th January 2010
We have just bought a house so every cent saved is a good thing. We have four children ranging in age from ten years to three years and love to take them on holidays so my husband and I decided to take a good look at where we were spending our money so we could save up and take them on a holiday. One of the many places we found was insurance ..house, cars, health etc so we did some shopping around on the phone and the Internet to find that we could get a multi policy discount from one agency for our car and home insurances, which we were not getting from our present insurance company. We pay by the month and saved $30 - $40 a month which at the end of the year came to $360/$480 a year. We were amazed to see that we had just been using the same company for years and paying out whatever they asked. It definitely pays to shop around..we are going to look at our energy company and our phone/Internet company and see how much more we can save and add that to our holiday kitty or home loan. I recommend to all to have a good look at their policies and compare. Contributed by Samantha, Burpengary, 9th January 2010
Home & Contents Insurance
Approximate $ Savings: $190
Last year my home and contents insurance was $514 and my policy said I had over 55s discount. It had risen sharply so I rang the company. I was not getting my over 55s discount and my policy was reduced down to $427 because my property was over insured. This year my policy was $696. I rang and was told that all policies had gone up. I was not satisfied. I rang back the next day, got another consultant and had it reduced to $506 with some changes. How can this be you ask? 1.Make sure your home replacement cost is not inflated. 2. Ask about multiple policy discounts. The consultant insured my $99 digital camera which gave me a discount and actually reduced my premium! 3. Ask yourself if you really need that small excess. The smaller it is the more your policy costs. 4. Remember to apply for an over 55's card for your 5% extra saving. 5. Don't give up. I was told emphatically on my first call that I wasn't going to get any kind of reduction.
Contributed by Helen, Dalby, 27th May 2009
Last year my home and contents insurance was $514 and my policy said I had over 55s discount. It had risen sharply so I rang the company. I was not getting my over 55s discount and my policy was reduced down to $427 because my property was over insured. This year my policy was $696. I rang and was told that all policies had gone up. I was not satisfied. I rang back the next day, got another consultant and had it reduced to $506 with some changes. How can this be you ask? 1.Make sure your home replacement cost is not inflated. 2. Ask about multiple policy discounts. The consultant insured my $99 digital camera which gave me a discount and actually reduced my premium! 3. Ask yourself if you really need that small excess. The smaller it is the more your policy costs. 4. Remember to apply for an over 55's card for your 5% extra saving. 5. Don't give up. I was told emphatically on my first call that I wasn't going to get any kind of reduction.
Contributed by Helen, Dalby, 27th May 2009
The Importance of Insurance
Approximate $ Savings: $5000
We all know the importance of being properly insured but it's something I want to reiterate. I've just recently lost the diamond from my engagement ring and although I'm disappointed, I'm not devastated because I've always had it listed separately on my home and contents insurance. The cover is for wearing it anywhere throughout Australia and I don't think it's overly expensive either (I think our total home building and contents insurance was well under $1000 for the year). In talking to people since losing my diamond I've been surprised how many people haven't got their jewellery covered or, even more surprisingly, people who have no contents insurance at all. I've spoken to my insurance company and the process to replace the diamond seems quite straightforward. I'm not entirely sure what financial repercussions will be - there's no excess but we have been getting a 25% no claim reduction on our insurance which we'd now lose but it's a much more positive situation than losing the diamond and having to replace it ourselves (or go without). If expense is the issue, shop around among insurance companies.
Contributed by Catherine, Burwood, 16th October 2008
We all know the importance of being properly insured but it's something I want to reiterate. I've just recently lost the diamond from my engagement ring and although I'm disappointed, I'm not devastated because I've always had it listed separately on my home and contents insurance. The cover is for wearing it anywhere throughout Australia and I don't think it's overly expensive either (I think our total home building and contents insurance was well under $1000 for the year). In talking to people since losing my diamond I've been surprised how many people haven't got their jewellery covered or, even more surprisingly, people who have no contents insurance at all. I've spoken to my insurance company and the process to replace the diamond seems quite straightforward. I'm not entirely sure what financial repercussions will be - there's no excess but we have been getting a 25% no claim reduction on our insurance which we'd now lose but it's a much more positive situation than losing the diamond and having to replace it ourselves (or go without). If expense is the issue, shop around among insurance companies.
Contributed by Catherine, Burwood, 16th October 2008
Insurance Policies
My husband and I had to renew our house and contents insurance recently. We were originally going through an insurance broker....we did not realise the amount of fees they were charging us for the service until we looked into our policy and who it was with. By looking at the company and policy on the Internet, not only did we get a nice surprise to find that we got an Internet price that was more than half of what we were paying through the insurance broker...By combining our house and contents and our car insurance policy all together we are actually paying less than what we were being charged by the insurance broker for just the house and contents policy.
Contributed by Sarah, Chancellor Park, January 2nd, 2006
Contributed by Sarah, Chancellor Park, January 2nd, 2006
Ring Around for a Better Price
Insurance companies seem to call around the time your current policy reminder comes in the mail. Although this can be really annoying it can be would the 10 to 15 min call to see if they can offer you a better deal. I have just done exactly that and reduced my yearly premium by $270 for the exact cover. This was a company that i had approached before and they could not offer better at the time but now they could. They asked what my current amount I pay and with whom but I avoided answering as this can impact on a quote. It's worth reviewing your insurance annually and save those $$$$$. Contributed by Denette, Mt. Evelyn, September 5th 2006
Half a Day's Work Yields $1200
Approximate $ Savings: $1,200
When I received a letter from our home insurance company with the price of our insurance renewal for the next 12 months, I was shocked to see the price had increased by over $100 from last year. I took the time (about half an hour)to get a few online quotes, and got a quote for $150 less from another insurance company. I phoned my current insurance company and asked them if they could match the price - they went one step better and beat it by 10%. Feeling quite happy with my saving of $165, I started reviewing our other household bills and costs. In half a day I had phoned our gas and electricity supplier, and brokered a deal for a 15% discount based on the fact we use them for both utilities and always pay on time, and also had organised a considerable discount on our car insurance because we insure two vehicles through the same company, have never had an insurance claim and have been with them for over five years. The big one was our phone company - I really had to haggle here, but ended up getting three months of no supply charge and free calls to my and my husband's mobile phones (for up to 3 minutes per call) based on being a loyal customer - a substantial saving since we phone the mobiles from home quite often. All up, based on the next 12 months, I have saved approximately $1,200. Not bad for half a days work!
Contributed by Donna Blight, 15th February 2011
When I received a letter from our home insurance company with the price of our insurance renewal for the next 12 months, I was shocked to see the price had increased by over $100 from last year. I took the time (about half an hour)to get a few online quotes, and got a quote for $150 less from another insurance company. I phoned my current insurance company and asked them if they could match the price - they went one step better and beat it by 10%. Feeling quite happy with my saving of $165, I started reviewing our other household bills and costs. In half a day I had phoned our gas and electricity supplier, and brokered a deal for a 15% discount based on the fact we use them for both utilities and always pay on time, and also had organised a considerable discount on our car insurance because we insure two vehicles through the same company, have never had an insurance claim and have been with them for over five years. The big one was our phone company - I really had to haggle here, but ended up getting three months of no supply charge and free calls to my and my husband's mobile phones (for up to 3 minutes per call) based on being a loyal customer - a substantial saving since we phone the mobiles from home quite often. All up, based on the next 12 months, I have saved approximately $1,200. Not bad for half a days work!
Contributed by Donna Blight, 15th February 2011