Monday, August 29th, 2011 - Your Money Magazine
Recent reports indicate car insurance will cost Australians a total of $6.3 billion this financial year, with the average cost of running a car now over $5000 a year.

While insurance is an essential part of owning a car, some policies offer better value for money than others. To find out which policies were worth their price, Your Money Magazine compared quotes from 33 comprehensive insurance providers across four major categories. The results revealed substantial savings of up to 50 per cent and more were possible by switching to the lowest-cost policy.

Your Money Magazine managing editor Jackie Pearson said there were some incredible deals out there for cost-conscious drivers.

“We found the price of the insurance premium quotes varied significantly between providers,” said Pearson. “While most providers increase their prices slightly for on-street parking or if a driver has had an at-fault accident in the last 12 months, some hike their prices substantially so if you fall into that category you should shop around to make sure you are not paying more than you need.”

Pearson said it also makes sense to look beyond the quoted price and ensure the policy offers the right features.

“The most important thing to do is to read the provider’s product disclosure statement (PDS) as you don’t want to get caught out if you have an accident,” said Pearson. “Some providers sacrifice important features in order to offer a cheap premium quote so you need to check the fine print carefully.”

“The providers that came out ahead as ‘Editors Choice’ offered reasonable features at a fair price, so they are a good place to start if you are looking for better value insurance,” said Pearson.

Your Money Magazine’s top tips on finding the best car insurance include:

• Do your research and compare at least four or five providers before signing up to a policy

• Make sure you are completely truthful about your driving history and situation or the whole policy can become void when it comes time to claim

• If you already have other insurance such as home and contents, check to see if you can bundle car insurance into the package for a cheaper premium

For more information about the top performing insurance policies plus the latest money management news and updates, pick up the current issue of Your Money Magazine. On sale at leading newsagents and online at www.yourmoneymag.com.au.

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Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

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Lisa Narroway
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