Should You Change Your Car Insurance?

Posted by Motorama in Buyer Advice

Insurance isn’t interesting (until you have an accident!)

But you could be saving money, by doing these quick checks!

Check your details

If you’ve moved house, changed suburb or even if you’ve bought a jet-ski, put it in the garage, and your car now lives on the street, it might be worth checking your insurance policy as your premium might have changed. If there’s very little off-street parking (i.e. closer to the city) or your suburb has had a high amount of cars stolen over the last year, assessors may up your premiums; so it’s important to re-check the fine print.

Check your coverage

Even if you haven’t changed vehicles, your coverage may not suit your driving situation anymore. Every year, insurers alter their policies that may be beneficial for you – or maybe not. Despite not being the most fun task, taking the time to review your insurance policy may end up saving you money as you may be able to switch to a different policy that suits your needs better.

Check your inclusions

As well as thinking about what’s changed over the last year of your policy, look into how you’re going to be using your car going forward. For example, if you’ve got a learner driver to teach, it might be time to look at who the nominated drivers are on your policy (in case of a crash) and updating your details with the insurance company.

Check your licence / driving history

If you are thinking of changing your insurer, consider your recent driving history. Changing your insurer usually means digging up not only your claim history, but also whether you’ve had any recent traffic infringements.

Some insurers hike up your premiums if you’ve had any licence suspensions or disqualifications within a certain time period – while some may refuse to insure you if you’re in a high enough risk category, for example if you’ve had a lot of speeding fines or crashes where you’ve been at fault, you may be locked out of insuring high powered vehicles.

Check your budget 

Sometimes it’s just as simple as checking the big numbers on your insurance, to compare against other policies. Of course, you have to assess your needs against the cost – sometimes the cheapest policy isn’t the best for your situation, while spending more money might not get you a better return for your premiums. While it’s up to you how much you’re willing to spend on your premiums, it’s always good to have coverage that’s tailored to how you use your vehicle. It’s no good to have fully comprehensive insurance on a car that you don’t use that often, or having a bare bones policy on your daily driver that’s up and down congested roads filled with other commuters who may not being paying full attention to the road.

At Motorama, our Business Managers work with Allianz, one of Australia’s largest automotive insurers to tailor insurance solutions that work to suit your lifestyle. If your insurance needs have changed, speak to our friendly team about your coverage, especially if you’re thinking of changing vehicles.