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Tips for saving on your insurance bills
You can save hundreds of dollars a year, if you just take a little time to look over your insurance bills.
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We get it, insurance is boring. But what if we said you could save hundreds of dollars just by doing a little homework? Well, you can. And we're here to help.
How to save on your health insurance
Health insurance is made up of two separate products: hospital cover (for in-hospital services) and extras cover (for out-of-hospital services, such as dental).
Around 47% of Aussies have hospital cover and nearly 56% have extras cover, making health insurance one of our most regular bills. Despite this, Finder research shows that the average Australian only switches health funds every seven years.
With the average policy costing around $160 per person per month, switching can make a huge difference to your back pocket.
When you are looking for policies, it's also good to check what you're paying for so that you have a clear understanding of what you're covered for. It's important to note here that the level of cover you choose is up to you – but it's best to know all your options so you can get a little more bang for all those bucks you're paying out each month.
Steps you can take:
- Log in to your online account. Most health funds in Australia now have a pretty good online experience, so this part is easy. If you don't have login details, you might have to look through your old emails and find your policy number to set one up.
- See what you're signed up for. Get an idea of what you're paying for. Check whether you have hospital cover, extras cover, or both. Also check your current limits and how much you've used on extras, as well as what hospital treatments you're covered for.
- Look at your hospital and extras separately. Hospital cover will cost you more money, but extras is where things like dental and massages come in, which aren't covered by Medicare. If you don't use your extras policy, consider cancelling it and taking out hospital only cover.
How much does it cost?
Hospital (If you're over 31 and haven't had cover, you'll also have loading)
| Tier | Monthly average cost | Includes |
|---|---|---|
| Basic | $71.20 | Ambulance cover |
| Bronze | $86.80 | Joint replacements, adenoids & cancer |
| Silver | $105.65 | Dental surgery, lung, chest & heart issues |
| Gold | $168 | Pregnancy, IVF & weight loss surgery |
Extras
| Level | Monthly average cost | Includes |
|---|---|---|
| Basic | $12.85 |
|
| Mid | $34.95 |
|
| Top | $81 |
|
- Start your comparison. If you're not happy with what you're paying for, it's worth comparing new options. There are over 30 health funds in Australia, each with at least 3 different levels of cover. Here are a few things to keep an eye out for:
- Extras – The limit amount for each treatment. This is how much you can claim throughout the year.
- Hospital treatments – This is your treatment inclusions such as elective treatments or pregnancy. When reviewing, consider exactly what you need as the level of cover dramatically changes your price. For example, if you've had pregnancy cover in the past, this is a top Gold hospital policy – it could be a good time to drop your cover level if you're not planning any more kids.
- Excess – This is the amount you would have to pay if you actually use the private hospital. The lower your excess, the higher the premium.
- Use a sign-up offer. Make the switch. Your new health fund will usually do the hard work of breaking up with your old health fund. There are always plenty of sign-up offers in the market too so you could score a month free or get a gift card.
A few more health insurance tips:
⚡Use your extras. Most extras policies include a yearly routine dental check-up, often with no out-of-pocket costs. Seeing the dentist a couple of times a year is one of the easiest ways to get value for your money.
⚡Don't sign up for a couples policy. You won't save any money by sharing a policy, and it could actually cost you more. For example, if you're on a top policy for pregnancy, you're both paying for treatment when only one of you needs cover.
⚡Switch regularly. Your hospital waiting periods will carry over to any new policy, so if you've already waited 12 months for pregnancy, you won't lose this by switching. As long as you're paying less for the same (or more) cover, your loyalty won't actually help you. There are always plenty of sign-up offers in the market too so you could score a month free or get a gift card.
How to save on your car insurance and running costs
We took the average of 10 car insurance brands and found that the average monthly car insurance premium cost was:
$46 for Third Party Property Damage insurance
$134 for Comprehensive insurance
Note: Keep in mind that these prices are for a 41-year-old female Sydney-sider. Your cost will be determined by a multitude of factors, including how old you are, your sex, the type of car you drive and where you live.
Comparison of the monthly car insurance costs in Australia
| Brand | Third Party Only | Comprehensive | Apply |
|---|---|---|---|
Coles | N/A | $130.83 | Get quote |
Bingle | $31.28 | $100.42 | Get quote |
AAMI | $55.29 | $139.17 | More info |
Budget Direct | $48.60 | $135.76 | Get quote |
Virgin Money | $49.51 | $138.26 | More info |
GIO | $55.83 | $128.14 | More info |
Suncorp | $82.66 | $182.55 | More info |
NRMA | $45.04 | $99.97 | More info |
CGU | $18.18 | $130.41 | More info |
QBE | $28.96 | $149.51 | Get quote |
Quotes obtained September 2021
Your cost will differ depending on your circumstances. Some things that can affect the cost of your quote include your gender, the type of car you drive, the colour of the car, how long you have been driving, the amount of cover you need, plus more. Be sure to read the PDS to find cover that suits you.
If your premiums have been rising, or you just signed up for a policy at the dealership, it could be a good time to review your policy.
Here's how you do it:
- Don't let your policy auto-renew. You might think that the longer you're with your insurer, the more they will reward you, right? Wrong. Some people are paying more each year just for being loyal. Don't be one of them! An easy way to not pay the loyalty tax is to look for a better deal every renewal period – half an hour of comparing quotes could save you hundreds of dollars.
- Don't skimp on cover. Some policies will be cheaper if they give you market value for your car (as opposed to agreed value) – or they might not give you a choice of repairer. This might save you some money in the short run, but will actually become important if you need to make a claim.
- Don't get hung up on a particular brand. It can be tempting to fall for a company because it's familiar – you've seen it on TV; your parents were with them; you've "heard" they're good. You're better off looking for a policy that suits you and your circumstances rather than getting suckered into a company with a big marketing budget.
- Compare, compare, compare. This is probably the most important tip to getting the best car insurance deal for you. Set aside 30 minutes and fill in a bunch of quotes. You can even use autofill via your browser (or even better, a secure password manager) to make the job easier.
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Don't miss these tips:
⚡Check where you're getting your car serviced. If your car is no longer under warranty, you don't have to go with your car dealer's servicing team. You could save money by shopping around for other options.
⚡Fill up while fuel prices are low. Prices fluctuate by up to 50 cents a litre some weeks, so keep an eye on prices and when you notice a dip in your area, fill up the tank.
⚡Weigh up whether you really need your car. If you own a car but don't use it much, consider whether it's worth keeping. Between GoGet, Uber and just grabbing a e-bike, there are plenty of other options. The below chart from Finder research shows some side-by-side cost breakdowns depending on your weekly trips.
| Trip length | Trips per week | Cheapest | 2nd cheapest | 3rd cheapest |
|---|---|---|---|---|
| 30 min | 2 | GoGet $1,344 | Uber $3,518 | Own car $4,159 |
| 30 min | 6 | GoGet $3,558 | Own car $4,549 | Uber $10,742 |
| 30 min | 12 | Own car $5,132 | GoGet $6,756 | Uber $21,484 |
| 60 min | 2 | GoGet $2,492 | Own car $4,354 | Uber $6,878 |
| 60 min | 6 | GoGet $5,135 | Own car $6,756 | Uber $20,633 |
| 60 min | 12 | Own car $6,305 | GoGet $13,152 | Uber $41,265 |
Picture: GettyImages
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