Money Hack: Hunt and stack up car insurance discounts

Andrew Munro 17 June 2017

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Save every year, and it adds up quickly.

Looking for discounts on insurance premiums can save you big over time. Many insurers offer considerable loyalty bonuses to long-time customers. When combined with multi-policy discounts these can save you money year on year.

As such, it can pay to look for one insurer who has everything you need under one roof.

The hack

Look at the discounts just as you would look at other policy terms and conditions. To use one example, RACQ will let you save up to 20% on your home and contents insurance as well as offer additional 5% discounts for multi-policies including car, motorcycle, caravan, trailer, pet and classic car insurance.

You can also accrue rewards for consecutive membership on RACQ's roadside assistance program with the highest level of rewards being available after 50 years. Or, a lifetime of loyalty.

Similarly, AAMI offers rewards annually in the form of credits towards next year's premiums and policy discounts for loyal customers. After 10 years you can get 25% off your premiums and 15% credit towards next year's premiums.

Note that conditions may apply. For example, these rewards might only apply for individual policies rather than for how many years you have been a customer. As such, if you have multiple vehicles you might have different levels of loyalty benefits for each.

It's worth looking around for loyalty rewards when you're considering your policies. If you're looking for multiple cover types, then it can also be worth considering how you might be able to benefit.

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