Insurance premiums going up? Avoiding claims isn’t the answer – but this is
New Finder research has revealed 4.5 million Australians are dodging insurance claims to save money. But there is a better way to cut the cost of your premium.
Our analysis of more than 1,000 respondents found home and car insurance were the top two types of claims avoided (9%). Pet insurance (4%) was another product Australians dismissed claiming.
Despite the peace of mind insurance is meant to provide consumers, Finder's personal finance and insurance specialist, Taylor Blackburn, explains our policies are starting to leave us in a pickle.
"Opting out of pet, health or car claims is a signal that many households are walking a financial tightrope."
"Is the value of the payout worth a more expensive policy? If it is a minor claim, many Aussies are choosing to sort the issue themselves."
He also reminded Australians of the dangers of skipping insurance claims, even for minor hiccups.
"Skipping a claim might save you money short-term, but it can backfire if a small issue snowballs into a major one."
"If fear of premium hikes stops people from using their cover, it undermines the very purpose of having insurance in the first place."
Fortunately, Australians don't have to worry about their health insurance premium.
"Rest assured that with health insurance you'll pay the same premium for the same product regardless of your age, health status or claiming patterns," Blackburn explained.
Thinking of switching policies?
Find better insurance today
How to cut premium costs and find a policy that works for your budget
Australians don't need to miss out on cover to save a few dollars. With a few simple tips, you could be well on your way to a more cost-friendly policy.
- Refuse to simply renew. At renewal time, don't just accept the new price your insurer provides. Compare current offers to see if there's a better deal available. Your insurer may be inclined to price match to keep you on as a customer.
- Reassess your extras. Many insurance policies often come with add-on perks that you may no longer need. Review your current policies and remove any unnecessary extras from your policy to help cut costs.
- Take advantage of sign-up discounts and offers. Insurers will often have sign-up discounts or exclusive offers for new customers, which can help you save a few bucks in your first year. For example, Finder is currently offering a $500 digital Visa card to eligible customers who switch their health insurance, including hospital and extras cover, to HBF through the Finder Comparison Service.
Find a better deal on your insurance today
Whether you're after a new home or health insurance policy, you can compare and switch through Finder.
Ask a question