Ten minutes work saves $126

My comprehensive car insurance is up for renewal this month, so I did the usual thing of shopping around for quotes. AAMI came up with a price of $127 less than my current insurer, NRMA. I called NRMA and said I'd received a much cheaper quote, and asked if there was anything they could do to stop me leaving. In a couple of minutes NRMA was able to knock almost exactly the same amount - $126 - off their previous quote. The call centre operator said he did this by applying loyalty discounts and changing the agreed value of my car to its market value.

The experience raises a few questions - why wasn't NRMA already applying the car's market value to my quote - and why weren't all the loyalty discounts applied before I picked up the phone and threatened to take my business somewhere else?

Regardless, I'll proceed with NRMA's new price. I know it's a reasonable policy as my CHOICE colleagues gave it a good rating for NSW adult drivers in our most recent comparison of comprehensive policies. I also understand that in the unlikely event of my car being written off in an accident, the 'market value' insurance payout would be lower than the slightly inflated agreed value - a risk I'm willing to take for the $126 premium saving.

You can find more information about getting the best cover in our car insurance buying guide and Cecilia's blog. Visit our car insurance comparison article for side by side reviews on major car insurance providers.

And if you have money saving and insurance tips for other CHOICE members, you can share them in the comments box below.