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Compare policies at each renewal — check CHOICE's recommended policies for carhealth and home/contents insurance to save money and ensure good cover.

It’s fairly simple — you’ll need to check prices with a few companies to find the best value and it’s also worth reading a few policies (they’re accessible on the companies' websites) to ensure you get suitable cover. Then, once the new insurance is set up, make sure any direct debit payment arrangements with your old insurance company have been cancelled.

Differences between premium costs that we’ve found over the past year for different types of insurance give an indication of the possible savings:

Car insurance

Our most recent comparison finds the differences between the lowest and highest quotes between insurers were, on average:

  • $2230 for young drivers
  • $315 for adults and
  • $340 for older drivers

For more information and policy ratings, see our Car insurance report.

Home insurance

We found the annual premium differences between the cheapest and dearest insurers was $280 for defined events home cover and $190 for contents.

Some companies offer better protection against underinsurance, such as the total cost of rebuilding your home, or 25% to 30% more than you were covered for, if you’re underinsured.

For details and policy comparisons, our Home and Contents insurance report.

Health insurance

Our recommended policies could save you, on average, $540 to $710 each year, depending on the cover and excess or co-payment chosen. See our Health insurance report.

Travel insurance

Travel agents traditionally sold most policies, but this enabled them to get away with high prices. Some agents keep more than 50% of what you pay as their commission.

You can pay less online, where some of the same policies are available for lower prices. Just make sure the cover is sufficient. For advice on what to look for when choosing travel insurance, see our Travel insurance buying guide.

Bundling for a discount

We got conflicting reports from members about whether combining policies with one insurer saves money. Some found that bundling was cheaper. But others found that switching between the best-value insurer at each renewal was better value, even after taking 'loyalty' discounts into account.

While some insurers give discounts on their standalone policy prices to customers who have several policies with them, you might still be better off shopping around for each policy separately. Another idea is to ask your present insurer to match the best price you’re quoted.


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