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Why you are more likely to get divorced than switch insurers

By Cameron Micallef · May 23 2019
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Why you are more likely to get divorced than switch insurers

By Cameron Micallef
May 23 2019
Reading:
egg
egg
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Bride and groom on top of cake

Why you are more likely to get divorced than switch insurers

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By Cameron Micallef · May 23 2019
Reading:
egg
egg
egg
Bride and groom on top of cake

Only one in five Australians switched insurance providers in the past 12 months, according to Roy Morgan, while the nation’s divorce rate has risen to two in five.

The co-founder of GetReminded, Silje Dreyer, believes that statistically we are more loyal to our insurance providers than our partners.

“It’s crazy to think the divorce rate, which impacts two in five Australians, is higher than people wanting to get the best value for money when it comes to household services,” said Ms Dreyer.

According to Ms Dreyer, this loyalty to our insurance providers is costing everyday Australians.

“Families can save around $2,800 a year on household expenses by knowing when contracts end for basic services,” said Ms Dreyer.

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“Over the last year, more than three-quarters (78.4 per cent) of general insurance policies were renewed with the same company without approaching any other companies – an increase on the previous year when it was 77.5 per cent and currently represents 38.3 million policies,” said Ms Dreyer.

5 tips for savvy savers

According to Ms Dreyer, it is important for consumers to consider their individual needs and get a policy to match.

  1. Excess – If a policy with a higher excess is taken out, it will reduce the insurance premium or a low excess will do the opposite and increase premiums. Know what works best for you.
  2. Inclusions and exclusions – It is important to know what the policy covers. For example, some car insurance policies include windscreen replacement while others do not.
  3. Shop around – Most insurers will offer a newer customer a bigger discount in an effort to generate new business. If nothing else, by shopping around, consumers can better negotiate with their current provider.
  4. Last minute payment – Know ahead of time when your policy is due.
  5. Grouping policies – Grouping all policies with one provider seems sensible, but ensure each policy coverage is what is required. The bulk savings might be at the expense of something really important to your circumstances.

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Why you are more likely to get divorced than switch insurers
Bride and groom on top of cake
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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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