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Wednesday 19 February 2014

1 car with many different quotes; the range between the highest and the lowest premium is $951

Today, I did a case for a single 27-year-old lady with No Claim Discount (NCD) of 10%.
Below are the quotes that I have sourced for her

Current Insurer Renewal $2,480, excess $600
1. Insurer A  $3,121, excess $400
2. Insurer B  $2,798, excess $500
3. Insurer C  $2,433, excess $600
4. Insurer D  $2,398, excess $2,000
5. Insurer E  $2,225, excess $400 >>> She chose this proposal
6. Insurer F  $2,170, excess $1,400
7. Insurer G  declines as insured age is under 27 year old
8. Insurer H  declines as insured age is under 27 year old
9. Insurer I  declines as vehicle is more than 7 year old

The quoted plans are all Authorized Workshop Comprehensive coverage.
She got a deal with a lower excess of $200 and saved $255.

Imagine if she is currently insured with Insurer A and she does not bother to source for more quotations, then she will be paying an extra of 42.7% with respect to the chosen plan's premium.

Hence, the moral of the story is that you need to source for the best deal in order not to overspend. The savings can be used to pay for the road tax instead.

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