Letter to SMH today
Main threat to our budget is galloping insurance premiums. House&Contents, Car, Green Slip, two income protection insurance policies, two life/trauma policies, Health. IPI has been increasing at well over 10% per year for years - my premium has gone from $600 to over $1000 since 2013 - while my income has changed very little and I have not had a big birthday. That is not sustainable but they can and do get away with it. We were accurately insured for replacement value house & contents but they went galloping too. I deliberately reduced the value of the insurance two years ago just in case arson actually become tempting in a few years (! - but I am far too law abiding) but the premium does not seem to come down at the same rate that it goes up. Short of surfing companies you have to take the gouging (but it is borderline when you are tied up with loyalty bonuses), but examining the small print is time consuming and why is it unreasonable to expect a good product stays a good product? Insurance is basically a second mortgage. There should be no-claim bonuses on house & contents and IPI. With health insurance I ironically cannot afford to use it as money to pay the mega-gap is excessive; if I suspended the membership, I'd have more than enough money to attend to medical checks - and I am afraid to move IPI and life/trauma in case something is lurking I don't know about so I won't move till after I've had a barrage of tests to prove I am healthy so there's no basis for a new insurer to deny a claim. A year's suspension of private health insurance would pay most of a child's braces …
I need to get serious with saving money on these insurances. Don't have health insurance. This party only on 10k car. 2 other small vehicles also 3rd party only. Roadside assist for all 3 cars. House and contents 'set and forget' with CGU
Has anyone got any tips to share or companies they would recommend?
Go and see a broker?