How do you navigate the minefield of car insurance?

With a purchase as important as a car, you’ll want to make sure you’re covered if something goes wrong. Car insurance quotes are based on a number of factors, some are out of your control, but others may help you reduce the price of your premium significantly.

Compared to the potential costs of accidents, theft or other things that can go wrong, your premiums to insure your car are sensible financially. However, not doing it right can prove extremely expensive. Some things you could consider to reduce your premiums are set out below.

Cheapest isn’t necessarily the best.

Even though insurance isn’t always the first thing you think about when choosing a vehicle, you shouldn’t necessarily pick the cheapest option and run with it.

Saving a few dollars on a premium might reduce your protection, giving you less back when you do need to claim.  Carefully go over the Product Disclosure Statement and policy terms, conditions, limits and exclusions to make sure you’re getting the cover that you need.

Honesty is the best policy.

When you are looking for a car insurance quote, it can be tempting to omit your driving history to try and cut costs. However, recordedyou have a duty of disclosure under your insurance policy – and if found out, your insurer may cancel your insurance and/or reduce the amount they will pay in the event of a claim.

Make sure you’re honest and disclose any accidents or traffic offences when you are asked.

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Mind the modifications.

Any performance-enhancing additions to a vehicle can be a problem for your insurance policy if not disclosed. Remember, you are taking out a policy for your own protection – you don’t want to undermine it by hiding any fundamental changes to how your vehicle operates. Overt, eye-catching modifications may also make your car a more obvious target for theft. Also, note that adding expensive optional extras may increase your premiums.


So which car to get?

Aside from the driver, the vehicle itself is also an important factor in determining your car insurance premium.

Cheaper cars and smaller engines are generally cheaper to insure. However, that doesn’t mean you shouldn’t get a quality car.

Navigating your car insurance policy can be tricky, but the most important thing is to be straightforward and honest. It’s such an important part of driving – you want to make sure it’s done right.


Community CPS Australia Limited ABN 15 087 651 143 AFSL/Australian Credit Licence 237856 trading as Beyond Bank Australia arranges motor insurance as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure available at
 If you purchase motor insurance, we will receive a commission that is a percentage of the premium. We may also receive a profit share payment based on the profitability of our insurance portfolio. Full Further details are contained in our Financial Services Guide which is available at Ask us for more details before we provide you with the services.


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