Friday, 1 February 2013

Case study: car insurance

In January, I published some tips for negotiating the best possible comprehensive car insurance price.

In the first of my regular case studies on finance-related topics, I thought I would follow them myself and publish the results.

Here’s how I went:
  1. Identify any features of the policy you must have (e.g., choice of repairer) to weed out any inappropriate providers.  I’m not overly fussy about the features of my policy, as I never claim.  For me, price is generally the determining factor.
  2. Generate a few online quotes based on the basic facts about your vehicle to get a short list of potential insurance providers.  I generated quotes on five different websites, including my current car insurer, one I’d used in the past, my home and contents and CTP insurer, and a couple of companies that advertise low rates.  For my car make, model, etc. and the agreed value and excess I wanted, the quotes ranged from $506 to just under $2,000 per annum.  The lowest quote was from the car insurer I’d used in the past.  The highest quotes were actually the discount advertisers.  The quote for my current insurer was around $50 less than the renewal notice for the exact same policy.

Upcoming February posts


Well it’s two months now since the Millionaire on Heels first launched.  I feel like I’ve dished out a lot of advice.  But as to whether it’s all sunk in for yours truly … hmmm.  So I thought it would be appropriate to start including some regular case studies.  That way I have to take some action just to get the post written!

I also want to start passing on more information from some of the sources I research to prepare my posts.  So I’ll also start a series of book reviews.

Apart from the new case studies and book reviews, I also want to focus on a topic on the income earning side of the millionaire equation – namely starting your own business.  Starting my own business has piqued my interest since I signed for an event called Key Person of Influence, which takes place on Saturday.  And it’s an area I’ve been engaged in at a practical level just trying to obtain a .au domain name for my Australian website.