A Hot Tip For You

Hey Barefoot,

I’ve got a hot tip for you. When comparing car insurance quotes online, put in your neighbour’s address instead of your own. When I was doing my renewal I gave it a go and, to my surprise, it worked! There was a $350 difference between insuring my car at my house versus five metres over the fence. 

Debra

Hi Debra,

What gives?

Was your neighbour a nice little old lady who only drove her Camry to Church on Sundays?

No, but I’m guessing that, unlike you, she was a potential new customer and your insurer was wanting to entice her in with a sweet deal! As this recession grinds the gears of corporate Australia, you can expect more pineapples like this to pop up.

The ACCC recently released a home loan report which found that “asking their bank for a lower rate, refinancing to another home loan or switching lenders, could result in interest savings of nearly $5,000 in the first year alone for an average sized new loan of $386,000”.

So the real ‘hot tip’ is to negotiate like you’re a brand new customer, and save yourself thousands. 

Scott