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The majority of Australian drivers are potentially spending $1.5 billion too much for their car insurance by blindly sticking with their state's largest insurers, new research has found. Australians need to shop around and look beyond the major insurers to secure a better deal on their car insurance aAccording to a study by Australia's leading finance comparison website InfoChoice.com.au. The website found while comparing the premiums charged by the three largest car insurers of each state with those of competitive, smaller insurers: Of all states, New South Wales drivers with the state's three biggest car insurers experienced the highest estimated average premiums - around 1,200 per year - with the potential to save per year (or 38 per cent). Customers of the three largest insurers in NSW could save over million annually on a combined basis. Where average premiums are estimated to be around per year Victorians could save some million annually. By hunting around they could be, or 32 per cent, smaller. South Australians didn't fare too well either, where average premiums are estimated to be over with the potential to save (or 42 per cent). This could make for a total saving of the state of million. Average premiums in Western Australia average of could be lower (or 29 percent) - a possible saving of around million for the state. Where average premiums of could be (or 27%) lower, Queensland has the potential to save some million. Tasmanians experience average premiums of around , which could be cheaper (or 32 per cent), equating to a potential state saving of million. "Evidently, it pays to look ahead of the largest players because the smaller ones - those who challenge the supremacy of the big guys - have very competitive and compelling offers and a substantial amount san be saved," InfoChoice.com.au CEO Shaun Cornelius said. Pay less without compromise on quality: Mr Cornelius said "There is a perception that paying less means compromising on quality, but lower cost challengers scored on par with the big players for key customer satisfaction indicators in our survey of over 2000 car insurance policy holders," "In fact, Real Insurance and Budget Direct combined have received the most industry awards in the last five years." "We totally thought that people could make savings on their premiums but the capable savings are amazing," Mr Cornelius said. "It's the cost of a domestic airfare or getting the car serviced. The ability to save money on car insurance will be increasingly relevant given premiums have been on the rise and we expect to see further increases." Get to some more info on compare car insurance.
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