According to an AAP report, the latest research reveals Australians often fail to shop around for insurance and thus miss out on a whopper $750 million a year.
Comparison website iSelect shows Australians spend a third more on annual insurance when compared to residents of the United Kingdom. Local households who take out life insurance, health insurance and car insurance could stand to save about AU$551 per household a year if they used comparison shopping correctly. It seems, while the majority of Australians state they want a good deal on insurance, apathy exists when it comes to sourcing that deal.
The research showed nearly half of Australians interviewed who had car insurance only had a vague sense of what their policy included, with policy holders of health and life insurance revealing similar inertia.
The research from iSelect.com.au was based on an online survey conducted in November 2010 by Stollznow Research. A total of 1000 Australian and 1000 UK residents in the 18-60 year-old age group were interviewed.
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