Loose Change To Pay For Your Car Insurance
Those motorists who are willing to spend time in choosing their car insurance could possibly save a huge amount of savings. This was disclosed by a bank monitoring company who discovered that Australians can potentially save as much as $6 billion by simply depositing their loose change coupled with some quality research. According to a study, there is an estimated $46 billion just sitting in loose change jars, car consoles, shop tills, office floats, purse pockets and all kinds of designated piggy banks. That is $2000 per person and when taken in its entirety, amounting to roughly $2.1 billion worth in interest.
Those loose coins could give Australians an additional $115 income every year from interest alone if these are invested in high interest savings account. A report from BankWest says that $46 billion sum rose by 71% in the last 10 years. This increase occurred despite an increase in electronic transactions.
Australians need to be more active in sharing the banks’ profits. Our usual practice of making withdrawals and just letting our money gather dust at home is just like saying to our financial institutions that they could have our share on the interests earned. It is actually very easy to let your money grow by taking advantage of savings accounts that offer high interests. The average interest rate for an online savings account is 3.6%, translated to a return of approximately $75 in interest in a balance of $2,092 maintained in one year. There is more income from interests by getting the highest online savings account that could peak at more than 5%, meaning an additional income of $45 per year.
Australians need to practice a more sound financial habit of putting their spare cash into bank accounts with high interest instead of placing them in a coin jar. The interest you earn could help you get through your cost of living bills especially when everything is on the rise. Furthermore, the study also discovered that Australians are losing $3.36 billion every year on their comprehensive car insurance because of a failure to shop around for a better product.
In a study of 23 car insurance providers in key cities like Sydney, Melbourne and Brisbane, motorists are spending more than $800 than what is necessary on their comprehensive car insurance plan. There have been huge differences of car insurance rates in different cities and different providers. This was discovered upon comparing quotes in 3 city locations using just one driver profile.
The average comprehensive car insurance cost for the 3 cities is $890, which is substantially high when compared to the lowest average national quote at $584. To conclude, it is very possible that Australians could have saved as much as $300 each or $3.36 billion on potential savings. Comparing the quotes in 3 cities of 20 car insurance providers , Budget Direct had the lowest quote in Australia. Their comprehensive car insurance cost is tailed by Ozicare and ibuyeco. In truth, the difference the most expensive and the cheapest quote was highest in Sydney by as much as $800. Melbourne follows by as much as $659 and Brisbane with a $464 difference in car insurance quotes.