Australia Post

Picking the right provider, product and price to meet your insurance needs may seem like a daunting task so here are some tips that may help you find the cover you're looking for.

You should consider the following four steps:

1. 1. Decide what level of cover is right for you
2. 2. Create a shortlist of potential insurance providers
3. 3. Compare the product and price from your list of providers
4. 4. Purchase your insurance.

Decide what level of cover is right for you

It is important to understand your own personal circumstances and how much insurance cover you require. For example, if your car was damaged or destroyed, could you afford to repair it or replace it yourself? Insurers typically offer three levels of property damage cover for motor vehicles, Comprehensive, Third Party Property, Fire and Theft and Third Party Property Only. You should consider each of these product options to make sure you have the right amount of cover for you.

In the case of Home & Contents insurance most policies sold only cover for defined events such as fire, storm and tempest for example and not for accidental damage. However, if you own valuable items such as expensive vases you might want to purchase an accidental damage policy which will cost you more but has wider cover. Remember that there is a range of products available that may meet your needs and personal requirements.

Create a shortlist of potential insurance providers

Create a short list of insurance providers that you believe will provide the right type of insurance cover for you.

There are a number of different ways you can use to develop a list of potential providers such as:

Compare the products and price from your list of providers

From your short list of providers, shop around and get some quotes from the providers and review their product information. All providers of insurance such as – car, home, contents, boat, caravan, life, income protection, health, travel, business etc have to provide you with a Product Disclosure Statement (PDS) of their financial products. Use the information in the PDS documents to understand what level of cover each provider is offering, then consider this as well as the price, in your selection process. Remember to review the information as it pertains to your own personal needs, what might have been a good fit for your friend may not be right for you. Pay particular attention to policy inclusions and exclusions as you decide on what is right for you.

It is also worth considering if the provider offers multi-policy discounts and other incentives. In certain cases you may find the combined price of having multiple insurance cover from one provider is cheaper than having different policies with a range of suppliers.

Purchase your insurance

Once you have selected your insurance provider and insurance product it's time to purchase your cover. It is worth checking if the same product can be purchased from the provider cheaper via different purchase methods such as online or on the phone. Once you have purchased your insurance cover make sure you keep your policy documents in a safe place and always consider shopping around when your renewal notice comes in.

This document is intended to provide general information about financial matters only, and has been prepared by the Australian Postal Corporation without taking into account any particular person's objectives, financial situation or needs. You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. You should obtain independent financial advice specific to your situation before making any financial investment decisions. While due care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information. Except where under statute liability cannot be excluded, no liability (whether arising in negligence or otherwise) is accepted by the Australian Postal Corporation for any error or omission or for any loss caused to any person acting on the information in this publication.