November 10, 2010
More people are struggling to make ends meet and pay for bills such as car insurance and will likely keep feeling this way for some time, according to a recent survey from Wesley Mission.
The survey showed that more than a third (850,000) of households have been affected by financial stress. More than half the population feels anxious about the future and one in six households feel "very worried" about their financial future, which is double the 2006 figures.
More households struggling to afford bills like car insurance
In addition to struggling to pay for utility bills and reductions in incomes the report showed that in the past 12 months to October, of these households that have experienced financial stress 7 percent had difficulty with paying for car insurance on time.
The survey also showed that those households who where "financially stressed" spend on average $871 on their car insurance and those that were not worried spent slightly more at $965 on their car insurance.
With all of these extra financial struggles, how can households still be able to afford to even pay their comprehensive car insurance bills?
How you can afford your car insurance and still keep your sanity and savings
At the end of the day it's not worth the risk of driving without the right level of car insurance cover as it could cost you a lot more if you have an accident or your car is stolen.
For instance, what would you do if you hit someone driving the latest Mercedes and you didn't have the right level of cover? Compulsory third-party property insurance should cover the costs to repair the other car but not your car, so you could be out of pocket thousands of dollars depending on the level of damage. However if you have comprehensive car insurance you would only have to pay the excess and the rest is covered by the insurance provider.
To keep the cost of your car insurance premium down, compare car insurance quotes online to find one that not only costs you less but also offers the right type of cover.
For instance, RateCity compared quotes from 27 car insurers using the same driver profile for a 30-year-old male driving a 2005 Toyota Corolla with a no-claim bonus level one, who resides in a suburb in Parramatta in Sydney's west. The difference between the highest and the lowest quote was about $1246 with the lowest quote from AAMI at $720.
So if you are struggling to make ends meet, you can reduce the level of stress on your car insurance premium just by visiting car insurance comparison sites such as RateCity.