Comprehensive Motor Vehicle Insurance tip
A lot of people these days salary sacrifice a vehicle under novated leasing arrangements and this has to be recorded with your insurance company. If you end the lease and pay out the residual value notify your insurer immediately. I recently retired and my comprehensive car insurance premium was decreased by $150 when I rang up about the renewal and told them that I had paid out the vehicle. I don’t know why they charge the extra premium if it is a leased vehicle, seems a bit of a rip off to me!
