Insuring your car
Should I pay for my insurance monthly or annually?
It depends on your budget and financial goals. As people have different personal circumstances, GIO lets you opt for monthly or annual insurance premium payments.
Paying your insurance monthly vs annually
Benefits of paying your insurance monthly
Breaking your premium down into smaller, manageable chunks can improve your cashflow. Sometimes you might need more cash on hand for other essentials, as well as investments.
It costs more to pay your car and home insurance by monthly instalments with GIO. However, this may be worth it if you struggle to afford the annual lump sum.
With GIO, you can easily set up a monthly direct debit, so you don’t have to worry about keeping track of your bills.
Benefits of paying your insurance annually
You can save money on GIO insurance by paying your premium annually instead of monthly. So if you can afford the lump sum, consider taking advantage of the savings by paying annually.
Some people also find it easier to budget when they can get their bills out of the way for the entire year. If you like to do this, just make sure to review your policy before accepting your renewal each year. Checking things like your amount covered and optional covers can help you ensure that your premium is right for your circumstances.
Can I change my payment frequency?
Yes – when you renew your car or home insurance policy, you can choose to change your payment frequency online.* You can switch from monthly to annually, or vice versa.
Simply log in to your GIO account and follow the prompts at renewal.
Read more:
- What you need to know about managing your car insurance online
- Do I need to insure my new home before settlement?
- What should I check when renewing my car insurance?
Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Read the Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.
