New year, same cost of living crisis. Like the dates on our calendars, the prices we see at the checkout only seem to go up.

Recent headlines have lamented $7 chocolate blocks and forecasts of $12 coffees. While these pressures are ones we face every time our stomach growls, there are bigger culprits that continue to fly under the radar. They arrive via email or the letterbox, instead of the fridge.

That’s right – it’s time to take action to beat the price hikes in our insurance and energy bills.

The insurance and financial services sectors have been a key contributor to inflation.

The expert team at Compare the Market tracked insurance quotes to understand pricing trends in Australia’s five largest capital cities. The average cost of insuring a typical four-bedroom home and popular car model was $4,334 in December – up nearly 4% on the previous quarter.

Natural disasters and construction costs have weighed heavily on premiums in recent years. But that doesn’t mean all of these price hikes are justified.

We’ve seen annual car insurance premium renewals come in as high as 58% more on the previous year, according to the consumer comparison experts’ latest survey.

These increases could be adding hundreds onto your annual bills. So why are we so much angrier about the choccy prices at the supermarket?

I reckon it comes down to a few things.

Number one is exposure. Most Aussies visit the shops at least once a week to stock up the fridge and pantry which means we’re pretty familiar with the price tag on our favourite products and notice when it changes.

And the way that “special” pricing works – removing and reapplying discounts at different intervals – can make us feel like we’re getting a great deal one week and ripped off the next.

Meanwhile, our insurance bills generally change once a year and when the renewal notices arrive, we generally expect to see an increase – so it’s less of a shock than the price hikes we see at the shops.

The second issue is loyalty. We all know that the lesser-known sauces, and the home brand spices, all taste just as good as the products with big names and even bigger advertising budgets.

Most of us are willing to give a different olive oil a go when the price of our favourite variety reaches levels of insanity.

But when it comes to insurance, we quite like sticking to the same brand. They make us feel cosy, safe and looked after – because we have always been with them. Sometimes they pull at the heartstrings with their marketing campaigns.

Maybe, we believe that our loyalty will somehow be rewarded through better discounts. The sad reality is loyalty usually doesn’t pay.

Just like pasta on the grocery shelf, you’ll often pay more sticking with your existing insurance provider. Insurers will often offer discounts to attract new customers, but they usually expire after one year, and loyal auto-renewing customers are often left paying non-competitive premiums.

Most Australians shop around for better deals at the grocery store – why don’t many take a similar approach to our insurances?

The bigger the bill, the bigger the potential savings. I challenge you to take your five biggest bills – it could be your energy plan, your home and car insurance, health cover and mortgage – and spend an hour looking to see if you can find some savings.

The worst thing that can happen is you’ll find out you’re actually getting a bargain. The best thing could be potentially saving hundreds – even thousands – if you keep comparing.

Just this week I was stopped by a car park attendant. He’d been with the same car insurer for over 20 years and, for the first time, his wife compared their policy with the market. They found an alternative that could reduce their premium and save them big time.

It all adds up to a lot of chocolate bars!