Same car, street and driver, so why does Greg's car insurance quote differ by $500?

Melbourne father Greg Schrader is a loyal customer, but when it came time to renew his car insurance he wanted to know if he was getting the best deal.

The dog trainer's Ford Ranger is insured with AAMI, and when it was up for renewal he concocted a little experiment.

"I went into the AAMI website [and thought] I'm going to just pick a different address so they don't think it's me," Schrader said.

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"I put number 42, just a couple of houses down the road from my house, and when I pulled the figure it said $1250."

That's $500 cheaper than his current policy.

"There's no difference between mine and my neighbour's house, we live very close in this neighbourhood, it's a good neighbourhood.

"I'd just like AAMI to explain to me why my insurance is so much more expensive than my neighbour's?"

In a statement, an AAMI spokesperson said: "Motor insurance pricing is based on a range of factors including our assessment of risk, claims history, specific address, age of the driver and vehicle type".

For now, Schrader has renewed his policy with AAMI - after getting a slight discount of $150.

But he's warning others to review their own policies.

"Pick up the phone, go online, do your due diligence, do your research," Schrader said.

"I'd really like to see some of this change."

Watch the full video in the player above.