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Average Cost Of Car Insurance In Australia
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The Cost Of Car Insurance In Australia
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Australia is the land of the great south – and you need a car to get anywhere. In fact, there are 20.1 million registered vehicles on the road, with the Australian Bureau of Statistics suggesting that a much larger proportion of adults of driving age are actually car owners.
Although it’s undeniable that owning a car is not only convenient, but the primary way to get around, Australians often complain that their car is a “cash sink” – in terms of insurance, registration, maintenance, repairs and expenses that don’t always happen. visible . In: Fuel.
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However, perceptions are not reality. With this in mind, how much does it cost to own a car in Australia?
As mentioned, there are 21 million registered vehicles on the road. The average age of these cars is 10.6 years, which is more than 2020. 71.7% of all cars are petrol; Then 26.4% use diesel, and 1.8% “other”, possibly in electric or hybrid vehicles.
An analysis of car ownership in 2016 by ID Community Demographics found that 51% of households in Australia had access to two or more vehicles.
That dreaded week comes for every driver – “rego” week. Where drivers part with a significant amount of money to keep their car (or plural cars) on the road. Each state varies, some states regulate compulsory third party insurance, such as New South Wales.
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Depending on the state or territory, the CTP is either detailed in the total registration fee or paid separately. In NSW, for example, the CTP or your “green slip” is different. In Queensland, the CTP is also separate, although it will appear as a detailed inclusion on your registration quote. The same cover – motor accident insurance – is included in the registration fee in the ACT. In Tasmania and the Northern Territory, SA and WA, CTP is total, although some offer a choice of providers, while others do not.
Tasmania’s registration system is very complex – the cost of registration is determined by the number of cylinders in the vehicle. Western Australian rego is determined by curb mass, while NT rego rates will be based on the number of cylinders and engine size, measured in cubic centimeters.
In Victoria, registration fees vary depending on proximity to urban centres. There are three classifications, which attract different rates: Metropolitan ($845.90), Outer Metropolitan ($790.90) and Rural ($726). The reason for this difference is the level of risk, which varies from high to low.
In NSW, WA and Tasmania, drivers have the option to choose their compulsory third party insurance provider through the open market. This is commonly referred to as “green slip”. In Victoria, CTP is regulated and administered by a statutory government body, the Transport Accident Commission. This does not mean that the car is “insured” against fire, theft and damage to others or yourself – it is more like public liability insurance.
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Compare this to the United States of Utah, New Jersey, Michigan, Idaho, and Colorado: Where Registration Costs a Goose Egg: The Next Best State? Arkansas, which costs only $8 a year.
Motor Vehicle Registration Institutions – Prices calculated at December 2021 Price on 2020 4-cylinder petrol sedan $30,000 * CTP Average available insurer prices.
Notes on this chart: All first CTP greenslips mentioned by Allianz, which returned higher value than all other insurers. Victoria’s registration fee depends on the registration area: metro (more expensive), outer metro or rural (less expensive). All calculations are per year.
License renewal fees also vary by state – some states offer “good driver” renewals where the license fee is waived in recognition of good conduct (WA). This may differ if the license is to be renewed at a road authority center (for new headshots) or online. In South Australia, the one-year renewal fee in NSW is $48, with a discount after you renew your licence. A heavy vehicle license usually costs more – and seniors (80 and over) may be required to submit to vision or skills tests before being approved for a license.
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According to the Australian Automobile Association, Australians spend 14.8% of our income on transport costs as a national average – most of which are car loan payments ($166.48), fuel ($78.04), and service/tires ($30.13). . ). All of this has increased dramatically since Q4 2020, where total spending increased from $309.92 per week to $367.63 per week.
Sydneysiders pay $477.56 a week plus 15.5% of their earnings; Melbourne $466.96 per week and 16.4% of their income.
This cannot be blamed solely on fuel costs, although they are a major contributor to the overall cost of transportation.
The average price per liter in Australia, if excluding all taxes, is 87c – which means 56c is taken by excise duty and GST. In Japan, the tax accounts for 84c of the price; Korea, $1.03. The lowest taxing country is the United States where only 19c goes towards taxes. It is also