Car Insurance Deals Australia – Roy Morgan said 2.6 million people had switched to insurance in the past 12 months and a further 2.1 million had taken out first-time policies.
The last 12 months have been a tumultuous time for the car insurance industry – with a huge increase in the number of people looking to switch providers, according to new figures from Roy Morgan.
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Figures compiled by a consumer research firm show that around 2.6 million car insurance policies were switched to other providers within 12 months due to rising life risks.
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“The figures show an increase in the number of potential policy changes over the past year and coincide with the highest inflation in 30 years and the fastest rise in interest rates this century… which appears to be encouraging people to pay closer attention to their current spending,” said Roy Morgan CEO Michelle Levine.
Data from interviews with more than 60,000 Australians each year shows people are seeking better prices on around 11.3 million car policies, but most are choosing to stick with their current provider.
Of the auto insurance policies still to be purchased or renewed in the year to October 2023, 20.3 million policies were renewed without being purchased, and an additional 2.1 million auto insurance policies were purchased by first-time buyers.
AAMI for first-time car insurance buyers; Allianz and NRMA account for the largest share of new policies, according to Roy Morgan.
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AAMI accounted for 12.1% of new motor insurance policies and 9.7% of new Allianz policies in the 12 months to October 2023; NRMA 8.8%; direct budget 8.3%; Suncorp Insurance – 5.9% claims. RACQ accounted for 5.8%.
However, the picture is slightly different across the car insurance market; Roy Morgan found that the most popular insurer over the past 12 months was NRMA, accounting for 16.8% of all policies.
This is followed by AAMI, which accounts for 11.8% of policies. Allianz accounts for 7% of all policies; 6.7% of policies and 5.8% of policies from Budget Direct and RACQ.
“The numbers differ for new entrants and the overall market – among new entrants, some well-known institutions have a lower share than the overall market,” spokesman Roy Morgan said.
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“High inflation and interest rates may be a factor in rs’ selection – we note that companies with a higher proportion of new entrants, such as Budget Direct, are relatively price-oriented.”
Source: Roy Morgan Single Source (Australia). Eligibility: Australians aged 18 and over; purchasers of motor vehicle insurance (including OSAGO); 22 November to 23 October n = 53,865; 22 November to 23 October n = 53,211; except “can’t say” ” answer.
Suzanne Guthrie has been a journalist for more than a decade, covering fashion and entertainment covering everything from health to cars. Suzanne, formerly of The New Daily; Elle, Harper’s Bazaar; has worked with publications such as People Magazine and Cosmopolitan, and now enjoys testing the family’s cars with the help of her husband and three-year-old son. As Australians face rising car insurance costs, new research has found insurance companies have the most affordable policies.
The online insurance company won the low-cost category of the 2024 Finder Car Insurance Awards, with an average overall annual cost of insurance of just $862.
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Finder’s study of more than 1,900 quotes from 37 car insurance companies, using 60 different user profiles, showed Bingle’s premiums were “significantly cheaper” than other similar car insurance companies.
Second place in the “low-cost” category is Rollin auto insurance; Hume Bank is particularly affordable for young people, with an average annual cost of $959.
The low-cost category focuses solely on price, while the value category focuses on both price and the features you get for your money. For this reason, Finder ranks Budget Direct as the best value general insurance company.
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Budget Direct’s comprehensive car insurance policies offer a higher level of cover than rivals and are cheaper than 27 other insurers, with an average price of $992 per year, according to comparison website data.
Finally, Hume Bank announced the launch of the “Specialty” category, which Finder’s experts explain offers the highest level of insurance compared to other insurance companies.
The survey found that 56 per cent of Australians said premiums had risen significantly in the past 12 months, but only 36 per cent had taken any steps to deal with the rising costs.
“Try to make your policy as detailed as possible so you’re not paying for something you don’t need,” says Tim Bennett, insurance expert at Finder.
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“If you’re under 25, insurance companies will pay more for many things. Knowing that some of these items may not apply to you can save you some money.
“Choosing a deductible can lower your premiums, but be aware that you’ll need to pay more upfront if you need to make a claim.”
Suzanne Guthrie has been a journalist for more than a decade, covering fashion and entertainment covering everything from health to cars. Suzanne, formerly of The New Daily; Elle, Harper’s Bazaar; has worked with publications such as People Magazine and Cosmopolitan, and now enjoys testing the family’s cars with the help of her husband and three-year-old son. Australians could save an average of $696 a year if they don’t compare car insurance before buying or renewing a policy, new analysis from a financial comparison website has found.
This analysis is part of the 2022 Experts Choice Auto Insurance Awards. It compared 66 policies from 55 providers and found the average annual cost of car insurance in Australia was $1,302.
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“Our analysis shows that not all car insurance policies are the same and there can be significant price differences between comparable policies. Many families are struggling due to the rising cost of living,” says personal finance and insurance expert Claire Claire Frawley said it was a timely reminder that buying personal finance products is a great way to stretch your budget.
People under 20 pay the highest premiums, with annual costs averaging $2,447, but the analysis found they could save up to $1,077 a year by shopping around.
“Our analysis shows that the older the driver, the lower the insurance premium, so this is not surprising as insurance companies consider younger drivers to be higher risks. The good news is that regardless of a driver’s age, they can save money.”
As for who pays more for car insurance, the research found Victoria’s most expensive premiums were 68 per cent higher than those in Tasmania, with drivers paying an average of $1,463 a year compared to Tasmania’s $872.
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“Looking for cheaper car insurance doesn’t mean motorists have to compromise on the quality of cover they get. Roadside assistance; focus on features like adequate accident cover and choice of repairmen; the fine print is where it’s worth reading.
“Those who don’t want to switch but feel they’re paying too much can find relief by calling their provider and negotiating a lower price. Comparing policies online can help them get the information they need and complete their case.
The 2022 Experts Choice Car Insurance Awards can be a great tool for Australians looking to find great policies and providers that outperform the competition in offering great value and quality car insurance. This year’s winners are:
For more information about this year’s winners, visit the Experts’ Choice Awards website or check out our car insurance comparison service.
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Notes. The analysis is based on 260,633 quotes from 55 car insurance providers and 66 policies in September 2022. Savings are calculated based on the difference between average and minimum annual costs.
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