Car Insurance Per Month In Australia – Our goal is to help you make smart financial decisions. Our award-winning comparison tools and services are provided free of charge. As a marketing company we earn money from advertising and this website contains products that contain links to the website and/or other paid links that our sponsors are paid to visit on our website that you go to their website or use their products to buy . You pay no additional fees for using the service.
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Car Insurance Per Month In Australia
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General terms and conditions, exclusions, limitations and ceilings may apply to all insurance products displayed on the website. These terms and conditions, exclusions, limitations and sublimits may affect the level of benefits and insurance coverage available under the insurance products listed on the Site. For more information, please refer to the relevant product release announcement and target market definition on the provider’s website before making a decision on the insurance product. Our goal is to help you make smart financial decisions, and our award-winning comparison tools and services are provided free of charge. As a marketing company we earn money from advertising and this website contains products that contain links to the website and/or other paid links that our sponsors are paid to visit on our website that you go to their website or use their products to buy . You pay no additional fees for using the service.
We pride ourselves on the tools and information we provide and, unlike other comparison sites, we also offer the ability to search for all products in our database, whether or not we have a relationship with the suppliers of these products.
The labels “Sponsored”, “Hot Deal” and “Featured Product” identify products that the supplier has paid for more popular advertising.
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“Sort order” refers to the first order and does not necessarily mean that some products are better than others. You can easily change the order of the products displayed on the page.
General terms and conditions, exclusions, limitations and ceilings may apply to all insurance products displayed on the website. These terms and conditions, exclusions, limitations and sublimits may affect the level of benefits and insurance coverage available under the insurance products listed on the Site. For more information, see the relevant product release announcement and target market definition on the provider’s website before making a decision on the insurance product. According to Roy Morgan, 2.6 million people changed their car insurance in the last 12 months, while a further 2.1 million made the change to take out their first policy.
New data from Roy Morgan shows that the last 12 months have been a tough time for the car insurance industry – with a significant increase in the number of people looking to switch providers.
According to the consumer research firm, an estimated 2.6 million car insurance policies were switched to other providers in the 12 months ending October 2023 due to rising costs.
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“These figures show that the number of policy changes at risk has increased over the past year, coinciding with the highest inflation in more than 30 years and the fastest rising interest rates in this century… This appears to be the case “Getting people to actually monitor their prices,” Roy Morgan CEO Michele Levine said in a statement.
The data – taken from interviews with more than 60,000 Australians each year – found that around 11.3 million people were looking for a better deal on car insurance, but the majority chose to upgrade to their existing providers.
Of the remaining auto insurance policies purchased or renewed in the year ending October 2023, 20.3 million policies were renewed without pre-shopping, and an additional 2.1 million auto insurance policies were purchased by first-time insurance customers.
For first-time car insurance buyers, Roy Morgan data showed AAMI, Allianz and NRMA had the largest share of new policies.
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In the 12 months to October 2023, AAMI claimed 12.1 per cent of new car insurance, while Allianz claimed 9.7 per cent of new policies, NRMA 8.8 per cent, Budget Direct 8.3 per cent and Suncorp Insurance 5.9 per cent and RACQ 5 .8 percent claimed.
However, this picture is not the same in the motor insurance market as a whole, where Roy Morgan found that the NRMA was the most popular insurer in the last 12 months, accounting for 16.8 per cent of all policies.
It was followed by AAMI with 11.8 per cent of policies, Allianz with seven per cent of all policies, Budget Direct with 6.7 per cent of policies and RACQ with 5.8 per cent of all policies.
“The figures differ between new entrants and the market as a whole – it appears that among the new entrants, some of the established organizations have a smaller share than the market as a whole,” said Roy Morgan, spokesperson.
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“Inflation and interest rates may be a factor in RS’s decision – we note that some companies that have a large proportion of new entrants (eg Budget Direct) are price focused.”
Source: Roy Morgan Sole Source (Australia). Age: Australians aged 18 and over; Consumer Motor Insurance (including CTP), Nov. 22-Oct. 23, n=53,865, Nov. 22–Oct. 23, n=53,211; This does not include the “I can’t say” answer.
Susannah Guthrie has been a journalist for over a decade, covering everything from world news to fashion, entertainment, health and motoring. Having worked for titles such as The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, Susannah now enjoys testing trains with the help of her husband and three-year-old son. Although inflation has moderated recently, the impact last year had a significant impact on the cost of owning a car in Australia. In 2024, the average auto insurance premium will rise to $1,717, a 16% increase from 2023.
This rise is consistent with the ABS’s findings, which say that the cost of insurance policies – all types of insurance – rose by 14% to 16% year-on-year, depending on the quarter you look at.
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In the following sections, we examine the analysis of 295,346 auto insurance policies from 33 providers collected for the 2024 Auto Insurance Experts Choice Awards. We consider key factors such as age and location that affect car insurance premiums. We also provide practical advice on how you can reduce your costs, despite macroeconomic forces.
In a recent survey of 2,129 Australians aged 1 and over, almost a third of respondents said price was their top priority when choosing car insurance. So what exactly affects the cost of car insurance?
Car insurance premiums are more expensive for male drivers ($1,849) than for female drivers ($1,585), a difference of 17% across the country.
So while men under 20 pay 30% more than their female counterparts, the gap is narrower for men 70 and over – they pay just 10% more.
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This gender gap is most pronounced in Tasmania, where men pay 20% more than women ($1,430 vs $1,188). The smallest gap is on the ACT, with a difference of just 4% ($1,572 vs. $1,510).
VIC is the only state with an average car insurance rate above $2,139, making it the most expensive state in Australia.
Over time, your car insurance costs can drop significantly – especially if you don’t make a claim. Let’s look at three factors that can work together to your advantage.
Age is one of the most important factors that affect car insurance premiums. Premiums continue to decrease over time as drivers gain more experience and (hopefully) mature. This downward trend continues into the 70s. As you can see, drivers 20 and older can pay three times as much as drivers 70 and older ($3,552 vs. $1,222).
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Meanwhile, the longer you drive, the more you save. As you can see below, there is a strong downward correlation between the age of your car and the cost of your insurance.
Depending on the age of the vehicle, the cost of insurance can drop by 3% to 16% over five years.
The No Claims Bonus (NCB) can result in significant savings for insured parties from the provider offering it.
If the highest NCB rating reaches 1 after five years without a claim, the premium can be halved compared to a new rating of 6 ($1,548 versus $3,221).
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Although most NCB discounts are capped at 15%, they can be combined well with the relevant annuity discounts we discussed earlier – especially if you have no claims.
Cars are often the most expensive to insure