How Much Car Insurance In Australia – Roy Morgan found that 2.6 million people changed car insurers in the last 12 months, while a further 2.1 million people took out insurance for the first time.
The past 12 months have been a turbulent time for the motor insurance industry, with a significant increase in the number of people looking to switch providers, according to new data from Roy Morgan.
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Rising pressure on affordability led to around 2.6 million car insurance policies being switched to other insurers in the 12 months to October 2023, according to data compiled by the consumer research firm.
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“These figures show that the number of policies at risk of being turned over has increased over the past year, in line with the highest levels of inflation in more than 30 years and the fastest rise in interest rates this century.” “We are motivated to closely monitor ongoing costs,” Roy Morgan CEO Michelle Levin said in a statement.
Data from interviews with more than 60,000 Australians each year shows people got better deals on about 11.3 million car insurance policies, but the majority chose to renew with their existing provider.
Of the remaining auto insurance policies purchased or renewed annually through October 2023, 20.3 million were renewed without a purchase, and another 2.1 million auto policies were purchased by first-time policy customers.
For first time car insurance buyers, Roy Morgan data shows AAMI, Allianz and NRMA account for the bulk of new policies.
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In the 12 months to October 2023, AAMI accounted for around 12.1% of new motor policies, Allianz accounted for 9.7% of new policies, NRMA 8.8%, Budget Direct 8.3% and Suncorp Insurance 5.9 %. It was percent. RACQ recorded 5.8%.
However, this picture differs slightly from the overall car insurance market. Roy Morgan revealed that the most popular insurer over the past 12 months was NRMA, which accounted for 16.8% of all insurance products.
It was followed by AAMI with 11.8% of all policies, Allianz with 7% of all policies, Budget Direct with 6.7% of all policies, and RACQ with 5.8% of all policies.
A Roy Morgan spokesman explained: “The numbers vary depending on new entrants and the overall market. Some of the established organizations appear to have a lower proportion of new entrants than the overall market.”
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“Higher inflation and interest rates could be a factor in rupee preference. Some companies with a larger share among new entrants (eg Budget Direct) are quite value focused.”
Source: Roy Morgan single source (Australia). Who: Australians aged 18 and over; Auto Insurance (including CTP) customers, November 22 – October 23, n = 53,865 November – October 23, n = 53,211; Except for the answer ‘I can’t say’.
Susannah Guthrie has been a journalist for over 10 years, covering everything from world news to fashion, entertainment, health and cars. Susannah, who previously worked for magazines such as The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, now loves testing out family cars with the help of her husband and three-year-old son. New analysis from a financial comparison website has found that failing to compare car insurance before buying or renewing your Australian policy can result in savings of up to $696 a year on average.
The analysis, part of the 2022 Experts’ Choice Car Insurance Awards, compared 66 insurance products from 55 providers and found the average annual cost of car insurance in Australia to be $1,302.
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“Our analysis shows that not all car insurance products are created equal and there can be significant differences in prices between comparable products. “With many families struggling with the rising cost of living, this is a timely reminder that personal finance shopping can be a great opportunity to stretch your budget,” says Claire Frawley, personal finance and insurance expert.
Those under 20 face steep insurance premiums, with an average annual cost of $2,447, but our analysis found that shopping around could save you up to $1,077 a year.
“Our analysis shows that the older the driver, the cheaper the average cost of insurance. This is not surprising, as car insurance providers consider young drivers to be more risky. The good news is that you can save money regardless of the age of your driver.”
A survey of who pays more for car insurance found drivers in Victoria had the highest annual premiums at $1,463, compared to drivers in the cheapest state, Tasmania, who paid an average of $872. It turns out to be 68% more.
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“Finding cheap car insurance doesn’t mean you have to compromise on the quality of coverage you get. This is where reading the fine print and looking for features such as roadside assistance, affordable accident cover and repair company selection pays off.”
“People who don’t want to make a change but feel they are being overcharged can find some relief by calling their provider and negotiating a lower price. Comparing policies online to get the information what they need can help them make their case.”
The 2022 Expert Choice Car Insurance Awards can be a great tool for Australians looking to find outstanding insurance products and providers that stand above their competitors in providing great value and quality car insurance. Some of the winners of this year’s awards include:
For more information on this year’s winners, visit our Experts’ Choice Awards or visit our car insurance comparison service.
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Note: This analysis is based on more than 260,633 quotes collected from 55 car insurance providers and 66 insurance products as of September 2022. Average savings were calculated using the difference between average annual cost and minimum annual cost.
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We pride ourselves on the tools and information we provide, and unlike other comparison sites, we also include the option to search for any product in our database, regardless of whether you have a business relationship with that product supplier.
‘Sponsored’, ‘Super Deal’ and ‘Featured’ labels indicate products that suppliers have paid to advertise more prominently.
‘Sort order’ refers to the initial sort order and in no way implies that one product is better than another. You can easily change the order in which products appear on your page.
All insurance products featured on the Website may be subject to terms, conditions, exclusions, limitations and sub-limits. These terms, conditions, exclusions, limitations and sublimits may affect the benefits and levels of coverage available under any insurance product displayed on the Site. Please refer to