Is Car Insurance Cheap In Australia – New analysis from a financial comparison site shows that the average Australian could save up to $696 per year by not comparing car insurance before purchasing or renewing a policy.
The analysis is part of the Experts’ Choice Car Insurance Awards 2022 and compared 66 insurance policies from 55 providers and revealed the average annual cost of car insurance in Australia is $1,302.
Is Car Insurance Cheap In Australia
“Our analysis shows that not all car insurance policies are the same and there can be large price differences between comparable policies. At a time when many households are struggling with the rising cost of living, this is a reminder that seeking personal insurance financial products can be a great opportunity to stretch your budget,” said Claire Frawley, personal finance and insurance expert.
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The under-20 age group is the group most impacted by the largest premiums, with an average annual cost of $2,447, but the analysis found they could save up to $1,077 per year by shopping around.
“Our analysis found that the older the driver, the lower the average cost of insurance. This is not surprising as younger drivers are considered riskier by car insurance companies. The good news is that there is some money to be saved, whatever the age of the driver.”
In terms of who pays the most for car insurance, Victorian drivers have the highest premiums, paying $1,463 per year; That’s 68 per cent higher than drivers in the cheapest state, Tasmania, who pay an average of $872.
“Finding cheaper car insurance doesn’t mean drivers have to compromise on the quality of the insurance they receive. This is where reading insurance details comes in handy, paying attention to features such as roadside assistance, adequate collision coverage, and mechanic selection.”
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“People who don’t want to switch but feel they are being overcharged may find relief by contacting their service provider by phone and negotiating a lower price. Compare insurance policies online to arm themselves with the information they need that can help them make their choice a reality. case.”
The 2022 Expert Choice Car Insurance Awards can be a great tool for Australians looking for exceptional insurance policies and providers that beat the competition when it comes to offering car insurance of the best value and quality. Some of this year’s winners include:
For more information on this year’s winners, visit Experts’ Choice Awards or search our auto insurance comparison service.
Note: Analysis is based on an aggregation of more than 260,633 quotes from 55 auto insurance companies and 66 policies as of September 2022. Average savings are calculated using the difference between the average and minimum annual costs.
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The company compares more than 1,800 products from more than 200 banking, insurance and energy providers to help thousands of Australians find a better deal every month with its award-winning comparison tools and calculators. As one of Australia’s most visited comparison sites, our team of experts regularly provide financial commentary and advice to Australia’s leading media.
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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 marketplace business, we make money from advertising and this page displays products with Go to Site links and/or other paid links; where the supplier pays us a fee if you move from our site to their site or delete a product. they. You do not need to pay any additional fees to benefit from our services.
We pride ourselves on the tools and information we provide and, unlike some other comparison sites, we include the ability to search for all products in our database, whether we have a business relationship with the supplier of that product or not.
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The tags “Sponsored,” “Exciting Offers,” and “Featured Products” show products that vendors have paid to advertise more prominently.
“Sorting order” refers to the initial order and is in no way intended to imply that some products are better than others. You can easily change the order of products displayed on the page.
Terms, conditions, exclusions, limitations and sub-limits may apply to any insurance product featured on the Website. These terms, conditions, exclusions, limitations and sublimits may affect the level of benefits and protection offered under any insurance product featured on the Website. Before making a decision regarding an insurance product, please refer to the product information statement and relevant target market identification on the provider’s website. Roy Morgan said 2.6 million people had changed car insurance in the last 12 months, while 2.1 million people had changed insurance companies. This is the first time we have published a policy.
New data from Roy Morgan shows that the last 12 months have been a tumultuous time for the car insurance industry, with a sharp increase in the number of people looking to switch insurance providers.
Embedded Car Insurance
In the 12 months to October 2023, about 2.6 million car insurance policies were switched to other providers due to rising costs of living, according to data compiled by consumer research companies.
“These numbers show that the number of policies at risk of change increased last year, equivalent to the highest inflation rate in 30 years and the fastest interest rate rise in this century… This is likely to make people take notice. He is closely monitoring ongoing costs,” Roy Morgan CEO Michele Levine said in a statement.
Data from interviews with more than 60,000 Australians each year shows that people are looking for a better deal on almost 11.3 million car insurance policies, but the majority are choosing to renew their contract with their current insurance provider.
Of the remaining car insurance policies purchased or renewed until October 2023, there were 20.3 million policies renewed without surrender and 2.1 million car insurance policies purchased by customers who purchased insurance for the first time.
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Roy Morgan data shows that among new car insurance buyers, AAMI, Allianz and NRMA have the highest share of new policies.
In the 12 months to October 2023, AAMI will hold about 12.1 per cent of new car insurance policies, while 9.7 per cent of new policies will go to Allianz, 8.8 per cent to NRMA, 8.3 per cent to 50 per cent to Budget Direct. and 5.9 percent owned by Suncorp Sigorta. and RACQ gained 5.8 percent.
However, this picture is slightly different from the motor insurance market as a whole, where Roy Morgan’s most popular insurer over the last 12 months was NRMA, with a 16.8 per cent share of all policies.
Followed by AAMI 11.8 percent, Allianz 7 percent, Budget Direct 6.7 percent, and RACQ 5.8 percent.
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“The figures vary between new entrants and the total market – it appears that among new entrants, some of the more established organizations have a smaller share of the total market,” said spokesman Roy Morgan. he said.
“Inflation and high interest rates may be factors behind the choice of hospitals; we note that some companies with a larger number of new entrants (e.g. Budget Direct) are more price driven.”
Source: Roy Morgan sole source (Australia). Base: Australian citizens aged 18 years or over; Vehicle insurance customers (including CTP), 22 November-23 October, n=53,865, 22 November-23 October, n=53,211; Except for the “I can’t say” answer.
Susannah Guthrie has been a journalist for more than a decade, covering everything from world news to fashion, entertainment, health and now automotive. Susannah, who previously worked for magazines including The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, now enjoys testing the family car with the help of her husband and three-year-old son, as Australians face rising car insurance costs. . , new search finds the best font prices. The owner identifies the insurance company.
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This online-only car insurance company won the ‘Low Cost’ category in the 2024 Finder Car Insurance Awards, with the average annual cost for its comprehensive coverage being just $862.
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Bingle’s premiums are “significantly cheaper” than other eligible auto insurance providers, according to Finder’s research of more than 1,900 quotes from 37 auto insurance companies using 60 different user profiles.
Runners-up in the Low Cost category were Rollin’ auto insurance, which was surprisingly affordable for young people, and Hume Bank, with an average cost of $959 per year for full coverage.
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The “Low Cost” category looks only at price, while the “Value” category looks at price and the features you get for your outlay. To achieve this goal, Finder has identified Budget Direct as the insurance company offering the most profitable comprehensive coverage.
Budget Direct’s comprehensive auto insurance policies were found to offer a higher level of coverage than competitors and were cheaper than 27 other insurers, with an average annual price of $992, according to the comparison site.
Lastly, Hume Bank won the ‘Features’ category, and Finder experts say this category offers the highest level of coverage.