Most Expensive Car Insurance In Australia – Although inflation has eased recently, its effects have had a significant impact on the cost of buying a car in Australia over the past year. In 2024, the average car insurance premium rose to $1,717, a 16% increase over 2023.
The development is in line with findings from the ABS, which show that prices across all types of insurance have risen by between 14% and 16% year-on-year, depending on which quarter you look at.
Most Expensive Car Insurance In Australia
In the following sections, we’ll look at 295,346 car insurance quotes from 33 companies compiled for 2024 Auto Insurance Tips. We’ll look at factors such as age and location that affect the cost of car insurance. We’ll also provide practical advice on how to keep costs down despite the tough economy.
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In a recent survey of 2,129 Australians aged 18 and over, almost a third of respondents said cost was the top priority when choosing car insurance. So what is the impact on car insurance costs?
Car insurance is more expensive for men ($1,849) than for women ($1,585), a 17% difference across the country.
While men under 20 pay 30% more than their female counterparts, men in their 70s are less likely, paying just 10% more.
This gender gap is most pronounced in Tasmania, where men are paid 20% more than women ($1,430 vs $1,188). The ACT gap is the smallest with only a 4% difference ($1,572 vs. $1,510).
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VIC became the state with more than $2,000 in average car insurance premiums totaling $2,139, making it the most expensive state in Australia.
The cost of your car insurance can go down significantly over time – especially if you don’t buy it. Let’s look at three areas that can work together.
Age is one of the main factors that affect car insurance premiums. Expenses tend to decrease over time as drivers gain experience and (hopefully) age. This downward trend continues until the average age increases to about 70 years. As you can see, drivers 20 and younger can pay 3x more than drivers 70 and older ($3,552 vs. $1,222).
Now, the longer you drive the same car, the bigger your savings. As you can see below, there is a strong downward relationship between the age of your car and the cost of insurance.
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Depending on the vehicle, initial annual insurance costs can be reduced by 3% to 16% over five years.
No Claims Bonus (NCB) can lead to significant savings for policyholders and providers alike.
Achieving a top NCB rating of 1 after five years without a claim can reduce your outlay compared to four 6 new awards ($1,548 and $3,221).
Although most NCB discounts are up to 15%, they combine well with previous annual discounts – especially if you have no complaints.
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The more expensive cars to insure are often popular in colors like black, white and silver because they have a high resale value – higher replacement costs for insurers, which means higher premiums for you. price
Contrary to popular belief, red cars that cost less than $1,636 to insure are not very expensive due to the speed of the appraisal.
Rather than state the obvious, like a Maserati being over 7.5 times better insured than a Daewoo, we decided to find out what’s right for the general market by looking at Australia’s 10 best selling cars.
Aside from Tesla (discussed in our EV section above), Toyota is definitely the most expensive on this list. The most popular brand, Toyota, costs 23% more to insure compared to Subaru, which is the cheapest to insure and ranks ninth.
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Getting an auto insurance policy is a smart choice. Here’s how to make sure you’re paying the lowest price:
There’s no denying that it’s been a tough year for auto insurance. A 16% increase is not a small amount, but there is hope that the price can start to increase when the price starts to slow down.
Even though some of these big forces are out of your control, that doesn’t mean you have to take a hit.
As financial expert Rachel Wastell says: “Loyalty is costing Australian drivers more than they realise, and with costs continuing to rise, staying with the same insurance could mean losing hundreds of dollars in savings.”
The Most And Least Expensive Cars To Insure In Australia.
Before your next trade-in, look carefully at your options – you could end up with a higher price and less money in your pocket.
Want to get the best price on your car insurance? Check out our car insurance comparison site to see if you can switch and save.
Head over to Australia’s Best Car Insurance for an overview of some of the winning policies. Last year’s data can also be found in the 2023 auto insurance report.
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Financial comparison service Mozo collected and analyzed 295,346 car insurance offers from 33 companies and insured a total of 61 cars.
Of the 59 car types included, 28 are below the average number and 31 are above.
However, premiums are higher than average for some brands, with Maserati, Mercedes-AMG, Chevrolet, Porsche and Tesla ranking in the top five most expensive to insure.
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While that’s no surprise for the top four brands – none of them sell cars under $85,000 in Australia – it’s surprising for Tesla given its electric vehicle (EV) model, with models priced from $50,000 $. before tolls and only in the mid-$80,000s.
Behind Tesla are Ram, Ineos, Range Rover, Infiniti and BMW, all of which are luxury or niche brands.
At the other end of the spectrum, the cheapest cars that have left Australia, such as Daewoo and Proton, are ranked in terms of insurance costs.
They sit next to the aging Saab, the soon-to-be revamped Foton and Great Wall Motors, as the GWM brand was originally before its revamp.
Why Is Car Insurance So Expensive?
Perhaps another surprise from the list is that Toyota – the favorite brand of Australian car buyers – sits at the top of the annual price range and ahead of European brands such as Volkswagen and Volvo.
More information on Australian car insurance premiums and the factors that affect them can be found in Mozo’s 2024 report which can be read here.
MORE: EVs cost more to insure, but hybrids are a real surprise TIME: Australia’s most expensive car colors to insure MORE: Fire, more expensive EV segment to insure in Australia, but that could change.
Born and raised in Canberra, Jordan has been a full-time motoring journalist since 2021, becoming one of Australia’s most published motoring journalists before joining in 2024. – Cut expenses to make your wallet lighter. If you’re in the market for a new car, understanding the most expensive cars can help you understand the cost of insurance and what it covers.
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Ever wonder why your friend’s fancy sports car is so expensive to insure? Or why such an expensive thing