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Australia Car Insurance – According to Roy Morgan, 2.6 million people changed their car insurance policy in the last 12 months, with another 2.1 million taking out a policy for the first time.
New figures from Roy Morgan show that the last 12 months have been a tough time for the car insurance industry – with the number of people looking to switch providers rising significantly.
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In the 12 months to October 2023, around 2.6 million car insurance policies were switched to another provider amid rising cost of living, according to data compiled by a consumer research firm.
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“These figures show that the number of policies at risk of default has increased over the past year due to the highest inflation in 30 years and the fastest rate of rise in interest rates this century. . . . “Their investment continues,” Roy Morgan CEO Michelle Levine said in a statement.
Data from interviews with more than 60,000 Australians a year showed people were looking for a better deal on about 11.3 million car policies, but many chose to upgrade with their existing provider.
Of the remaining insurance policies purchased or renewed by October 2023, 25 million policies were renewed without any purchase and another 2.1 million auto insurance policies were purchased by first-time customers.
Roy Morgan figures for the main car insurance providers show that AAMI, Allianz and NRMA have the highest share of new policies.
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In the 12 months to October 2023, AAMI accounted for approximately 12.1% of new policies, Allianz 9.7%, NRMA 8.8%, Budget Direct 8.3%, Suncorp Insurance held 5.9 percent. and RACQ was 5.8 percent.
However, the picture is somewhat different for the overall car insurance market, where Roy Morgan found that the most popular insurer over the past 12 months was the NRMA with 16.8% of all insurance policies.
It was followed by AAMI with 11.8% of policies, Allianz with 7% of all policies, Budget Direct with 6.7% of policies and RACQ with 5.8% of policies.
“The figures differ between new entrants and the rest of the market – it appears that among the new entrants some established organizations have a lower share than the rest of the market,” said Roy Morgan, a spokesman.
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“Higher inflation and interest rates may be driving RS decisions – we note that some companies with a higher proportion of new entrants (such as Budget Direct) are more cost-conscious.”
Source: Roy Morgan Single Source (Australia). Base: Australians aged 18+; Motor insurance customers (including CTP), from November 22 to October 23, n=53, 865, from November 22 to October 23, n=53, 211; Except for the “I can’t say” answers.
Susanna Guthrie has been a journalist for over a decade, covering everything from world news to fashion, entertainment, health and now automotive. Having previously worked for The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, Suzanne now enjoys testing the family cars with the help of her husband and three-year-old son. you are required by law to have at least one form of car insurance: compulsory third party insurance (CTP). But with so many different auto insurance options available, choosing the right one to suit your needs can be confusing.
Being cheap can be tempting, but not having the right type of coverage can cost you in the event of an accident. It is good for car owners to know the types of insurance available and the protection each type provides.
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Third party car insurance covers injuries to other people and damage to their property in the event of an accident. Third party insurance can have different levels of coverage:
CTP is compulsory insurance that every vehicle must have for legal registration in every state and territory in Australia. Driving without this insurance is illegal. CTP insurance is automatically included as part of registration in some countries and territories, while other countries allow you to select your CTP insurance and purchase your policy separately.
CTP covers people who may be injured if your car is involved in an accident. But it does not cover injuries to the driver or passengers of your vehicle, nor does it cover damage to your car, other vehicles or property.
You pay a small premium for CTP insurance, but then you get less insurance – you may have higher liability in the event of an accident.
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This insurance covers damage to other vehicles and equipment in the event of an accident. It doesn’t cover damage to your own car, although some insurance companies may cover a certain amount if your car is involved in an accident with an uninsured vehicle.
In addition to third party property coverage, this insurance also covers your vehicle against damage or loss due to fire or theft.
As the name suggests, comprehensive insurance covers damage to your car, other vehicles (if your car is the cause) and property damage, as well as damage to all people involved in the accident. It also covers theft, fire damage, fire and other weather events.
However, it should be noted that some discounts may apply for full insurance coverage. Check the policy document carefully to avoid last-minute surprises.
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If you have a new car or a used car in good condition, a comprehensive insurance policy can help you, even if you have to pay a higher premium. Comprehensive car insurance is also a competitive market, so it’s often a good idea to compare car insurance from different companies.
Insurance rates look at a variety of factors, such as the type of document, your driving record and insurance history, the type of car, how it’s been used and even where the car is parked.
The age and driving experience of the selected driver are also important factors. As young and inexperienced drivers increase the risk of accidents, they also attract higher insurance premiums. Any driver under the age of 25 is considered primary liability by insurance companies.
If you live in a household with more than one car, you can cover all the cars with one policy. Multi-car insurance usually covers between two and five cars and helps reduce the amount of paperwork needed to make just one payment. Some insurers may also offer discounts on such policies, but as they may include other drivers, their age and driving history may affect the premium.
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Car hire requires CTP insurance as part of registration in Australia and often includes insurance cover as part of the rental agreement. However, if the vehicle is damaged or stolen while you are driving it, you may have to pay a lot. You can reduce or avoid this surcharge if you agree in advance to pay the surcharge to the rental company.
Some comprehensive car insurance policies include additional rental car coverage to help cover excess rental car costs if needed. However, this additional cover can increase your premium and therefore can be very useful if you plan to rent a car frequently.
This article was checked by Eden Radford as part of a fact-checking process prior to publication.
Mark Bristow is a home and personal finance editor, seasoned analyst, researcher and developer. Although he is primarily focused on Australian mortgage and home loan expertise, he also has extensive experience in energy, home and travel insurance. Mark has been a financial industry journalist and writer for over ten years and previously researched and wrote real estate articles for CoreLogic. Since then, Mark has worked at Winning Group, Expedia, and has had articles published in Lifehacker and Business Insider.
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Car insurance 24/10/24. 4 min read There are different types of car insurance policies in Australia There are different types of car insurance policies in Australia that offer different levels of cover for drivers in different circumstances. Mark Bristow Editing Personal Finance Our goal is to help you make smart investments. Our selection and useful comparison tools and services are provided free of charge. As a marketplace business, we make money from advertising and this page displays products with a referral link and/or other paid links where the supplier pays us if you visit their site or download a product from them. . You don’t pay extra to use our service.
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