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Car Insurance Brands Australia – Roy Morgan says 2.6 million people changed car insurance companies in the last 12 months, while another 2.1 million people took out a policy for the first time.
The last 12 months have been a turbulent time for the car insurance industry – with a significant increase in the number of people looking to switch providers, new figures from Roy Morgan show.
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Around 2.6 million car insurance policies were switched to another provider in the 12 months to October 2023, 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 in the past year amid the highest inflation rate in more than 30 years and the fastest rising interest rates this century. At the same time as … It seems that people have to closely monitor their ongoing costs,” 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 the majority chose to renew with their current provider.
Of the remaining auto insurance policies purchased or renewed in October 2023, 20.3 million policies were renewed without purchase and 2.1 million auto insurance policies were purchased by first-time insurance consumers.
For first-time car insurance buyers, Roy Morgan data showed AAMI, Allianz and NRMA had the highest share of new policies.
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In the 12 months to October 2023, AAMI accounted for an estimated 12.1 per cent of new car policies, while Allianz accounted for 9.7 per cent of new policies, NRMA 8.8 per cent, Direct Budget 8.3 per cent and Suncorp Insurance 5.9 per cent. demanded. percent and RACQ was 5.8 percent.
However, this picture differs somewhat from the overall car insurance market, where Roy Morgan found that the most popular insurer in the last 12 months was the NRMA with 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 policies.
Spokesman Roy Morgan said: “The figures vary between new entrants and the overall market – it appears that some of the established organizations have a lower proportion of new entrants than the overall market.”
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“Inflation and interest rates may be a factor behind RS’s choice – we note that some companies with a high proportion of new entrants (eg Budget Direct) are very price conscious.”
Source: Roy Morgan Single Source (Australia). Base: Australians over 18; Vehicle insurance (including CTP) consumers, 22-Oct-23, n=53, 865, 22-November-23 October, n=53, 211; Except for the “I can’t say” answers.
Suzanne Guthrie has been a journalist for over ten years, covering everything from world news to fashion, entertainment, health and now cars. Having previously worked for titles such as 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. If you own a car or want to buy one, you’ll want to find the best car insurance deal for your situation and budget.
Here, we track over 50 car insurance companies. The cost of car insurance is determined by many factors, such as where you live, who drives the car and their driving history, the make and model of the car, and even the color of the car. Some car insurance providers also take into account the distance you travel to determine the cost of your car insurance.
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This means that the best car insurance policy or price for you may not be the same as your friend or neighbour’s, which is why it’s so important to compare car insurance regularly to make sure you’re getting the best deal.
To help you narrow down your options for consideration, our insurance data analysts and personal finance journalists regularly review and compile lists of the best car insurance policies and providers, some of which have won awards and others have been selected as a method. . Highlighting some of the great deals currently available.
When analyzing a policy, the team looks for outstanding products that meet the criteria for exceptional value and/or exceptional quality car insurance.
In 2024, experts compared comprehensive auto insurance quotes on 61 policies from 53 auto insurers and considered a number of factors to choose the best policies this year.
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The budget is straight forward to secure pole position as Australia’s best car insurance company for 2024. It took home awards in all of our value categories.
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Key policy features: With competitive pricing and fixed coverage limits, 15% discount for combining home and contents coverage and 15% discount for policies initiated online and 24/7 claims service, Budget Direct offers one of the best values. Car insurance policy at the moment.
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This policy includes useful features that can help keep you on the road, such as stolen vehicle coverage or rental car coverage after a no-fault accident. You’re also covered on a new car trade-in (if the car is less than two years old or driven less than 40,000 km), up to $500 worth of personal property and up to $1,000 worth of key replacements. Paying your premium monthly is an option, but will incur additional costs.
Key policy features: Rollon aims to make coverage as easy as possible by offering monthly payments at no extra cost, and you can cancel coverage at any time without penalty.
Award-winning car insurance for exceptional value, this comprehensive policy covers damage to your car in the event of an accident, storm or theft, and the same applies if your car has less than 15,000 km on the odometer. In writing with a new comparison model.
If your windshield or window glass is damaged, repairs will be made at no additional cost to you (one claim per policy period). And for other types of claims, you’ll see an extra $800 for all registered drivers, which is for drivers under 25 who would otherwise have to contend with the young driver excess (just remember that unregistered drivers are still up to 3000 additional dollars).
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Plus 10% off base premium for 2 consecutive monthly policies and a potential monthly discount of up to 15% from your third month to Be a Safe Driver. Reward minimums may apply. Underwriting criteria, limitations, exclusions and conditions apply.
Below are some of the best car insurance deals this month, as selected by our editors. We highlight these policies because they contain features that may be of interest to different types of drivers. If you want to compare them with other options, visit our car insurance comparison page to compare car insurance databases and read car insurance news and car insurance guides.
QBE comprehensive car insurance offers a range of benefits with optional optional extras at a great premium. Enjoy discounts on old (up to 3 years, 60,000km), accidental damage, fire and theft, weather damage, major repairs up to $500, emergency transport and accommodation up to $1,000 and a bonus $75 discount. If you buy your policy online.
Key Policy Features: Youi’s comprehensive policy has a number of flexible options that you can avail at an affordable price. i
