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Car Insurance Companies In Australia – Roy Morgan said 2.6 million people switched car insurers in the past 12 months, while another 2.1 million took out a policy for the first time.
New data from Roy Morgan shows that 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.
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According to data compiled by the consumer research company, in the 12 months to October 2023, around 2.6 million car insurance policies switched to another provider amid rising cost of living pressures.
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“These figures show an increase in the number of policies at risk of change last year, which coincided with the highest inflation in more than 30 years and the fastest rise in interest rates this century … This is driving people to keep a closer eye on their running costs,” Roy said. Morgan CEO Michelle Levine said in a statement.
The data – taken from interviews with more than 60,000 Australians each year – found people were looking for a better deal on around 11.3 million motor policies, but the majority chose to renew with their existing provider.
Of the remaining motor insurance policies purchased or renewed by October 2023, 20.3 million policies were renewed without any purchase and an additional 2.1 million car insurance policies were purchased by first-time insurance customers.
For first-time car insurance buyers, Roy Morgan data showed AAMI, Allianz and NRMA accounted for the largest share of new policies.
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In the 12 months to October 2023, AAMI took 12.1 per cent of new motor insurance policies, while Allianz accounted for 9.7 per cent of new policies, NRMA 8.8 per cent, Budget Direct 8.3 per cent, Suncorp Insurance 5.9 per cent and RACQ there 5.8 per cent of claims. percent
However, the picture is slightly different compared to the overall car insurance market, where Roy Morgan found that the NRMA, the most popular insurer, accounted for 16.8 per cent of all policies over the past 12 months.
This was followed by 11.8 percent of AAMI policies, seven percent of Allianz All policies, 6.7 percent of Budget Direct policies and 5.8 percent of RACQ policies.
A Roy Morgan spokeswoman said the number varies between new entrants and the total market – it appears that new entrants have a smaller share of the total market than some established institutions.
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“High inflation and interest rates could be a factor behind the rs’ preference – we know that some companies with a higher share among new entrants (such as Budget Direct) focus on price.”
Source: Roy Morgan Sole Source (Australia). Eligibility: Australians aged 18+; Motor insurance customers (including CTP), November 22-October 23, n = 53, 865, November 22-October 23, n = 53, 211; Answers except “can’t say”.
Susanna Guthrie has worked as a journalist for over a decade, 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 car with the help of her husband and three-year-old son. If you own and drive a car in Australia, you are required to have at least one type of car insurance: Compulsory Third Party Insurance (CTP). But with so many other car insurance options available, choosing the right insurer for your needs can be confusing.
It can be tempting to choose the cheapest option, but if you don’t have the right type of cover, it could end up costing you a lot in the event of an accident. It is good for car owners to know about 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 car is legally required to register in every state and territory in Australia It is illegal to drive without the minimum amount of insurance. CTP insurance is automatically included as part of the registration process in some states and territories, while other states allow you to choose your CTP insurer and purchase your policy separately.
CTP covers those people if your vehicle is involved in an accident But it does not cover injuries to the driver and passengers of your car, nor does it cover damage to your vehicle, other vehicles or property.
You’ll pay the lowest premium for CTP insurance, but get the lowest coverage in return – even if an accident occurs, you could end up with significant liability.
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This insurance covers damage to other vehicles and property in the event of an accident It does not cover damages to your car, although some insurance companies may cover a certain amount of damages if your car is involved in an accident with an insured vehicle.
Along with third party property coverage, this insurance also covers against loss or damage to your vehicle in case of fire or theft
As the name suggests, comprehensive insurance covers injuries to your car, other vehicles (if caused by your car) and property, as well as to everyone involved in the accident. It also covers theft, fire damage, fire and some weather events
But it is important to remember that some exclusions may apply in full comprehensive insurance policies Check the policy document carefully to avoid any last minute surprises.
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If you have a new car or a used car in good repair, a comprehensive insurance policy can be beneficial, 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 policies from different companies.
Insurance premiums take into account many factors such as the type of policy, your driving and insurance history, type of vehicle, intended use and parking space.
Age and driving experience of the hired driver is also an important factor Since young and inexperienced drivers are more prone to accidents, they also attract higher insurance premiums. Any driver under the age of 25 is considered a major liability by insurance companies.
If you live in a household with more than one car, it may be possible to cover all these vehicles under one policy A multi-car insurance policy can usually cover 2 to 5 cars and can help reduce the amount of paperwork as only one payment has to be made. Some insurers may also offer discounts on such policies, but as it may cover other drivers, their age and driving history may affect premiums.
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Rental cars require CTP insurance as part of their Australian registration and often include insurance cover as part of the rental agreement. However, if the car you’re driving breaks down or is stolen, you may have to pay expensive extras. You may be able to reduce or avoid these additional fees if you agree ahead of time to pay the surcharge to the rental agency.
Some comprehensive car insurance policies include additional rental car coverage, which can help cover the additional cost of the rental car if needed. However, this additional coverage can increase your cost and may be more useful if you plan to rent a car frequently
This article was reviewed by Eden Radford prior to publication as part of the fact-checking process
Mark Bristow is the editor of Home and Personal Finance and an experienced analyst, researcher and producer. Focusing primarily on Australian mortgage and home loan expertise, he has experience in energy, home and travel insurance. Mark has worked as a journalist and writer in the financial sector for over ten years, previously researching and writing about commercial real estate at CoreLogic. In subsequent years, Mark has worked for Winning Group, Expedia, and has had articles published in Life Hacker and Business Insider.
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Car insurance 24/10/24 4 min read Different types of car insurance available in Australia There are different types of car insurance policies available in Australia, offering different levels for drivers in different situations. Mark Bristow Personal Finance Edito Magic Glass has a large range of vehicles serving clients across the state every day. Our skills are spread across Sydney, New South Wales and the ACT
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