Car Insurance Increase Australia – Data shows young drivers are hit hardest by record car insurance premiums, with some facing premiums of almost £3,000.

On average, premiums for 17-20-year-olds have risen by more than £1,000 compared to the same time last year, according to price comparison company Confused.com.

Car Insurance Increase Australia

Car Insurance Increase Australia

Steve Dukes, chief executive of Confused.com, told Radio 4’s Today programme: “The frequency of claims has increased in recent years since the pandemic, but so have the costs.

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“Used car prices are higher than before, including parts and repair labor costs, all of which are passed on to consumers.”

Prices of used cars, the first cars for qualified young drivers, have been volatile in the months since the corona pandemic began. Demand for used cars has soared as production of new cars has fallen due to global shortages of computer chips and other materials needed for manufacturing.

According to the Office for National Statistics, the rate of price increase in the used car market reached 31% in March 2022. After that, it fell sharply.

However, the young driver faced the strongest hope. For 17-year-old drivers, insurance premiums rose by an average of £1,423 to £2,877. For 18-year-old drivers, the average insurance price came to £3,162.

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This data is calculated based on the average of the top 5 quotes from Confused.com, not the actual price paid for the policy.

Dukes said there are ways to lower premiums. “If you can legally share the drive with a more experienced and older driver and adding that person as a designated driver can make a huge difference and reduce your charges by hundreds of pounds, it’s worth considering,” he said.

Dukes also suggested young drivers consider telematics and “pay as you drive” insurance. With this insurance, your driving behavior on the road is shared with your underlying insurance company and with the driver’s temporary insurance.

Car Insurance Increase Australia

But with the rising price of cars for 17- to 20-year-olds, many young drivers will question whether they can afford to drive, he said.

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He said: “The industry needs to be careful not to force young drivers to use other modes of transport, and with prices this high, that’s a huge risk.”

The Association of British Insurers (ABI) said car insurance can be expensive, but there are ways to reduce costs.

He also said it was important motorists never drive without cover and urged anyone struggling with the costs to contact their insurance company.

However, the ABI says insurance is always based on risk and its data shows average costs and claims rates are higher for younger drivers, which can affect premiums.

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The ABI’s exclusive analysis of 28 million policies found that insurance costs for drivers rose by an average of £561 between July and September, a 29% increase compared to the same period in 2022.

The association said the figure was based on the price customers paid for their insurance, not the amount they were offered.

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Car Insurance Increase Australia

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So if you’re getting close to renewal time or you’ve just found out your car insurance premiums are going up, it might be time to call on your inner “Karen” and negotiate.

Pay no “loyalty tax” Car insurance companies often offer favorable terms to new customers, but premiums for existing customers can increase year after year. See how to negotiate car insurance

Car Insurance Increase Australia

If you feel you need more industry knowledge before venturing into the haggling territory, check out our guide to switching car insurance.

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Car Insurance Increase Australia

It’s no secret that the cost of living is rising, and older Australians are hit particularly hard when it comes to car insurance. “The average increase nationally is 18% compared to last year,” said Canstar’s Steve Mickenbecker. This is an average increase of $274 per policy.

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But don’t despair. This cloud looks great and comes in the form of Compare Markets*. This smart comparison business helps thousands of seniors save big on car insurance* by comparing up to 10 car insurance companies. One customer saved $418 on their insurance.

So how can you take advantage of these potential savings Adrian Taylor, managing director of Property & Casualty Insurance at Compare the Market*, shares inside information.

“Your renewal policy should show both last year’s premium and the new one, so you can see straight away how much more you have to pay,” advises Adrian. “Before you compare car insurance, look at the differences to see how big the new changes are.”

But it’s more than just comparing apples to apples. Adrian suggests that you think about who will drive your car. “In general, drivers under 25 can expect to pay higher premiums. If you can limit the age of the drivers on your policy, you can ultimately save money.”

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Also, don’t forget potential savings with our pay-as-you-go policy, rebates and no-claims rebates and buying cover online*. You can also lower your premium by raising your deductible, but this means that your deductible will be more expensive if you make a claim.

You don’t have to wait for updates to save money. You can cancel your existing insurance and change insurance companies at any time. Please note that cancellation fees may apply.

As car insurance premiums rise,

Car Insurance Increase Australia

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Reval Hadi

Hi, I'm Reval Hadi, a passionate technology blogger and AI enthusiast from Indonesia. With a background in Computer Science, I love exploring the cutting edge of artificial intelligence and its real-world applications. Through my blog, I aim to break down complex tech concepts into accessible insights for everyone. My mission is to bridge the gap between advanced AI research and practical uses, especially in the Indonesian context. Join me as we dive into the fascinating world of technology and its potential to shape our future!

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