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Car Insurance Melbourne Australia – Roy Morgan said 2.6 million people changed their car insurance in the last 12 months, while a further 2.1 million took 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 more and more people looking for providers.
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An estimated 2.6 million car policies were switched in the 12 months to October 2023 due to rising costs to other providers, according to data compiled by a consumer research firm.
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“These figures show that the number of threatened policy changes has increased in recent years to reach the highest inflation in more than 30 years and the rise in interest rates. The fastest interest rate of this century … It seems to be following people. Their prices are close, Michele Levine, CEO of Roy Morgan, said in a statement.
The data – from interviews with more than 60,000 Australians each year – found people were looking for a better deal on around 11.3 million car policies, but the majority opted to renew their existing providers.
Of the remaining car policies bought or renewed in the year to October 2023, 20.3 million policies were renewed without shopping and a further 2.1 million car policies were bought by first-time policyholders.
Roy Morgan’s figures for first-time buyers of car insurance show that AAMI, Allianz and NRMA had the highest share of new contracts.
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In the 12 months to October 2023, AAMI accounted for 12.1 per cent of new car policies, while Allianz claimed 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 had 5.8 percent.
However, the picture is slightly different in the motor insurance market, where Roy Morgan found that the most popular insurer over the past 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.
“The number varies between new entrants and the total market – among new entrants, some stronger organizations appear to have a lower share than the overall market,” said a spokesman for Roy Morgan.
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“Inflation and interest rates may be factors behind the choice of RS – we note that some companies with a higher proportion of new entrants (eg Budget Direct) are focusing on value.”
Source: Roy Morgan Single source (Australia). Age: Australian 18+; Consumers of car insurance (including CTP), November 22-October 23, n=53, 865, November 22-October 23, n=53, 211; A “can’t say” answer is not included.
Susannah Guthrie has been a journalist for over ten years covering everything from world news to fashion, entertainment, health and now cars. Susannah, who has worked for titles such as The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, now enjoys testing the family car with the help of her husband and three-year-old son. Decisions and price comparison tools and services are offered free of charge. As a marketing company, we make money from advertising and this site contains products with Go to site links and/or other paid links that pay our sponsors to visit our website or products with their links. You do not pay any additional fees for using the service.
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While some insurance companies are easy to deal with, others make you jump through a few lines to make a simple claim and get your car repaired after an accident.
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Additionally, some companies want to dictate who you use in construction and what word they want to include. This can often leave you out of pocket if you want a good fix.
But at Bridge Road Body Works, you don’t have to worry about all that insurance hassle. We have been dealing with insurance events for more than 40 years and we are happy to handle them for you.
We have been in the auto repair industry for over 40 years and have built a solid reputation for our repairs and workmanship. We have a skilled and professional team of panel builders, car technicians and painters. Our trained professionals take pride in their work and many satisfied customers are proof of their commitment.
If you had an accident and it was not your fault, we will be happy to help you fill out an insurance claim and arrange a quick repair with your insurance company.
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Even if the accident or damage is yours, we can still help you with your insurance claim and resolve it quickly.
If you do not have car repair insurance, we will provide you with a complete quote to get the repair done at the lowest price.
If the other driver still has insurance and you have their details, we can negotiate with their insurance company to repair your car.
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I was very pleased with the friendly and professional team at Bridge Road Body Works. Their relationship and work was extraordinary. I felt they went above and beyond to make sure I was happy and considered everything they did in real time. I would happily recommend them to anyone for a repair. Thanks again guys! – Rachel
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100m from this beautiful service lived for 15 years. They have named me their best customer for the past two years. There’s a lot that can go wrong when your car is parked on a narrow but busy road. As a repeat customer, our relationship has grown and everything is fine. I especially appreciate the hardworking but respectful staff. They are always busy too; they take the time to provide thoughtful advice and go the extra mile.
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