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Car Insurance Ratings Australia – Are you under 25 years old and preparing to drive? Before you take off on a beach cruise or overnight drive, let us set you up with an auto insurance policy that covers everything from bumper stickers to major impacts.
Whether you’re under 25 and have your own car or a family car, the starting point in Australia is the same: compulsory third party liability insurance (MTPL) is a legal requirement for all drivers. If you ride your own bike, you’ll need your own MTPL policy to protect you from civil liability if you injure someone in an accident. However, you won’t need an MTPL policy if you only drive a family car. In this case, you just need to convince your parents to add you to the list of drivers listed on your policy. Just keep in mind that this may cause their insurance premiums to increase, since younger drivers are statistically riskier to insure. Because OSAGO only covers damage (and not someone else’s car or property), higher levels of insurance are available. We’ll discuss this below.
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Once the MTPL requirement is met, other insurance options come into play, all of which are optional. As with MTPL, if you primarily drive a car that belongs to your parents, you can add to their policy. But if you own your own car and decide you want a higher level of coverage, you’ll need your own policy.
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Third party insurance is the main protection against theft of someone else’s car or property. This won’t hurt your driving, but it may save you out-of-pocket costs if you cause an accident that damages someone else’s car or even their yard.
TPFT is a higher level than basic third party insurance and covers everything that third party insurance covers, but with a little more protection for your car. What does it protect your car from? You guessed it: fire and theft. This is a good option if you don’t need spring for widespread coverage but are in areas prone to wildfires or high crime rates.
Car insurance is a comprehensive package that includes everything that third-party options offer, but also protects your car from accidents, theft, fire, and even unexpected natural disasters like hail or falling trees. -great shape or you’ve invested a little more in a set of wheels, this is the best option. This is the most expensive option, but provides the most comprehensive level of protection.
All things being equal, car insurance costs for young drivers tend to be higher than average because young drivers are statistically more likely to cause accidents.
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However, experience also plays a role. For example, if you are under 25 and taking P tablets, you will be at the higher end of the premium scale. Ditching those P-plates in favor of a full license may lower costs slightly, but you’ll still expect to pay more than the average older adult.
Of course, that’s not all that plays a role: the car you drive, where you live, your parking situation, and even your gender are all taken into account.
While we can’t give an exact price, we’ve identified several insurance policies that offer the best value for young drivers. Let’s see:
Each year we hold the Experts’ Choice Awards, where we recognize insurance companies that consistently offer lower premiums than their competitors. For young drivers looking for affordable policies and driving accessories, here are our top picks from our 2023 awards:
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As you can see, a young driver can definitely get cheap car insurance; However, it’s important to consider other factors, such as your age and where you live, as well as the make and model of your car, which can affect the cost of your policy.
And it’s not always about the price! Sometimes the best car insurance for young drivers isn’t always the cheapest option. While price is important, it’s important to consider the overall value you get from the policy. It’s important to find the right balance.
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It’s one thing to simply compare premiums, but another to compare value for money—and it all depends on what your auto insurance covers you and the dollar limits of that coverage. Some car insurance companies offer all or just some of these features as standard on your policy.
So if you’ve narrowed your search and are obsessed with a few options, be sure to ask if it’s already in your existing policy.
This is for those times when you’re stuck on the highway and need a boost. With a very comprehensive policy, you will have to order and pay extra for roadside assistance or contract with an entirely different company.
Many policies will cover you for a certain period of time or dollar amount if you need a replacement vehicle after an accident or non-criminal situation. Others will list a rental car as an option after an accident, whether you were at fault or not. Please refer to the Product Disclosure Statement (PDS) for details.
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This is not a common feature, but it is worth asking about. If you are involved in an accident, you can pay an annual fee to avoid paying a premium or receive a bonus. Look at the fine print on this.
If your car is only worth $9,000 (according to your insurance company) and you insure it for $20,000, then that’s an acceptable value. Market value is the amount that the insurance company thinks your car can be sold for at the time the policy is issued. Not all policies offer you a choice between these options, and choosing one over the other may cost you more. Learn more about the details of this feature in our guide to the market versus approved auto insurance.
Typically, you’ll have to pay for an annual policy in one lump sum, but some insurance companies also offer the option of paying in monthly or weekly installments. Some providers offer this for free, others offer a processing fee, but you may find it easier to pay.
For a young driver in Australia, your insurance premium is likely to be higher than for an older driver with a good driving record and a full licence. Here are some important car insurance factors you may want to consider as a young driver.
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In general, the simpler your car, the less you’ll pay for insurance. In most cases, you will not be allowed to drive a high-powered vehicle until you have a full license. If you are caught behind the wheel, you could lose your license, be fined, and if you are at fault for the accident, your insurance company could cancel your policy entirely.
If you have a clean driving record using P plates, you may be able to get a discount on your policy. Taking a “defensive driving course” may seem cheaper to your conscience.
But if you’ve been driving every day since you were 17 and you’re now 23, that’s six years of driving experience. And if you have a very good sense of safe driving, you may qualify for a discount on your auto insurance premium. It’s okay if you ask.
Car insurance is probably the last thing on your mind when purchasing a new car, but you shouldn’t rush into it. Take your time to shop around because finding the best deal at an affordable price can save you money every year.
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