Car Insurance Statistics Australia

Car Insurance Statistics Australia – A new analysis from the financial comparison site found that Aussies could be avoiding savings of up to $696 a year by not comparing car insurance before buying or renewing a policy.

The research was part of the 2022 Expert Choice Car Insurance Awards and compared 66 policies from 55 providers, finding the average annual cost of car insurance in Australia to be $1,302.

Car Insurance Statistics Australia

“Our research shows that not all car insurance policies are equal and that there can be significant differences between policies compared to many families struggling with the rising cost of living, this is a timely reminder that purchasing personal finance products is a big possibility a big one. opportunities to strengthen their finances,” says Claire Frawley, Personal Finance and Insurance Specialist at

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Those under 20 are still hit with the highest premiums, leading to annual costs of $2,447, but research shows they can save up to $1,077 a year by shopping around.

“Our research found that the older the driver, the lower the average cost of insurance, which is not surprising because young drivers are considered a risk by car insurance companies. The good news is that regardless of the driver’s age, you can save money.”

When it comes to who pays the most for car insurance, it appears that motorists in Victoria have the most expensive premiums, paying $1,463 a year, which is 68 per cent more than motorists in the cheapest place, Tasmania, who pay an average of $872 .

“Getting cheap car insurance doesn’t mean drivers have to compromise on the quality of cover they get. That’s where it helps to read the fine print, looking for details like roadside assistance, comprehensive risk cover and repair options.”

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“People who don’t want to switch, but feel they’re paying too much, can find relief by calling their provider and negotiating for a lower price. Comparing policies online gives them the information they need to make an opinion.

The Expert Choice Car Insurance Awards 2022 can be a great resource for Australians looking to find top-rated policies and providers that have outperformed their competitors in offering quality and affordable car insurance. Some of this year’s award winners are:

For more information on this year’s award winners, visit: Professionals Choice Awards or view our car insurance comparison service.

Explanation: The analysis is based on a collection of more than 260,633 quotes in September 2022 from 55 car insurance companies and 66 policies, calculated on the basis of the difference between the average and minimum annual costs.

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The ‘Sponsored’, ‘Hot Deal’ and ‘Featured Product’ labels indicate products that the supplier has paid to advertise heavily.

‘Sort order’ refers to the initial sort order and is not intended to imply that certain products are better than others. You can easily change the order of the product types displayed on the page.

General terms and conditions, exclusions, limits and sub-limits may apply to any of the insurance products displayed on the website. These conditions, exclusions, limits and minimums may affect the level of benefits and insurance coverage available under the insurance products listed on the Website. Please refer to the relevant Product Disclosure Statement and Target Market Commitment on the provider’s website for more information before making any insurance product decisions. Insurance prices in Australia are rising faster than inflation, due to frequent adverse events such as floods and bushfires. Photo: Diego Fedele/Getty Images View image in full screen

Insurance prices in Australia are rising faster than inflation, due to extreme weather events such as floods and bushfires. Photo: Diego Fedele / Getty Images

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The increase in insurance is two-fold and as costs continue to rise, some insurance companies are increasing their opportunities.

Insurance premiums are rising faster than inflation, putting pressure on homeowners, drivers and private healthcare customers, even as some of Australia’s biggest companies increase profits.

This sector, which has been largely overlooked as a driver of inflation and cost of living pressures, was a significant contributor to the latest inflation figures, which represent annual price increases not seen in more than two decades.

Insurers have warned consumers of double-digit premium increases for many products, including home and auto insurance, representing a new cycle of high travel costs.

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The industry has defended the decisions, arguing that extreme weather conditions and the high costs of labour, building renovations, machine parts and repairs mean the higher prices are necessary.

The consequences of a climate disaster weigh heavily on the prices paid by reinsurers, who take on some of the risk from natural disasters, and ultimately pass on to the insured.

Professor Paula Jarzabkowski from the University of Queensland says increased weather is driving up prices.

Jarzabkowski, who specializes in gaps in insurance coverage, said, “Usually after a disaster you get big payments for a year or two, and then it goes back up.” “What we are seeing now is a significant change in the way the insurance market works.

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“You’re going to find some people who can’t afford insurance, so they’re going to leave the market. We build in places we probably shouldn’t build, and after climate change there is no doubt that they did. no power.”

As catastrophic weather increases insurance premiums, traders also note that the increase puts insurers in a strong position to make profits in the coming years, a situation similar to what happened after the 2010-2011 Queensland floods. they

The country’s two biggest insurers, Suncorp and QBE, have revealed their insurance profit margins in their latest financial results, with the former claiming a big jump in premium growth, an increase in customer numbers and an increase in target prices.

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“We remain alert to the affordability challenges facing our customers and remain focused on driving the success of our business,” Suncorp said.

QBE noted that the high cost of construction products and the frequency and severity of weather events were reflected in the cost of policies.

Stock market performance for insurers was mixed as previous reports gauged the performance of some of the country’s biggest insurers such as IAG, while Suncorp and QBE are still at 10-year highs.

Insurers have not faced the same political criticism as supermarkets and banks, which have both benefited from inflation as customers struggle with rising prices and payments.

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The Australian Council of Trade Unions has said major insurers have shown “no mercy” on the cost of living.

“When you see these benefits growing, workers should be asking why they’re being paid in essential coverage,” ACTU deputy secretary Joseph Mitchell said.

The future profitability of the insurance industry will depend on whether it experiences continued high claims or a period of relative calm. It is also questionable whether consumers will continue to accept double price increases on their policies.

Insurance prices increased by 16.2% in 12 months, adjusted for inflation, representing the highest annual rate since 2001.

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This is compared to an annual inflation rate of 4.1%, which policymakers are trying to reduce to the range of 2 to 3%.

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An Insurance Council of Australia spokesman said insurers had paid out $16 billion in claims since the 2019-20 bushfires due to 13 declared catastrophes or major events, which continued to impact premiums.

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“Wherever you live in Australia, it doesn’t matter if you are exposed to extremes