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Vehicle Insurance Victoria Australia – New analysis from a financial comparison site has found Australians can lose out on an average of $696 in annual savings if they don’t compare car insurance before buying or renewing a policy.
The analysis, part of the Experts’ Choice Car Insurance Awards 2022, compared 66 policies from 55 providers and found the average annual cost of car insurance in Australia to be $1,302.
Vehicle Insurance Victoria Australia
“Our analysis shows that not all car insurance policies are the same and that comparable policies can vary greatly in price. With many families struggling with the rising cost of living, this is a timely reminder that shopping around for personal finance products is a great opportunity to strengthen budgets,” says Claire Frawley, personal finance and insurance expert.
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Those under 20 have the highest premiums, with an average annual cost of $2,447, but Halle’s analysis found they could save up to $1,077 a year by comparing prices.
“Our analysis found that an older driver has a lower average cost of insurance, which is not surprising given that younger drivers are considered a risk by car insurance providers. The good news is that savings can be achieved regardless of a driver’s age. .
When it comes to who pays the most for car insurance, drivers in Victoria were found to have the most expensive premiums, paying $1,463 a year, which is 68% higher than the average salary of $872 in the cheapest state, Tasmania.
“Finding cheap car insurance doesn’t mean drivers have to compromise on the quality of cover they get. This is where reading the fine print looks for features like roadside assistance, adequate accident cover and workshop selection.
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“Those who don’t want to switch but feel they’re being overcharged can find some relief by calling their provider and negotiating a lower price. Compare policies online with the information you need.
The Expert Choice Car Insurance Awards 2022 is a great tool for exceptional policies and providers that offer Australians the best value and quality car insurance, outperforming their competitors. Some of this year’s award winners include:
For more information on this year’s award winners, visit: Experts’ Choice Awards or see
Notes: Analysis based on a collection of 260,633 quotes from 55 car insurance providers and 66 policies in September 2022. Average savings figures are calculated using the difference between average and minimum annual costs.
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“Sponsored,” “Special Offer,” and “Featured Product” tags refer to products the seller has paid to advertise more prominently.
‘Ranking order’ refers to the initial ranking order and is in no way intended to imply that some products are better than others. You can easily change the order of the products on the page.
Terms, conditions, exclusions, limits and sub-limits may be displayed on each insurance product on the website. These terms, conditions, exclusions, limits and sub-limits may affect the level of benefits and coverage under any insurance products displayed on the website. Check the applicable product disclosure statement and target market definition on the provider’s website for more information before making a decision about an insurance product. Third party damage insurance is the most affordable basic coverage insurance offers for accidental damage you cause to another vehicle or property, such as hitting another car or hitting a fence.
With this policy, any licensed driver (including students) allowed to drive your vehicle is covered. Additional surcharges may apply to inexperienced drivers or drivers under 25 years of age.
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Pay however best suits you: yearly or monthly. You can save on your premium if you pay annually.†
Save with discounts on your policy when you stay with us.# Plus, buy two or more qualifying insurance policies and save up to 10% on each.*
With a third-party property damage auto insurance policy, you can be covered for a variety of events. Here’s a summary of what’s included:
For damage to your vehicle, if you are not at fault in the collision, the other driver is uninsured and can provide their information.
Car Insurance In Victoria
Your vehicle is covered with a license to drive. Additional surcharges may apply to inexperienced drivers or drivers under 25 years of age.
This is only a summary of the coverages of third party property damage insurance. For more information, including conditions, limitations and exclusions, please read the Product Disclosure Statement.
For more information about general exclusions and items not included in your coverage, please see the Product Disclosure Statement.
This is just a summary of some of the inclusions in auto insurance policies. Please see the applicable Product Disclosure Statement for specific terms, limitations and exclusions. If you choose to add optional extras to your cover, you will pay more in your premium.
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Coverage for collision damage to your car, as well as collision damage to other people’s property and vehicles, regardless of who is at fault.
Log in to your online account to view policy documents or update your personal details and payment methods. For other changes call 13 72 28.
This is the amount the insurance company agrees to insure your vehicle. You can choose from a range of values, which will remain fixed for the life of the policy.
At the time of renewal, the insurance takes into account changes in the agreed value along with the local market value of your vehicles. Check your renewal notice for changes.
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This is an assessment of the value of your vehicle at the time of an incident where you make a claim. Consider local market prices and the age and condition of your vehicle.
When taking out a comprehensive car insurance policy, you can only choose between the agreed value and the market value.
Third party fire and theft not only covers you for accidental damage you cause to another person’s vehicle or property, but also offers financial protection if:
With third-party insurance, damage to your own car is generally an out-of-pocket expense. However, if you have an at-fault accident with an uninsured driver, our third-party coverage tires can provide you with additional coverage and details of the uninsured driver, up to a maximum market value of $5,000.
How Car Insurance Premiums Are Calculated
This is just a summary of the differences between auto insurance policies. Please see the applicable Product Disclosure Statement for specific terms, limitations and exclusions.
Yes, as long as they have a valid driver’s license. Additional surcharges may apply to drivers under the age of 25 and inexperienced drivers.
Emergency Roadside Assistance From flat tires and empty gas tanks to lockouts and batteries, we’re here to help. Drive with complete peace of mind when you purchase one of our roadside assistance products. Find out more
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# Years of membership: 5% discount for Bronze cardholders at 5 years, 10% discount for Silver cardholders at 10 years, 15% discount at 25 years for Gold cardholders and 20% discount at 51 years for Gold 50 cardholders.
* Multiple policy discounts and membership year benefits excluding travel, commercial and agricultural insurance products. To qualify for the multi-policy discount, you must have two qualifying insurance policies. For more information, check out the Premiums, Franchises and Discounts guide. Deductions are applicable only till the applicable minimum premium is met. On renewal, there may be an increase or decrease in your premium:
