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Over 50 Car Insurance Australia – Australians can save up to $696 a year on average by comparing car insurance before buying or renewing a policy, new analysis from the Financial Comparison website has found.
The analysis, part of the 2022 Expert Car Insurance Awards, compared 66 policies from 55 providers and found the average annual cost of car insurance in Australia to be $302.
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“Our analysis shows that not all car insurance policies are created equal and that there are wide price differences between comparable policies. It’s a timely reminder that as many families face rising costs of living, shopping around for financial products in person can be a great opportunity to stretch your budget,” said Personal Finance. And said insurance expert Claire Frawley.
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Those in their 20s get the most rewards, spending an average of $2,447, but the analysis shows they can save $777 a year by shopping around.
“Because younger drivers are considered riskier by car insurance providers, our analysis found that the average cost of insurance is cheaper for an older driver. The good news is that savings can be made regardless of a driver’s age.”
In terms of who pays the most for car insurance, motorists in Victoria are the most expensive, earning $463 a year, 68 per cent more than the cheapest state, Tasmania, which pays an average of $872.
“Finding cheap car insurance doesn’t mean drivers have to compromise on the quality coverage they get. It’s about looking for features like better print, roadside assistance, adequate accident coverage and dealer choice.”
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“People who don’t want to switch but feel they’re being overcharged can find peace of mind by ditching their phone provider and negotiating a cheaper rate. With information online, they may need a comparison that can help policymakers make their case.
The 2022 Expert Choice Car Insurance Awards will be a great tool for Australians looking to find policies and providers that outperform their competitors in offering good value and quality car insurance. Some of this year’s awardees are:
For more information on this year’s winners, see: Expert Choice Awards or Car Insurance Comparison Services.
Note: The analysis collected 633 quotes and 66 policies from 55 car insurance providers in September 2022, up from 260. The average savings figure is calculated by dividing the annual average cost.
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“Sponsor”, “Hot Deal” and “Exclusive Product” brands refer to products for which the supplier has paid for extensive promotion.
“Ranking order” refers to the basic ranking order and does not mean that some products are better than others. You can easily change the order of products displayed on this page.
Terms, conditions, exclusions, limitations and sub-limitations apply to all insurance products listed on the website. These terms, conditions, exclusions, limitations and sub-limitations affect the availability and extent of insurance products listed on the website. Before deciding on an insurance product, please refer to the relevant product disclosure statement and target market definition on the provider’s website for more information. Online¹, ²
Pay monthly with no overdraft fees and the flexibility to adjust your overdraft can reduce your premium
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Up to 30 days for additional rental car after theft and rental car after accident
Save 10% on your first annual premium when you buy a new comprehensive car insurance policy quote online
Rekey / Rekey Lock – Up to $1,000 per occurrence if your car keys are stolen
Legal liability for damage or injury to another’s property and additional personal injury – $20 million for each occurrence or series of occurrences.
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High level cover that covers fire, theft, accident and malicious damage to your vehicle. It also covers legal liability for injury or damage to other people’s property caused by a motor vehicle accident.
Being legally liable for injury or property damage to another person caused by a car accident.
Check your car insurance product disclosure statement and policy document for what is covered, what is not covered and any additional information that may apply.
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