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Car Insurance Providers Australia – New analysis from a financial comparison site shows Australians could be missing out on an average of $696 a year in savings if they don’t compare their car insurance before purchasing or renewing a policy.
The analysis was part of the Expert Choice Car Insurance Awards 2022 and compared 66 policies from 55 providers. It found that the average annual cost of car insurance in Australia is $1,302.
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“Our analysis shows that not all car insurance policies are the same and there can be large price differences between comparable policies. With many families struggling with living expenses, it’s time to explore what personal finance products can do. A great “stress on the budget” opportunity, says personal finance and insurance expert Claire Frawley.
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Those under 20 pay the highest premiums, with an average annual cost of $2,447. However, the analysis shows they could save up to $1,077 per year.
“Our analysis shows that the older the driver, the cheaper the average cost of insurance, which is not surprising as younger drivers are viewed as riskier by car insurance providers. The good news is that the age of the driver doesn’t matter, you already have that to save.”
As for who pays the most for car insurance, it has been found that drivers in Victoria had the highest premiums at $1,463 a year, 68% more than the cheapest state of Tasmania, which paid an average of $872. .
“Looking for cheap car insurance doesn’t mean drivers have to compromise on the quality of insurance coverage. It’s worth reading the fine print and looking for features such as roadside assistance, appropriate accident protection and repair options.”
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“People who don’t want to switch but feel like they’re being overcharged may find comfort in staying with their provider and getting a lower rate. Comparing policies online to equip yourself with the information you need will help you make your case.” can help.”
The Expert Choice Car Insurance Awards 2022 can be a great tool for Australians looking for top policies and providers that outperform their competitors in providing high quality car insurance at great value for money. This year’s award winners include:
To learn more about this year’s winners, visit: Expert Choice Awards or check out auto insurance comparison services.
Note: Analysis was conducted on a collection of 260,633 quotes from 55 car insurance providers and 66 policies as of September 2022. The average savings was calculated as the difference between the average and minimum annual costs.
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Our friendly team of experts will help you in every way, from changing your policy through our online insurance manager to renewing your policy and making a claim. And because we use digital chat, we’ve made insurance a little easier and more efficient
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We transform the experience of Australia’s largest insurer into smarter, smarter and more efficient insurance. Get the benefits and coverage of a trusted insurer through a world-class digital chat and support system. It’s simple Roy Morgan said 2.6 million people had changed car insurers in the last 12 months, while another 2.1 million were buying a policy for the first time.
New data from Roy Morgan shows the last 12 months have been a turbulent time for the car insurance industry, with a significant increase in the number of people looking to switch providers.
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According to the consumer research firm, around 2.6 million car insurance policies switched to another provider in the twelve months to October 2023 due to increasing pressure on the cost of living.
“These figures show that with inflation at its highest in more than 30 years and interest rates rising the fastest this century, the number of policies at risk of switching has increased over the past year…It looks promising. People should stay vigilant.” “Pay attention to your current expenses,” said Michael, CEO of Roy Morgan. Levine said in a statement.
Annually, data from interviews with more than 0,000 Australians revealed that people searched for a better deal on around 11.3 million car insurance policies, but the majority chose to renew with their existing provider.
Of the remaining automobile insurance policies purchased or renewed through October 2023, 20.3 million policies were renewed without purchase and an additional 2.1 million automobile insurance policies were purchased by primary insurance customers.
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For first-time car insurance buyers, Roy Morgan data showed that AAMI, Allianz and NRMA had the highest proportion of new policies.
In the 12 months to October 2023, AAMI accounted for 12.1 percent of new motor insurance claims, Allianz 9.7 percent, NRMA 8.8 percent, Budget Direct 8.3 percent and Suncorp Insurance 5.9 Percent. and RACQ had 5.8 percent
However, this picture contrasts slightly with the overall motor insurance market, where Roy Morgan found that NRMA was the most popular insurer in the last 12 months, accounting for 16.8 per cent of all policies.
This was followed by AAMI with 11.8 percent of policies, Allianz with seven percent of all policies, Budget Direct with 6.7 percent of policies and RACQ with 5.8 percent of policies.
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“The numbers vary between new entrants and the overall market. It appears that among the new entrants, some established firms have a smaller share of the overall market,” said a spokesman for Roy Morgan.
“High inflation and interest rates could be a factor in RS preference – we have seen some companies that have a higher proportion of new entrants (e.g. Budget Direct) focus on price.”
Source: Roy Morgan Single Source (Australia): Australians over 18; Car insurance (including CTP)
