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Average Car Insurance Cost Per Year Australia – Aussies could be missing out on an average annual savings of up to $696 by not comparing car insurance before buying or renewing a policy, new analysis from a financial comparison site has found.
The analysis was part of the Expert Car Insurance Awards 2022 and compared 66 policies from 55 providers and found the average annual cost of car insurance in Australia was $1,302.
Average Car Insurance Cost Per Year Australia
“Our analysis shows that not all car insurance policies are created equal and there can be large price differences between comparable policies. As many households struggle with the rising cost of living, this is a timely reminder that shopping around for personal finance products is a great opportunity. to strengthen your budget, ” says Claire Frawley, personal finance and insurance expert.
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Under-20s receive the most premiums, with an average annual cost of $2,447, but the analysis found they could save up to $1,077 a year by shopping around.
“Our analysis found that the older the driver, the cheaper the average cost of insurance, which is not surprising because car insurance companies consider young drivers to be more dangerous. The good news is that regardless of the driver’s age, it saves.
When it comes to paying more for car insurance, it found motorists in Victoria had the most expensive premiums, paying $1,463 a year, 68% more than motorists in the cheapest state, Tasmania, who paid an average of $872
“Looking for cheaper car insurance does not mean the driver has to give up on quality cover. It pays to read the fine print, look for features like roadside assistance, adequate accident cover and choose a repairer.”
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“People who don’t want to move but feel they have been charged too much can find some relief by contacting their provider and negotiating a lower rate. Comparing policies online and the information you need can help them challenge their claims.
The 2022 Expert Choice Car Insurance Awards can be a great tool for Australians looking for exceptional policies and providers who outperform their competitors in offering great and quality car insurance. Some of this year’s award winners include:
For more information on this year’s award winners, visit: Experts’ Choice Awards or see your car insurance comparison service.
Note: The analysis is based on a collection of more than 260,633 quotes in September 2022 from 55 car insurance providers and 66 policies. The average savings figure is calculated using the difference between the average and minimum annual costs.
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The “Sponsor”, “Hot Deal” and “Featured Products” labels represent the products that providers are paid the most to promote.
‘Sort Order’ refers to the original sort order and does not imply that some products are better than others. You can easily change the product sort order on the page.
Terms, conditions, exclusions, limitations and sub-limits may be displayed for any insurance product on the website. These terms, conditions, exclusions, limitations and sub-limits may affect the level of benefits and coverage shown on any insurance product on the website. Please visit the Product Disclosure Statement and Identify Target Market on the provider’s website for additional information before deciding on an insurance product. A driver can legally mean more than just getting from A to B. For many, those car keys are a symbol of freedom!
So if you have your license, roadworthy vehicle and insurance, and your car keys, it’s as easy as getting in your car and hitting the open road, right?
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Yes, yes and no. Many people say that “real learning to drive” starts after you pass the test and you don’t have the support of a qualified instructor. Going out on your own for the first few trips can be a bit daunting, and even more so the further along you are. Things like busy and dangerous roads and the cost of driving are common problems among young people.
So what’s it like to drive in Australia under the age of 25? Budget Direct commissioned research house Aira to compile several key indicators related to young drivers such as cost factors such as petrol prices, the average cost of your car insurance and registration as well as parking prices. This is measured alongside safety issues such as road fatalities and how many cars are in households in 20 cities and densely populated areas across Australia.
With a score of 68.9 out of a possible 100, Melbourne, Victoria ranked first for the best city for young drivers, according to the index. In terms of cost metrics, Melbourne recorded the lowest ULP 91 fuel price per liter $1.72, Melbourne also has the lowest number of accident deaths per 100,000 population.
When it comes to car insurance for young drivers and car registration fees, Melbourne ranks among the most expensive cities compared to other cities. With an average car insurance cost of $2,477.00 and an average vehicle registration fee of $805.00, it’s an expensive city for young drivers to hit the road.
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The worst city for young drivers is Canberra. At only 25.3 on our index, the capital has high insurance costs ($2,540.50), high registration costs ($1,480.10) and is a congested suburb with 85% of households owning a car.
However, the capital benefits from cheaper parking of $2.00 for 1 hour. You’ll also find fuel costs reasonable compared to other cities at $1.78 per litre.
According to Australia’s BITRE website, in the last 12 months (including the current month) the annual road death rate is 4.6 per 100,000 population. This is an increase of 6.0% compared to the 12-month period of January 2022. In real terms, 1,208 deaths were recorded, which is 82 more than in January 2022.
Data trends show that the annual number of road deaths is +111.6% higher than the target of the National Road Safety Strategy 2021-2030, which is a worrying statistic.
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With road deaths on the rise in Australia, we specifically look at city and regional level deaths to find where the lowest number of deaths will be recorded in 2022. To determine this number, we downloaded official statistics from the BITRE database of fatal accidents and “taken numbers”. The number of deaths, from LGA city and regional data for 2022, converted to 100,000 population for more accurate results.
Wollongong, Sydney and Albury all recorded less than 2 deaths per 100,000 population. Cairns has 17 road deaths per 100,000 residents, the most of any city.
Darwin and Greater Bendigo were followed by Cairns as the cities with the highest deaths per 100,000 population at 10.1 and 9.9 respectively.
While Cairns had the highest number of road deaths of the cities analysed, it actually had the third lowest percentage of households with a registered car at 78.2%. This may indicate less traffic in Cairns, but variable weather conditions may also play a role in the statistics.
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The city with the lowest percentage of households owning a registered car is Sydney, New South Wales (77.4%), followed by Darwin with 77.8% of households owning a registered car. Cairns completed the top three with 78.2%.
The cost of registering a car in Australia varies from state to state and can range from a few hundred dollars to over a dollar.
