A third of drivers are losing money on car insurance by being loyal

Woman calling her car insurer after an accident

While 1 in 4 Australian drivers think their car insurance is too expensive, a third aren’t looking for better value policies, according to Mozo’s 2020 Car Insurance Report.

Data from the report shows this is having a significant impact on motorists’ budgets. Around 32% of survey respondents cited car insurance as a major financial strain, and another 8% said they could no longer afford their policy.

So, why aren’t Aussies shopping around for the cheapest comprehensive car insurance quote? 

The report highlights friend and family recommendations as a key choice-driver, swaying the views of a third of respondents. Recognising an insurance brand and staying loyal to the same provider was another major factor, influencing a quarter of drivers.

Mozo’s data team calculated that drivers could be overpaying on their annual premium by approximately $902 by not comparing comprehensive quotes and finding the best value offer.

Car insurance loyalty costs

Can you compare third party car insurance?

If third party car insurance is the most suitable option for you and your wheels right now, you should still be looking out for the best value cover.

While this is a lower-level policy which only insures you for damage you might cause to other vehicles or property, different providers can and certainly will put their own price tag on it. 

The cost of your premium will be determined by each insurer based on a range of factors like your age, gender, driving experience, insurance history and where you park your car. Each provider has the freedom to charge what they see fit considering all of this.

As always, the most frugal path to follow starts with researching and comparing car insurance options. If you are keen to cover your own ride as well as others’, start with the comprehensive policies below.

Comprehensive car insurance options - rates updated daily

Search promoted car insurance below. Advertiser disclosure. Important information on terms, conditions and sub-limits.
  • Gold Comprehensive Car Insurance

    Monthly premiums
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    Yes Costs Extra
    Choice of repairer
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    Optional Extra
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    $500 - $1,850
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  • Comprehensive Car Insurance

    Monthly premiums
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    Yes
    Choice of repairer
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    No
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    • Pay As You Drive Cover With Pricing Tiers Available For Limited Kms.
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  • Comprehensive Car Insurance

    Monthly premiums
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    Yes Costs Extra
    Choice of repairer
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    No
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    $800 - $2,000
    Agreed or market value
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  • Comprehensive Car Insurance

    Monthly premiums
    Calendar icon
    Yes Costs Extra
    Choice of repairer
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    Optional Extra
    Choice of excess
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    $400 - $2,200
    Agreed or market value
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    Agreed Or Market

    Available discounts

    • Online Discount $75
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*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

^See information about the Mozo Experts Choice Car Insurance Awards