A third of drivers are losing money on car insurance by being loyal
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.
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 - last updated February 27, 2021
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $1,850
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount Up To 15%
CompareCompareComprehensive Car Insurance
Get award winning Car Insurance. Save 15% ^ on your first year’s premium when you purchase a new policy online. Budget Direct offers tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service, and get a hire car following a theft.
- New car if written off
- Yes - within 1 years and 20,000 km of original registration
- Rental car after theft
- Yes - Up to $1,000 total.
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days for at fault accidents.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $40 on every windscreen claim for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers under 24, $600 for unlisted drivers, $500 for inexperienced drivers over 24.
- Roadside assistance
- Optional Extra
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Budget Direct Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $1,850 (varies By State)
- Agreed or market value
- Agreed Or Market
Available discounts
- No Claim Discount
CompareCompareComprehensive Car Insurance
Get car insurance you can count on with up to 40,000 Qantas Points when you join by 28 February. Make this the year you start enjoying more rewarding car insurance. Points awarded will be based on your premium. T&Cs & eligibility apply.
- New car if written off
- Yes - within 2 years and 40,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days, max $1,000
- Rental car after accident
- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $40 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for drivers under 21, $500 for drivers aged 21 to 24 inclusive, $600 for unlisted drivers, $500 for inexperienced drivers.
- Roadside assistance
- Optional Extra
- Other benefits
- Earn up to 40,000 Qantas Points when you sign up by 28 February 2021. Points earned depend on the amount spent on your premium. Points earn thresholds and T&Cs apply.
- Other restrictions
- -
Read our Mozo Review to learn more about Qantas Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- No
- Choice of excess
- $800 - $2,000
- Agreed or market value
- Agreed
Available discounts
- No Claim Discount
CompareCompareComprehensive Car Insurance
Stella are changing the tune on car insurance, offering car insurance made especially for women. Features include no claim reward, new car replacement, customise your policy and more. Enter your car rego and get a quick quote online.
- New car if written off
- Yes - within 3 years and 60,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days.
- Rental car after accident
- Not at fault - yes. At fault - Optional Extra. Up to 14 days.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $0 on every windscreen claim for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $600 for listed drivers under 25. $1,600 for unlisted drivers under 25
- Roadside assistance
- Optional Extra
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Stella Comprehensive Car Insurance
Comprehensive Car Insurance Policy
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- No
- Choice of excess
- $650 - $795 As A Fixed Excess; Varying Between States
- Agreed or market value
- Market
Available discounts
CompareCompareComprehensive Car Insurance Policy
Bingle keeps car insurance simple - choose between Comprehensive and Third Party Car Insurance. Comprehensive covers you for accidental loss or damage to your own car caused by insured events such as accidents, theft, storms, fire.
- New car if written off
- Optional Extra - within 3 years of original manufacture
- Rental car after theft
- Optional Extra - Unlimited days.
- Rental car after accident
- Not at fault - Optional Extra. At fault - Optional Extra. Unlimited days.
- Windscreen cover
- Optional - reduce windscreen excess to $0 on every windscreen claim for an additional premium.
- Modifications
- Automatically covered. Does not include aftermarket paint, turbochargers, nitrogen fuel or roll cages.
- Young driver excess imposed
- $600 for drivers under 25, $1,950 for unlisted drivers over 25.
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about Bingle Comprehensive Car Insurance Policy
^See information about the Mozo Experts Choice Car Insurance Awards
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