Australians to get new look insurance policy renewal notices from July 1
As of 1 July 2021, insurance providers subscribed to the Insurance Council of Australia’s Code of Conduct will be providing customers with a year-on-year price comparison in their premium renewal notice.
This new change is part of the council’s updated 2020 General Insurance Code of Practice.
Benefits of the Insurance renewal changes
The benefits are twofold for Australians who have a policy with one of the code subscribers . First of all, these customers will be able to see exactly how much their insurance premium has gone up. No more fishing around in filing cabinets or searching emails, to find out the price difference between this and last year.
Secondly, insurance provider’s who subscribe to the code will also be required to include an explanation of how a customer’s insurance premium is calculated. This means car or home policy renewal notices will not only show how much the premium has increased from last year, but also a breakdown of what exactly the costs are.
With this newly provided information, customers will have the opportunity to fully review what their insurance provider is actually charging them for and whether or not they could get a better deal elsewhere.
Mozo Insurance Expert Peter Marshall said the change is very welcome and could be a turning point for Australians not to auto renew their policy. “It is always great to see a little more transparency around annual insurance increases. Disclosure of last year’s premiums can be a trigger to consider getting another quote or two to see how your current policy compares.”
Shop around on car insurance
Of course as Marshall points out, the increase in one year may not look like a lot - but in two or three years, it could be pretty sizeable. He says, “Don’t be lulled into just looking at the current year’s increase and accepting that without considering how much it might have increased over a couple of years.”
“It is also important to look at some of the other information on your policy to make sure that the cover is what you expect. For instance with some car insurance policies as your car ages, the agreed value provided by the insurance provider could go down as well,” said Marshall.
In addition to the new changes, the other good news for Australian policy holders is that competition in the insurance space is also heating up. Several new online insurance brands have launched in recent years, including Range, Honey and Poncho Insurance, making now a perfect time to shop around for a more competitive deal.
If you’re currently contemplating switching car insurance providers, head to Mozo’s compare comprehensive car insurance page, or check out the offers below.
Compare comprehensive car insurance
Loading SVG...Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $2,500
- Agreed or market value
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Available discounts
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Youi like to get to know you from the very first conversation, which provides you with the opportunity to find comprehensive car insurance cover that could better suit your lifestyle and your needs. Because we’re all individuals, so we all use our cars differently from day-to-day. Youi is car insurance that’s a bit more you-shaped. Mozo People's Choice Excellent Customer Service Car Insurance award winner in 2024.
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- Unlisted and aged 25 and over: $700, Unlisted and aged under 25: $2,000, Listed and aged under 25: $600
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- SA VIC TAS NSW ACT QLD WA
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.
Read reviews and learn more about Youi car insurance
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Comprehensive Car Insurance
- Monthly premiums
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- $800 Flat Excess Fee
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- Get 10% Off The Base Premium For The First 2 Consecutive Monthly Policies And Up To A 15% Potential Monthly Discount From Your 3rd Month For Being A Safer Driver. Minimum Premiums May Apply. Underwriting Criteria, Limits, Exclusions, And T&Cs Apply.
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ROLLiN’ offers affordable monthly comprehensive car insurance with its favourite extras included. No additional excess for young drivers, lodge a claim 24/7 and zero cancellation fees. Hire car is included up to $80 per day for up to 21 days; cover for one tow to our nearest authorised repairer, following a covered incident. No excess on your first covered windscreen, sunroof, and window glass damage once per insurance period. List multiple cars and drivers under the one policy as long as they fit the underwriting criteria (excludes Safe ’n Save policies).
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- -
- States where offered
- SA VIC NT TAS NSW ACT QLD WA
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.
Read reviews and learn more about ROLLiN' car insurance
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Gold Comprehensive Car Insurance
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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
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- Not at fault - Yes. At fault - Optional Extra. Up to 14 days for at fault accidents.
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- -
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- States where offered
- SA VIC TAS NSW ACT QLD WA
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.
Read reviews and learn more about Budget Direct car insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
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Australia Post Comprehensive Car Insurance offers a broad range of coverage and includes cover for anyone who drives your vehicle. It also covers new car replacement if your recently purchased brand new car is written off within the first three years (provided it has travelled less than 60,000km).
- New car if written off
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- Yes - Up to 14 days.
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- Not at fault - Yes. At fault - Optional Extra. Up to 14 days.
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- Yes - standard excess ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
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- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
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- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC TAS NSW ACT QLD WA
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.
Read reviews and learn more about Australia Post car insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $2,300
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount $75
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- 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 ($0 excess for repair only). Option to reduce windscreen replacement excess to $0 for an additional premium.
- Modifications
- Automatically covered.
- Young driver excess imposed
- $700 for listed drivers under 25, $2,000 for unlisted drivers under 25.
- Roadside assistance
- No
- Other benefits
- -
- Other restrictions
- -
- States where offered
- SA VIC NT TAS NSW ACT QLD WA
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.
Read reviews and learn more about QBE car insurance
* 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