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
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $400 - $2,500
- Agreed or market value
- Agreed Or Market
Available discounts
Comprehensive Car Insurance
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.
- New car if written off
- Yes - within 2 years and a listed driver is the first registered owner
- 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 $50 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- Unlisted and aged 25 and over: $700, Unlisted and aged under 25: $2,000, Listed and aged under 25: $600
- Roadside assistance
- Yes
- 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 our Mozo Review to learn more about Youi Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes
- Choice of repairer
- No
- Choice of excess
- $800 Flat Excess Fee
- Agreed or market value
- Agreed Or Market
Available discounts
Comprehensive Car Insurance
ROLLiN’ put their customers in the driver’s seat by offering great value comprehensive car insurance with no additional excess for young drivers. Zero cancellation fees, 24/7 claims support via phone and a policy paid monthly. Plus, you can list multiple cars and drivers under the one policy, as long as they fit the underwriting criteria
- New car if written off
- Yes - within 15,000km of original registration
- Rental car after theft
- Yes - Up to 21 days, max $80 per day after a covered event
- Rental car after accident
- Yes - Up to 21 days, max $80 per day after a covered event
- Windscreen cover
- Yes - one claim can be made per Insurance Period, with $0 windscreen excess
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- No additional excess for young drivers. $3,000 for unlisted drivers
- Roadside assistance
- No
- Other benefits
- Optional benefit to boost the Single Car Value by 15%, it will be shown on your Insurance Certificate
- 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 our Mozo Review to learn more about ROLLiN' Comprehensive Car Insurance
Gold Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $550 - $1,900 (varies By State)
- Agreed or market value
- Agreed Or Market
Available discounts
- No Claim Discount
- Online Discount Up To 15%
Gold Comprehensive 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 2 years or 40,000 kilometres of original registration, whichever comes first
- Rental car after theft
- Yes - Up to 14 days, max $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.
- Roadside assistance
- Optional Extra
- 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 our Mozo Review to learn more about Budget Direct Gold Comprehensive Car Insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes Costs Extra
- Choice of repairer
- Optional Extra
- Choice of excess
- $500 - $2,200
- Agreed or market value
- Agreed Or Market
Available discounts
- Online Discount $75
Comprehensive Car Insurance
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). Get $100 off your first year's premium when you buy Comprehensive Car Insurance online. T&Cs apply.
- 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
- $600 for listed drivers under 25, $1,600 for unlisted drivers under 25.
- Roadside assistance
- No
- 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 our Mozo Review to learn more about Australia Post Comprehensive Car Insurance
Seniors Car Insurance
- Monthly premiums
- No
- Choice of repairer
- No
- Choice of excess
- $500 - $2,500 (varies By State)
- Agreed or market value
- Agreed
Available discounts
- Price Beat Offer Available For Eligible Drivers Over 50 Years Old Switching From A Comparable Policy With The Code ‘SENIORS’. T&Cs Apply.
Seniors Car Insurance
TrueCover is run for people, not profit. TrueCover provides comprehensive cover tailored to Australians over 50 years of age. Includes roadside assistance, ambulance cover, no maximum driver age, death/funeral benefit, new car replacement and an Australian-based contact centre. Insurance not offered in NT.
- New car if written off
- Yes, within 12 months and 10,000 km of original registration
- Rental car after theft
- Yes - Up to 14 days, max $50 per day, $700 total.
- Rental car after accident
- Optional Extra - Up to 14 days, max $50 per day, $700 total.
- Windscreen cover
- Yes - standard excess. Option to reduce windscreen excess to $50 for an additional premium.
- Modifications
- Covered only if agreed in writing.
- Young driver excess imposed
- $1,000 for drivers under 35, $1,000 for drivers that have not held a full license for 5 years, and $3,000 for unlisted drivers.
- Roadside assistance
- Yes
- Other benefits
- Ambulance After Accident; No Maximum Driver Age.
- 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 our Mozo Review to learn more about TrueCover Seniors 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