Car insurance innovators to watch in 2024
2024 is shaping up to be a fascinating year for car insurance, with different players using different strategies to capture the attention of drivers across Australia. What strategy will win out?
Will it be KOBA or ROLLiN's tech-driven billing, Kogan's retail rewards, Huddle's eco-conscious approach or Budget Direct's straightforward value?
Let’s look more closely at what each of these companies are doing, then you can decide for yourself.
KOBA
KOBA wasn’t the first to launch a ‘pay as you drive’ car insurance model in Australia, but it’s the only one left after Ubicar folded in 2020. While most other companies that claim to offer a ‘pay as you drive’ policy, these other companies are really only asking you to estimate your driving distance and then discounting the policy accordingly. KOBA, on the other hand, uses an app to tunnel into your car’s computer, literally only charging you for every real-time kilometre you drive. Think of it like how the old-school cabs would use a metre to calculate your fare.
If KOBA can avoid the Ubicar fate, it will be one to watch in 2024. Because if the value truly is there, we could see KOBA take off, and other insurers scrambling to offer true ‘pay as you drive’ policies.
ROLLiN’
If KOBA’s model is called ‘pay as you drive’, then ROLLiN’s new business car insurance offering uses a ‘pay how you drive’ model. Both fall under the umbrella term usage-based insurance (UBI).
ROLLiN’s Safe ‘n Save policy, currently only available for business customers (think Uber drivers), uses an app to monitor not only your distance driven, but also various other factors including how safely you brake, accelerate, take corners and more. You’ll then be scored on these factors and given a discount (or not), based on your score.
Having just launched Safe ’n Save in December 2023, ROLLiN says on their websites to reach out if you want to learn when Safe n’ Save might become available to everyone. So, it’s clear they’re testing the tech with their business customers, while gauging interest from everyone else. Our money is that they’ll decide sometime in 2024 whether to roll it out to a wider audience or scrap it altogether.
Kogan
Kogan Insurance may not have the high-tech buzz of ROLLiN or KOBA, but it definitely brings something different to the Australian car insurance table in 2024.
Their collaboration with QBE Insurance brings traditional comprehensive and third-party property damage policies, but with a retail twist. Kogan entices customers with a notable $75 discount on your first year’s premiums on new online car insurance policies, and a $10 monthly credit at Kogan.com. This strategy integrating insurance with retail perks caters specifically to Kogan's customer base.
Unlike the broader lifestyle rewards offered by other insurers, Kogan's perks are tailored for those who frequently engage with their retail platform, particularly in electronics and household items. While Kogan hasn't ventured into bundled discounts for combining car and home insurance (the only bundle deal they offer ATM is for combined home and contents insurance), the possibility of such offers could amplify their appeal even more.
This blend of insurance and retail incentives positions Kogan as an intriguing player to watch in 2024.
Huddle
Huddle is revving up Australia's 2024 car insurance scene with a mix of digital ease and potential savings cloaked in an eco-friendly vibe. Their B Corp badge shows a dedication to sustainability, most visibly through tree-planting and carbon offsetting vis-a-vis their partner Greenfleet. This ‘carbon-neutral curio’ might not single-handedly save the planet, but it adds an eco-conscious touch.
The real drawcard for some could be discounts up to 30% for low-mileage drivers compared to Huddle’s regular comprehensive cover (of course, terms and conditions apply). Plus, their user-friendly online platform lets you manage your policy and track your driving, perfect for tech-savvy motorists.
Huddle might not be the green knight of car insurance just yet, but their unique blend of digital tools, social responsibility and potential cost cuts makes them one to watch in 2024. Will their eco-friendly features be enough to lure drivers in an era of rising costs? Time will tell, but Huddle's innovative approach is certainly worth keeping an eye on.
Budget Direct
In today's world, where rising interest rates and inflation are hitting the wallet, perks and gamification might take a backseat to straightforward value. That's exactly where Budget Direct steps in. Their Gold Comprehensive Car Insurance offers a practical 15% online purchase discount on your first year’s permiums, and they're even replacing old cars with new ones under certain conditions.
This could be a real lifesaver if you're driving something brand new. For the less frequent drivers, Budget Direct might reduce premiums, making it even more appealing. And don’t forget about their real-time weather alerts that can warn you about potentially hazardous road conditions in your area.
They’ve caught Mozo's eye too, snagging our award for Exceptional Value in 2023. It's clear, in an era where saving money is more important than ever, Budget Direct’s approach of offering tangible, cost-effective solutions is what might draw people in.
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As you can see, the car insurance industry is offering something for everyone in 2024. These companies, each with their unique approach, are definitely ones to watch as we navigate the coming year.
Car insurance comparisons on Mozo
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. Mozo People's Choice Excellent Customer Service Car Insurance award winner in 2024.
- 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 reviews and learn more about Youi car insurance
Comprehensive Car Insurance
- Monthly premiums
- Yes
- Choice of repairer
- No
- Choice of excess
- $800 Flat Excess Fee
- Agreed or market value
- Agreed
Available discounts
- 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.
Comprehensive Car Insurance
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).
- 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 reviews and learn more about ROLLiN' 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 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 reviews and learn more about Budget Direct 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).
- 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 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
Comprehensive Car Insurance
QBE’s Comprehensive Car Insurance covers you for things like accident damage, fire and theft. Enjoy three year new car replacement. Get a hire car if you’re not at fault. Lifetime repair guarantee. Save $75 when you apply 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 ($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