Victorians revealed to be hit the hardest by car insurance premiums
Monday 22 October 2018
It may be the state with (arguably) the best coffee, culture and the greatest selection of live sport in Australia, but new figures have revealed that Victoria has a new crown it’s residents might not be quite so keen on.
According to newly released Mozo research, Victorians are being hit with the highest car insurance premiums of any state or territory in Australia, with drivers across all age groups paying an average of $1,411 a year in premiums.
The revelations come following an analysis of quote data from 38 different car insurance policies across 10,008 customer scenarios for the 2018 Mozo Experts Choice Car Insurance Awards which were released last month.
The figures also revealed that drivers in Victoria were quoted $46 more on average than those from the Northern Territory ($1,365) and $156 more than drivers from New South Wales ($1,255).
Meanwhile Tasmania proved to be the state with the cheapest premium - registering an average car insurance quote of $859.
Mozo Director, Kirsty Lamont, revealed that location isn’t the only element that will determine the price Aussies pay for their car insurance though.
“Your postcode is one of multiple factors that determines how much you pay, alongside age, gender, location, age of car, history of incidents and kilometres driven per year,” she said.
“The bottom line is, no matter where you live, there’s no need to despair. There are ways to make significant savings on your car insurance.”
No matter which state you look at, there was a significant difference between the cheapest and most expensive car insurance policies around - in the Northern Territory over $2,000 difference, while in NSW, ACT, Victoria and SA there was a difference of more than $1,000.
“The good news is that there is huge room for savings when it comes to car insurance. Drivers can save up to $1,000 a year on average by comparing insurers and selecting the best value policy. Mozo has done the legwork to identify insurers that offer exceptional value for money” said Lamont.
The recently announced Mozo Experts Choice Awards revealed the best value car insurers, to help Aussies find the policy best suited to their needs - and budget. Winners included Budget Direct, Real Insurance, Suncorp, Woolworths, Youi, Bendigo Bank and Beyond Bank.
“The bottom line is that no matter where you live, how old you are or what type of car you drive, there are savings to be made when it comes to car insurance. Be sure to shop around and compare insurers,” Lamont said.
So why not double check what you’re paying for your car insurance today, and check out some car insurance deals that might help you keep extra cash in your pocket.