Youi will now sell compulsory third-party insurance in NSW

As of yesterday, insurance provider, Youi will now sell compulsory third-party insurance (CTP) to Aussies living in New South Wales.

This decision has come after recent reforms to CTP insurance as well as customer demand as Youi reported to have received more than 1,000 CTP inquiries each month.

Although Youi is currently only offering CTP insurance in New South Wales, there are plans for expansion into other markets, such as Queensland.

“Over 60% of motorists insured motor and CTP with the same insurer and that remains our immediate objective,” said a Youi spokesperson.

RELATED: What Aussies want most from their insurance

Mozo recently reported on the NSW CTP reforms that came into effect on December 1 and are set  to help Aussies save up to $172 a year.

These savings will be welcome news for NSW drivers, since according to the NSW State Insurance Regulatory Authority, NSW alone accounts for nearly $2.7 billion a year in premiums.

Plus, as we revealed in our Car Insurance Buyer's Guide for 2017, drivers who also opt for comprehensive car insurance cover are shelling out an average of $1,027 in premiums as well. But luckily, there may be a way to reduce this cost.

We calculated the difference between the most expensive and cheapest policies in each state and found a massive $1,807 difference nationally.

However, while many Aussies may jump for joy and scramble at the opportunity for a cheaper policy, Mozo Director, Kirsty Lamont has reminded Aussies to balance the price of insurance with the quality of cover on offer.

“If you aren’t careful about which policy you pick, there’s a good chance you could be either paying too much, or not getting the quality of cover you really need,” she said.

“It is about finding the sweet spot where you’re covering all the bases you need to be, while sticking to your budget.”

And if it’s been a while since you’ve last reviewed your policy, there’s a chance that there’s a better value policy out there for you. But just before you start your search, here are a few features to keep in mind when shopping around on car insurance policies:

Monthly premium payments - While having the option to pay monthly premiums at no extra cost won’t guarantee amazing savings, it will allow you to spread the cost, allowing you to budget more effectively.

Discounts - Because who doesn’t love a great discount? Some common discounts include no claims discounts, loyalty and senior discounts.

Optional extras - Having access to add-on cover options allows you to tailor your policy to suit your needs and only cover the things that matter most to you.

Windscreen cover - As this is the thing that’s most likely to be damaged in an accident, it’s a good idea to keep an eye out for adequate windscreen cover.

Ready to compare policies and their features? You can use Mozo’s car insurance comparison tool.