Car insurance companies

By Mozo ·

When thinking about car insurance companies, top of the mind is probably the big-named, well-known insurance companies. Why do you mostly remember the hotshots? Well that’s because they have a squillion dollars to advertise with in the best media spots so that they can be in your face as much as possible. It’s no wonder you would think of them first! But did you know that smaller car insurance companies may be just as good? If not better? But that’s for you to decide and not for us to say. Let’s have a closer look at them both and compare.

In the market for car insurance? Look below. 

Car Insurance Comparison Table - last updated December 01, 2020

Search promoted car insurance below. Advertiser disclosure.

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    Monthly premiums
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    Yes Costs Extra
    Choice of repairer
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    Optional Extra
    Choice of excess
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    $500 - $1,850
    Agreed or market value
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    Agreed Or Market

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    Monthly premiums
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    Yes
    Choice of repairer
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    No
    Choice of excess
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    $800 Flat Excess Fee
    Agreed or market value
    Car coin icon
    Agreed

    Available discounts

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    Monthly premiums
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    Yes Costs Extra
    Choice of repairer
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    No
    Choice of excess
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    $650 - $795 As A Fixed Excess; Varying Between States
    Agreed or market value
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    Market

    Available discounts

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      Monthly premiums
      Calendar icon
      Yes Costs Extra
      Choice of repairer
      tools icon
      Optional Extra
      Choice of excess
      coins icon
      $500 - $1,850
      Agreed or market value
      Car coin icon
      Agreed Or Market

      Available discounts

      • No Claim Discount
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      Details
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      Monthly premiums
      Calendar icon
      Yes Costs Extra
      Choice of repairer
      tools icon
      Optional Extra
      Choice of excess
      coins icon
      $400 - $2,500
      Agreed or market value
      Car coin icon
      Agreed Or Market

      Available discounts

      • 20% Discount On Contents Insurance If Youi Car Insurance Also Held
        Compare
      Details

    Who are the big players in car insurance anyway?

    You probably already know them as NRMA, GIO, AAMI or Allianz. There may be a few more we’ve left out, but you get the drift. They’re the insurer names that you easily remember and for most, the first companies they’ll reach out to when searching for car insurance.

    What makes them so grand? Surely consistent advertising isn’t the only thing that makes a company stand out. Could it be that since they’ve been around for so long, some for decades and decades that the general public see their name as safe, reliable and compassionate? We would hazard a guess that opinions are pretty subjective with a lot of weighting around personal experiences. Some may also rely on one or some of the following:

    • word of mouth from family and friends
    • discount loyalty memberships
    • convincing advertising
    • discounts for new memberships.

    Will any of these convince you? Or are you searching for something less predictable and a company that can offer you more? If you like to go against the grain and shy away from ordinary or normal, then you may be more compelled to research and sign up with some of the more newer car insurance companies.

    Who are the smaller car insurance companies?

    Over time, they too have developed a solid reputation, strong enough to attract more customers while unexpectedly winning business over the usually very confident big guns in the car insurance world. And there’s nothing wrong with a little competition! A little elbow grease between competing car insurance companies will help drive your premium down, saving you $$ in the long run.

    Some of the smaller car insurance companies you may already be familiar with include: Youi, Budget Direct, Progressive, Bingle and Shannons. You’ve probably noticed in recent years that supermarket giants such as Coles and Woolies are getting in on it it too! Yep, everyone was shaking their heads at first. But when you think about it, they’re riding off the back of their current customer trust, so it’s not really surprising that they would want to win more of that by dipping their fingers in the insurance pie. Clever business strategies right there, but a monopoly on nearly everything we purchase! Whatever floats your boat.

    There are so many car insurance companies to choose from. Who can I trust?

    Choosing a car insurance company that sounds trustworthy and suits your budget is no easy task. There seems to be an abundance of options out there, so don’t be surprised if you do feel a little confused about which direction you should take.

    Wouldn’t it be great if there were just a couple to choose from? Yes and no. If there were just a small selection of car insurance companies, then these companies would essentially dominate the market and we would likely have higher premiums to pay. But since we have sooo many to choose from, we can benefit from lower, more affordable premiums in a very competitive market. Everyone wants a portion of your pocket. Who deserves yours?

    If you’re still not sure who’s right for you, Mozo recommends that you read some unbiased customer reviews

    Should I choose a smaller auto insurance company?

    There’s always been a sea of hopeful underdogs, wanting to make an impact in the insurance industry. The ones that became successful and are still here today are the companies that consistently put their ear to the ground to have a good hard listen to what people wanted.

    For too long, the larger, better known car insurance companies were taking advantage of the market since there were little competitors to rock the boat. They relied on people’s loyalty but didn’t necessarily always return the favour.

    Since the smaller car insurance companies were determined to shake things up and make an impact in the industry, the larger companies have started reviewing their customer service and abilities to deal with customer claims compassionately. But is it the real deal? Some say not, that they’re still receiving the raw end and not being compensated enough when they need it most.

    That’s where the smaller car insurance companies step in, speak up and win back clients, because they illustrate that they not only care about your individual claim or situation, they will get down to your level and are basically, just one of us. There’s no pedestal and there’s only equality and understanding. Well, so it seems.

    But it doesn’t man you won’t get bitten by the smaller car insurance companies either.
    What matters most? Reading the small print. It doesn’t matter who you go with in the end. Getting the cover you need is important, but paying for a policy you think you’re covered for is another matter. If you think you’re covered for fire and hail damage to your car, think again. These are likely to be extras that are not part of any basic cover. so no matter which insurance company you sign up for, allways find out exactly what the policy includes. If you want it to cover more, you’ll have to pay a little more. Bottom line.

    Compare car insurance companies yourself in just a minute with Mozo’s car insurance comparison tool.

    Pros and Cons in car insurance-land

    Pros Cons
    Hot shots like:
    NRMA, GIO, AAMI, Allianz
    Well-known, trusted, reliable service. Great loyalty packages to secure repeat business. Cater to such a large chunk of the demographic that sometimes it seems they lack compassion and resources.
    Underdogs like:
    Youi, Budget Direct, Progressive, Bingle, Shannons, Woolworths and Coles.
    Give you more for your dollar. Sometimes offer a more niche selection of products. A more personable approach to car insurance. They seem to listen more. Negative customer experience may be down to the individual operator rather than representing the whole brand or company.

    Car insurance tip 101:

    As mentioned before, in the end it really doesn’t matter who you go with. You could be influenced by your friends or family, advertising or price. Whatever the reason, make sure you know what you’re paying for. If you really want windscreen protection or anything else, ask if it’s included and never assume.

    *Any information provided on this page should be considered a summary and general advice only. All information should be verified before purchase via the relevant Product Disclosure Statement (PDS).

    ^See information about the Mozo Experts Choice Car Insurance Awards

    Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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