Average Car Insurance Rates in Australia

Recently we have discussed about major factor in determining average car insurance rates for the average driver driving experience and history. It is usually unique to each driver, could affect the two other conditions the same for all between them, although the speed of the driver – age, sex, location and type of vehicle. Following this issue, in the UK, drivers look set for a nasty shock when they renew their car insurance this year, after premiums recorded their biggest ever increase during the last three months of last year. According to the latest AA British Insurance Premium Index published today, the average safe auto insurance quote for those shopping around for a renewal rose by a wallet-busting 11% between September and December.

Overall, the average car insurance rate quoted comprehensive premium rose by 7.2%, sending it through the £1,000 a year barrier for the first time. The quarterly index shows that the average “shop around” premium – based on the three lowest quotes for a customer, which most closely resembles what buyers actually pay – accelerated steadily over the year, adding more than 22% to the typical comprehensive quote over the past 12 months. It ended the year at £613. The cost of third party, fire and theft policies, typically bought by young and newly-qualified drivers, rose by a third over the year, sending it even further out of reach of many young motorists.

However, in Australia $1.5 billion is being lost every year in average car insurance rates premiums with Australian drivers paying more than the actual requirement to keep their cars insured. This is mainly due to their hesitance in taking risk and moving to newer and competitive insurance providers in the country and instead sticking on to the same old big names. According to a study that was conducted by InfoChoice, a leading finance comparison website, Australians need to start looking beyond the old insurance companies and give other insurance agencies a try also. By doing so they would also be able to save more money every year.

People around the world are able to save more money these days on their car insurance premiums in comparison to their counterparts in Australia. Almost 65% of the people in the UK are believed to choose their car insurer through a comparison website and it’s about time Australians also saved some money using these websites too, if they want to decreased their averages car insurance rates premiums they had to paid every year.