It's no secret that the cost of living is on the rise, and for Australian seniors, the pinch is being felt particularly in the realm of car insurance. "The average increase we're seeing nationally is 18 per cent compared to last year," says Canstar’s Steve Mickenbecker. That's an average increase of $274 per policy!

But don't despair. There's a silver lining to this cloud, and it comes in the form of 'Compare the Market*'. This savvy comparison business is helping many seniors save big on their car insurance* by comparing up to 10 different car insurance companies. One customer even saved a whopping $418 on her policy!

Car insurance rates are surging across the country, with double digit percentage increases compared to 2022

So, how can you take advantage of these potential savings? Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, shares some insider tips.

"Your renewal policy should show both last year’s premium and your new premium, meaning you can instantly see how much more you’re being asked to pay," advises Adrian. "Make note of the difference to see how big the new change is before comparing car insurance."

But it's not just about comparing apples to apples. Adrian suggests considering who is driving your car. "Generally, drivers under the age of 25 will likely increase the premium you pay. If you can restrict the age of drivers on your policy, this may help you save money."

And don't forget about the potential savings from pay-as-you-drive policies, no claim bonuses and discounts, and purchasing cover online*. Plus, you can increase your excess to reduce your premiums, although this means your excess will be more expensive if you make a claim.

Remember, you don't have to wait for your renewal to save money. You can cancel your existing policies at any time and switch insurers. Just be aware of any cancellation fees that may apply.

With car insurance premiums on the rise, it's more important than ever to shop around and find the best deal. So why not give 'Compare the Market*' a try? You might just find yourself with a little extra cash in your pocket.

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

 

[IAN3005]

Don't trust that mob as far I can spit them at the compare club

 

[Trina G]

Sure you can find a cheaper one but when it comes to the following year - well guess what you suddenly have a big increase or they say they can’t insure you anymore. In my opinion it’s probably best to haggle with your current insurer and hope for the best. Changing insurers every year is not worth the pain and the strain.

 

[Tipsy]

It's no secret that the cost of living is on the rise, and for Australian seniors, the pinch is being felt particularly in the realm of car insurance. "The average increase we're seeing nationally is 18 per cent compared to last year," says Canstar’s Steve Mickenbecker. That's an average increase of $274 per policy!

But don't despair. There's a silver lining to this cloud, and it comes in the form of 'Compare the Market*'. This savvy comparison business is helping many seniors save big on their car insurance* by comparing up to 10 different car insurance companies. One customer even saved a whopping $418 on her policy!

View attachment 36118

Car insurance rates are surging across the country, with double digit percentage increases compared to 2022

So, how can you take advantage of these potential savings? Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, shares some insider tips.

"Your renewal policy should show both last year’s premium and your new premium, meaning you can instantly see how much more you’re being asked to pay," advises Adrian. "Make note of the difference to see how big the new change is before comparing car insurance."

But it's not just about comparing apples to apples. Adrian suggests considering who is driving your car. "Generally, drivers under the age of 25 will likely increase the premium you pay. If you can restrict the age of drivers on your policy, this may help you save money."

And don't forget about the potential savings from pay-as-you-drive policies, no claim bonuses and discounts, and purchasing cover online*. Plus, you can increase your excess to reduce your premiums, although this means your excess will be more expensive if you make a claim.

Remember, you don't have to wait for your renewal to save money. You can cancel your existing policies at any time and switch insurers. Just be aware of any cancellation fees that may apply.

With car insurance premiums on the rise, it's more important than ever to shop around and find the best deal. So why not give 'Compare the Market*' a try? You might just find yourself with a little extra cash in your pocket.

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

How do you get an increase of 287 in Queensland when the cost for both years stated are exactly the same... makes me wonder about the accuracy of the rest....

 

[Linde]

How do you get an increase of 287 in Queensland when the cost for both years stated are exactly the same... makes me wonder about the accuracy of the rest....

I thought the same thing

 

[kerrikennel]

Not sure of the 18% increase, but my car insurance went up almost double, from 800+ to 1300+.

 

[Jonathan Leane]

Thanks for the note Tipsy - there is indeed an error on that table. In 2022, the average premium in QLD was $1391. We'll update the table now.

 

[Ezzy]

This week on the RACWA's Members site a Member there complained about the huge increase in his insurance premium despite the fact he'd made no claim, was a long time member & insurer.

The question everyone must be asking is how do Insurance Companies justify these increases by a %?
Do they look into their crystal balls or throw darts at a dart board & wherever the dart hits they say, yes we think repair costs will rise by 50% of that figure & the other 50% is profit?

 

[IAN3005]

This week on the RACWA's Members site a Member there complained about the huge increase in his insurance premium despite the fact he'd made no claim, was a long time member & insurer.

The question everyone must be asking is how do Insurance Companies justify these increases by a %?
Do they look into their crystal balls or throw darts at a dart board & wherever the dart hits they say, yes we think repair costs will rise by 50% of that figure & the other 50% is profit?

They think of a number and double it... just be on the safe side

 

[Cheezil]

Don't trust that mob as far I can spit them at the compare club

I agree

 

[Cheezil]

It's no secret that the cost of living is on the rise, and for Australian seniors, the pinch is being felt particularly in the realm of car insurance. "The average increase we're seeing nationally is 18 per cent compared to last year," says Canstar’s Steve Mickenbecker. That's an average increase of $274 per policy!

But don't despair. There's a silver lining to this cloud, and it comes in the form of 'Compare the Market*'. This savvy comparison business is helping many seniors save big on their car insurance* by comparing up to 10 different car insurance companies. One customer even saved a whopping $418 on her policy!

View attachment 37464

Car insurance rates are surging across the country, with double digit percentage increases compared to 2022

So, how can you take advantage of these potential savings? Adrian Taylor, Executive General Manager of General Insurance at Compare the Market*, shares some insider tips.

"Your renewal policy should show both last year’s premium and your new premium, meaning you can instantly see how much more you’re being asked to pay," advises Adrian. "Make note of the difference to see how big the new change is before comparing car insurance."

But it's not just about comparing apples to apples. Adrian suggests considering who is driving your car. "Generally, drivers under the age of 25 will likely increase the premium you pay. If you can restrict the age of drivers on your policy, this may help you save money."

And don't forget about the potential savings from pay-as-you-drive policies, no claim bonuses and discounts, and purchasing cover online*. Plus, you can increase your excess to reduce your premiums, although this means your excess will be more expensive if you make a claim.

Remember, you don't have to wait for your renewal to save money. You can cancel your existing policies at any time and switch insurers. Just be aware of any cancellation fees that may apply.

With car insurance premiums on the rise, it's more important than ever to shop around and find the best deal. So why not give 'Compare the Market*' a try? You might just find yourself with a little extra cash in your pocket.

*Please note, members, this is a sponsored article. All content of ours that has an asterisk next to it means we may get a commission to write an article or post a deal. We simply do this to assist with the costs of running the SDC. Thank you!

RACV, I'm sticking with them, multi policy discounts
Used to do comparisons but dont really need to now, they used to always come out cheapest for me

 

[StarTrekker]

RACV, I'm sticking with them, multi policy discounts
Used to do comparisons but dont really need to now, they used to always come out cheapest for me

My RACV policy went up, so I moved to Over 50s which is backed by Allianz. I doubled my excess but overall including the excess, it was still nearly $200 cheaper.

 

[Cheezil]

My RACV policy went up, so I moved to Over 50s which is backed by Allianz. I doubled my excess but overall including the excess, it was still nearly $200 cheaper.

Oh wow thanks for this info, perhaps i should take another look before renewing!

 

[StarTrekker]

Oh wow thanks for this info, perhaps i should take another look before renewing!

I also had multiple policies and Gold membership discounts. But as I drive less than 10,000kms and the only other ones that drive my car are over 30 years, it made a big difference.