Mozo.com.au, a financial comparison site, had released a report showing that Australian car owners are now paying $1,472 annually to insure their cars. The report showed that there was a 24% increase in premiums in 12 months.
“As the cost of insurance continues to rise year on year, shopping around to get the best deal that suits your needs becomes even more important,” said Rachel Wastell, a Mozo expert.
“There are also a number of factors that can dramatically change how much drivers pay for cover, so that pre-purchase research is paramount,” she added.
Drivers in Tasmania and Western Australia paid the least for their car insurance at $1,183 and $1,264 respectively. Drivers who lived in New South Wales and Victoria paid the most out of all the states in Australia, at $1,717 and $1,817 respectively.
Male drivers pay an annual average of $1,578 for their car insurance while female drivers only pay $1,358 per year. Drivers who were under the age of 20 paid the most annually, averaging $2,855, compared to drivers who were over 70 who were only paying $1,051.
New cars cost more for insurance compared to old cars, as those that were not older than four years cost $1,731 per year, while those that were older than 20 only cost $906 per year.
Cars with neutral colours had insurance that was the most expensive with black, silver, and white being at the top of the list. On average, their insurance cost $1,564, $1,486, and $1,460 respectively. Green cars were the cheapest as their average annual cost was $1,374.
Cars with less valuable brands more cheaper than high-end cars such as the Rolls Royce which cost an average price of $8,806 per year.
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