These are the top 10 car insurance companies in Australia | Insurance Business Australia
The Australia car insurance market is highly competitive, which can make it difficult for consumers to choose the right policy for them. Often, car insurance customers make their choices based on price – but as any insurance broker will tell you, there is much more to consider – such as the specifications of the policy, your individual needs, and the standard of customer service provided.
Productreview.com.au lists car insurance companies in Australia according to customer reviews. Here we summarise the top 10 car insurance companies in Australia according to its customer feedback. The statistics are correct, as of August 2021.
1. Australian Seniors
Overall rating: 4.7 from 2,357 reviews.
According to the productreview.com.au website, Australian Seniors is the top-ranking car insurance provider in Australia, achieving ratings of 4.6 for transparency, 4.7 for value for money, and 4.7 for customer service. Notably, of the 92 people the website reported as having made a claim, 88 had their claim approved.
Australian Seniors car insurance policies are underwritten by Hollard with comprehensive, third-party property damage and third party, fire and theft cover options available. Legal liability cover can be included up to $20 million, while roadside assistance is available as an optional extra.
2. Australian Warranty Network (AWN)
Overall rating: 4.5 from 899 reviews.
AWN received ratings of 4.7 for transparency, 4.7 for value for money, and 4.7 for customer service on productreview.com.au. Customers commended the insurer’s quick response to enquiries, excellent service, and efficient claims process.
AWN is known for its mechanical breakdown insurance, which provides coverage for various vehicles, such as cars, motorbikes, scooters, motorhomes, and caravans. Its other products and services are general insurance, administration and claims management, roadside assistance, asset protection, and training programmes.
Overall rating: 4.1 from 6,756 reviews.
Youi Pty Ltd achieved ratings of 3.9 for transparency, 3.8 for value for money, 4.1 for customer service, 3.9 for timeliness, and 3.6 for job satisfaction. Customers found it easy to set up their insurance policies and make a claim as the staff were friendly and informative throughout the process. The free roadside assistance is also a big hit among customers as many other insurers charge for this service in a separate agreement.
Youi is a wholly owned subsidiary of OUTsurance International Holdings Pty Limited, which is part of the Rand Merchant Insurance Holdings Group (RMIH). It underwrites its policies, and its products include car, motorcycle, caravan and trailer, building and contents, watercraft, and business liability insurance.
4. Budget Direct
Overall rating: 3.9 from 7,262 reviews.
Budget Direct achieved ratings of 3.9 for transparency, 4.1 for value for money, 4.0 for customer service, 4.0 for timeliness, and 3.8 for job satisfaction. Customers were able to take out their insurance quickly, thanks to easy-to-understand policies and a hassle-free process.
Budget Direct is a general insurance company that employs over 1,300 people, serves nearly nine million customers, and has partnership agreements with hundreds of car repairers and building contractors in Australia. Policyholders can make a claim 24/7 and can customise their coverage by adding one or more optional features, including hiring a car following an accident or flood cover for their home.
5. Integrity Extended Warranties
Overall rating: 3.9 from 482 reviews.
Integrity Extended Warranties received ratings of 3.8 for transparency, 3.9 for value for money, and 4.0 for customer service. Customers were satisfied with the quality and affordability of their policies. Some policyholders who filed a claim multiple times did not experience any problems, thanks to the polite staff and fast process.
Integrity Extended Warranties maintains long-term associations with leading companies in the industry such as Royal Automobile Club of Victoria (RACV) and Lumley Insurance. Its coverage plans are Absolute and Endurance. The Absolute coverage plan is available from motor dealers and provides a similar level of cover as the manufacturer’s warranty after expiration. Meanwhile, the Endurance plan is a listed components and parts warranty with one- to five-year term cover for cars regardless of age and distance travelled.
6. Real Insurance
Overall rating: 3.3 from 517 reviews.
Real Insurance Pty Ltd received ratings of 3.5 for transparency, 3.8 for value for money, 3.7 for customer service, 3.6 for timeliness, and 3.9 for job satisfaction. Satisfied customers commended the insurer for processing claims and repair requests quickly and professionally.
Real Insurance claims to be the first Australian insurer to launch pay as you drive car insurance and the first insurer worldwide to launch a trust-based model of this type of insurance. It allows customers to include additional coverage in their policy for added security or keep their premium affordable by choosing the basic coverage.
7. Eric Insurance
Overall rating: 3.3 from 105 reviews.
Eric Insurance achieved ratings of 3.5 for transparency, 3.6 for value for money, and 3.7 for customer service. Customers were satisfied with the insurer’s affordable policies and polite staff who are said to thoroughly educate clients about the products.
Eric Insurance is a general insurance company with over 20 years of experience in the auto insurance market. It is known for its comprehensive car insurance, motorcycle insurance, motor vehicle warranty insurance, motor vehicle tyre and wheel insurance, motorcycle warranty insurance, and motorcycle tyre and wheel insurance products.
8. Huddle Insurance
Overall rating: 3.1 from 90 reviews.
Huddle Insurance achieved ratings of 3.1 for transparency, 3.5 for value for money, and 3.2 for customer service. Policyholders were satisfied with its affordable policies, excellent customer service, as well as a fast process for claims and repairs.
Huddle Insurance has over 35,000 active members and a small army of Huddle Bots, AI-powered bots that use algorithms to source useful data to support customers 24/7. Its car insurance line comprises comprehensive and third-party property plans that have various benefits and optional features. The comprehensive plan covers loss or damage to the policyholder’s car and damage to someone else’s property or car. Meanwhile, the third-party property plan only covers damage to other people’s vehicles or property.
9. Woolworths Insurance
Overall rating: 2.5 from 862 reviews.
Woolworths Insurance received ratings of 2.3 for transparency, 2.6 for value for money, 2.4 for customer service, 2.3 for timeliness, and 2.6 for job satisfaction. Satisfied customers noted the insurer’s “cost-competitive policies and superior claims process.”
Woolworths Insurance’s car insurance products include drive less pay less; third-party property, fire, and theft; third-party property damage; and comprehensive car insurance. Woolworths drive less pay less offers comprehensive cover for part-time drivers. The third-party property (fire and theft) plan covers all benefits of third-party property damage as well as theft or attempted theft, malicious damage, and fire.
The third-party property damage product includes liability coverage for any person who is legally driving the policyholder’s car without permission. Meanwhile, the comprehensive car insurance plan protects policyholders from financial risks resulting from crashes and collisions, damage to another person’s vehicle or property, theft and vandalism, natural disasters, transit mishaps, and damage caused by other drivers or passengers.
10. State Government Insurance Office (SGIO)
Overall rating: 2.5 from 258 reviews.
SGIO received ratings of 2.3 for transparency, 2.4 for value for money, and 2.5 for customer service. Some customers who have been with the insurer for many years vouched for excellent customer service, affordable policies, and a smooth claims process.
SGIO is an insurance company backed by the Insurance Australia Group (IAG), one of the largest general insurers in Australia and New Zealand. Its car insurance line offers a variety of plans to suit consumers’ needs, such as comprehensive; comprehensive plus; third-property damage; third-party fire and theft; and veteran, vintage, and classic vehicle.
(Updated September 7, 2021)