Comparing Car Insurances for Best Price

When was the last time you shop around your car insurance (Comprehensive or Compulsory Third Party Personal (CTP) or Third Party Property)? Are you disappointed because the premium was increased a lot compared to last year?

If you have never shopped around or haven't shopped around for at least a few years, chances are you may be paying more (a lot more) than what you should be paying.

Today I decided to do some research about comprehensive car insurances and it was quite an eye-opening experience. The premiums differ a lot between different insurers and some of the "famous" brands did not live up to their fame.

I used the following information for comparing insurance premiums among AAMI, NRMA, ING, GIO, YOUI, Justcar, Allianz, Commbank and Budget Direct. Please note that I did not consider the quality of customer services and repairs, ease of claims, etc in it.

Location: Sydney City, NSW 2000

Car Type: 2008 TOYOTA COROLLA ASCENT ZRE152R F/INJ 4 DOOR SEDAN 4 CYL 1.8L 4 SPEED AUTOMATIC

Age of Driver: 30

Year first licensed:1998

Car Use: Private (including to or from work)

Any other car: No

Any non-standard accessories or fittings: No

Current mileage:100km

Finance: No finance

Purchas price: $22000

Parking: Garaged

Additional driver: No additional driver specified but the option is set to cover any one who drives this car

Insurer	Annual Premium	Standard Excess	Extra Excess for This Driver
AAMI	$842	$550	$0
Budget Direct	$930	$600	$0
Allianz	$1115	$550	$0
Justcar Insurance	$1133	$600	$700!!
Commonwealth Bank	$1206.65	$600	$0
Youi	$1258.59	$600	$0
NRMA	$1306.55	$600	$0
ING	$1425	$500	$0

GIO didn't give me any online quote.

So AAMI offers the best price for this situation, followed by Budget Direct, which has been voted as the best by Cannex Star Ratings across all states. I tried my own situation and Budget Direct gave me the best premium. Justcar doesn't seem to like new cars (at least 2008 TOYOTA COROLLA ASCENT ZRE152R)!!!

My two cents: people should shop around or do research before they buy insurance.

Disclaimer: This is just for educational purpose only. The author is not responsible for any consequences or losses due to actions taken solely based on the examples in this post.