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From third party insurance covering other drivers’ cars in an accident to a comprehensive policy for more complete cover for your car and theirs – there are different types of cover to suit every car and driver.
Learn moreThere are ways to save money on your premium without losing your cover. Some drivers may choose to increase their excess, while others that don’t allow younger drivers to get behind the wheel of their car may accept age restrictions to lower their premiums.
Learn moreOur partners offer optional extras so you can get more from your insurance. This is just another way to tailor your car insurance to suit your needs and broaden your coverage.
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Don’t miss our top tips for ways to potentially uncover savings in your policy.
Getting around in Australia can be so expensive and if you’re unlucky enough to be in an accident, repair bills can be a major drain on your wallet. Insurance is there to help cover unexpected expenses, but it’s another bill on a long list. The good news is you have the power to save, and that’s where Compare the Market comes in. The next time you receive your policy renewal notice, head online, or open the Compare the Market “Simples” app to see a range of options in a matter of minutes. The difference could be hundreds of dollars. And by putting your policy under the microscope, you could uncover even more savings.
The experts at Compare the Market had these tips: If you’re a safe driver, you may consider increasing your excess. You’ll pay more in the event of an accident but less on your annual premium. If you’re now driving less because you’re working from home, see if a low kilometer policy could be right for you. If your kids have grown up, can you restrict your policy to drivers over twenty five only. It could be big savings for you. What about paying annually instead of monthly or fortnightly?
Car insurers often charge more when you pay in monthly installments.
When you pay annually, it’s done for the year.
And you don’t have to wait for renewal time either. You can compare and switch at any time regardless of when your policy ends. Just check to see if any fees apply. So what are you waiting for? See if there’s a better value car insurance policy out there for you by comparing today with Compare the Market.
Our Executive General Manager of General Insurance, Adrian Taylor, has some helpful tips for finding the right car insurance policy for you.
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. Make note of the difference to see how big the new change is before comparing car insurance.
Paying your car insurance annually can often be cheaper than paying it monthly or fortnightly. If you can, consider paying a lump sum once a year for a lower price.
Consider 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 can help you save money.
You don’t have to wait for your renewal to save money, either. You can cancel your existing policies at any time and switch insurers. Just be aware of any cancellation fees that may apply.
Car insurance protects you against the cost of damages caused by insured events, which may include things like car accidents, theft, weather events and other unforeseen events. A car insurance policy helps pay for the cost of these damages to your car, as well as any property you might damage with your vehicle.
“Car insurance can provide you with peace of mind knowing that a financial safety net is in place should something go wrong on the road.”
There are different types of car insurance to choose from. To help you understand the types of car insurance, we’ve compiled the following table as a simple way to compare them.
What is and what isn’t covered? | Third Party Property Damage | Third Party Fire and Theft | Comprehensive | CTP/Green Slip |
---|---|---|---|---|
Damage caused by collision to your own vehicle | ✗ | ✗ | ✓ | ✗ |
Loss or damage caused by you to a third party’s vehicle/property (legal liability) | ✓ | ✓ | ✓ | ✗ |
Loss or damage to your own vehicle caused by weather (storm, flood, hail) | ✗ | ✗ | ✓ | ✗ |
Loss or damage to your vehicle caused by theft | ✗ | ✓ | ✓ | ✗ |
Hire car after theft | ✗ | ✓ | ✓ | ✗ |
New car replacement | ✗ | ✗ | ✓ | ✗ |
Loss or damage to your vehicle caused by fire | ✗ | ✓ | ✓ | ✗ |
Loss or damage of personal possessions/effects | ✗ | ✗ | ✓ | ✗ |
Damage to your vehicle caused by an uninsured driver | ✓ | ✓ | ✓ | ✗ |
Emergency transport and/or accommodation | ✗ | ✗ | ✓ | ✗ |
Towing | ✗ | ✓ | ✓ | ✗ |
Key replacement | ✗ | ✗ | ✓ | ✗ |
Death benefit | ✓ | ✓ | ✓ | ✗ |
Legal liability for injuries or death to other people | ✗ | ✗ | ✗ | ✓ |
Variable excess | ✗ | ✗ | ✓ | ✗ |
Restricted driver discount | ✓ | ✓ | ✓ | ✗ |
Not all items listed in the table are included in all policies. Read the relevant Product Disclosure Statement (PDS) for all inclusions and exclusions in a specific policy. |
There are a few exclusions common to all the different car insurance options, including:
Some car insurance providers do cover rideshare driving but you might find that it’s only covered on certain policies (such as comprehensive car insurance). You’ll typically be required to have Third Party Property Damage as a minimum by the rideshare platform you work for.
When comparing car insurance quotes with Compare the Market, make sure you select a ‘business use’ option when asked how you use your vehicle. You’ll then be asked follow-up questions about whether you transport passengers, food or goods for payment.
Car insurance can cover your vehicle for business use and for the same insured events as personal-use car insurance. If something happens on the roads while you’re travelling for business, car insurance with business use cover can provide peace of mind.
When comparing car insurance with Compare the Market, make sure you select the appropriate usage when you’re asked how you use your car.
You can get car insurance for your four-wheel drive (4WD or 4×4) like any other car. This insurance usually has limited coverage for off-road driving, with some conditions on when you will be covered for off-roading. We answer a host of questions about car insurance for 4WDs here.
Learner drivers are covered by car insurance, but some insurers require you to add them as a listed driver (not all do). You can contact your insurer to find out whether you need to list any learner drivers for them to be covered.
Should you need to make a claim while a learner driver was behind the wheel, they may incur a young driver excess if they’re under a certain age limit at the time of the incident.
Windscreens and window glass can be covered by car insurance, as specified under your policy. A comprehensive car insurance policy can also cover the cost of repairing accidental damage to your windscreen as a result of an insured event.
You might also see a windscreen excess reduction or waiver as an optional extra on the policy. Some insurers have a specific additional excess payment for windscreens that you would need to pay in a claim on top of any other excess payments that apply. Paying this waiver can reduce or remove the excess payment for windscreens.
The cost of insurance and how it’s calculated (known as your premium) depends largely on the type of cover you hold (i.e. comprehensive cover, Third Party Fire and Theft or Third Party Property Damage) and how risky you are to insure.
That risk is based on a variety of variables that determine your car insurance premiums, including:
You can potentially get cheaper car insurance by:
An excess is the amount you’ll pay towards the cost of an insurance claim, which is agreed upon when you take out your policy. When you pay the excess, your insurer will pay your repair or replacement costs up to the limit of the policy.
There may be different types of car excess that apply to your claim:
If a third party was at fault for an accident, you may not be required to pay an excess for any claims you make as a result of this accident, provided you can give your insurance company some details about the person responsible (e.g. their name, phone number, driver licence number or their car registration). The exception to this rule is when the at-fault party can’t be personally identified; for example, if you’re involved in a hit-and-run and the guilty party leaves without giving their details, you may still be required to pay the excess if they can’t be tracked down.
You may be able to choose a higher excess payment and reduce your insurance premiums in turn. Likewise, you can choose a lower excess payment and pay an increased premium for the policy. Just bear in mind that whichever option you choose, you will have to pay for regardless.
To confirm all excesses that may apply to you, be sure to check your PDS and Insurance Certificate for full details.
"Extras are inclusions that can be added to car insurance policies to extend your coverage."
Some extras, like roadside assistance, will add to your premium if you choose to include them in your car insurance policy.
Some common extras you may find can be added to your policy include:
The key difference between market value and agreed value car insurance is that with an agreed value policy, you know the total amount you may be covered up to in the event of a claim as this amount was set when you bought the policy or renewed it.
The market value refers to the value of the car in the present day and not the price you paid when you first bought it. Market value is typically calculated by comparing other cars of the same age, make and model that are in a similar condition to yours.
If your car insurance policy offers an agreed value option, this means you can set a sum insured value with your insurer. This can be handy because a car insured for its market value may lose its value over time at a greater rate than you expect. On the other hand, having an agreed value means you’ll receive a payout up to the agreed sum insured rather than being limited to the market value of your vehicle on the day your car is written off. However, keep in mind that choosing an agreed value over market value may increase your premiums.
Classic car insurance is a broad term referring to a product that covers classic, vintage or prestige vehicles. It’s typically broken down into a variety of specific types:
You may need to seek out a specialised policy or insurer to cover cars like these.
There are a wide range of car insurance providers operating in Australia, offering a variety of policies from third party-only car insurance to comprehensive coverage.
The full list of car insurance companies operating in Australia (including the car insurance providers we work with) are listed below:
List accurate as of June 2023 and is subject to change.
Source: Insurance Council of Australia: Find an Insurer – Category 33: Car insurance companies. 2023. Accessed June 2023.
As Executive General Manager of General Insurance at Compare the Market, Adrian Taylor is passionate about demystifying car insurance for consumers, so they have a better understanding of what they’re covered for. Adrian’s goal is to make more information available from more insurers, to make it easier to compare and save.
Adrian has over 13 years’ experience in the financial services industry. He helps review general insurance content on Compare the Market to ensure it accurately breaks down complex insurance topics.