BUCKLE UP: EXPERTS REVEAL AUSTRALIA’S BEST CAR INSURERS FROM 10,000+ QUOTES
Announcement posted by Mozo 28 Sep 2023
Key Points:
- Australians are paying 47% more for car insurance than 5 years ago
- Australians now (on average) pay $1,472/yr for comprehensive car insurance
- Experts analysed 10,000+ car insurance quotes to see which factors drive up costs, as part of the Mozo Experts Choice Awards for Car Insurance 2023,
- The winners list is a great starting point for drivers looking for car insurance to begin comparing policies and providers, to get the best deal
Thursday 28 September 2023: Today, experts at financial comparison site Mozo.com.au have unveiled the winners of the Mozo Experts Choice Awards for Car Insurance 2023.
Suncorp Insurance and Budget Direct overtook the competition to be crowned Insurer of the Year and Exceptional Value Insurer of the Year, respectively, with both providers taking out multiple accolades.
"The Mozo Experts Choice Awards for Car Insurance are now in their tenth year," said Mozo rates expert Peter Marshall "which means our experts know just what to look for when comparing policies and providers."
"For the average Australian, comparing car insurance policies can be time consuming, as quotes are personalised based on the drivers' risk profile, where the car is parked, how old the car is, the brand of car, and even the fuel type," Marshall explained, "but given the rising cost of insurance, comparing is paramount to getting the best deal."
Mozo's research revealed Australians are paying 47% more for car insurance than they were five years ago, with the average Australian now paying a whopping $1,472 each year for comprehensive car insurance.
"The Mozo Experts Choice Awards for Car Insurance provide a great starting point for drivers to begin their car insurance policy comparison, with a shortlist of providers that have been recognised by experts for offering great value for money or high quality coverage."
"Although car insurance is often seen as a 'grudge purchase' because rewards aren't realised until something goes wrong, it should be seen as an investment, and analysed as such."
Mozo experts awarded the winners of the 'Exceptional Value' category based on a cost analysis of policies, matched against minimum cover levels to find providers offering lower premiums than the competition.
Insurers awarded in the 'Exceptional Quality' category were recognised as providing the most generous levels of coverage for drivers, with no consideration of the cost.
The Mozo Experts Choice Awards also recognised providers that offered lower premiums for car insurance specifically suited to Australian drivers under 25 and over 55 years of age. See below for the full winners list across all categories.
Read the methodology report here.
Insurer of the Year
Exceptional Value Insurer of the Year
Exceptional Quality Car Insurance
Exceptional Value Car Insurance
Exceptional Value Young Driver Car Insurance
Exceptional Value Senior Driver Car Insurance
-ENDS-
Media & Partnerships Contact
Rachel Wastell
rachel.wastell@mozo.com.au
p: (02) 9161 2853 m: +61 412 686 458
Mozo Experts Choice Awards
The Mozo Experts Choice Awards were established in 2014 to help Australian consumers find the best value offers across a range of products and services. For the 2023 Car Insurance Awards, Mozo's expert judges collected information from 10,000 different quotes for Car Insurance for the Exceptional Value categories and 58 car insurance policies from 51 insurance providers for the Exceptional Quality categories. Read the methodology report here. The information collection was conducted in July and August 2023. Mozo aims to include most car insurance providers in the market in the Mozo Experts Choice Awards, and awards are given irrespective of a commercial relationship with Mozo.
About Mozo.com.au
Mozo compares more than 1,800 products from over 200 banking, insurance, energy, and broadband providers to help thousands of Australians make their money count for more. Mozo has been recognised in Australia for simplifying the money maze by challenging traditional institutions and building award-winning comparison tools and calculators. As a leading financial comparison site in Australia, Mozo's team of banking and finance experts regularly provides research and advice for major publications in Australia. Mozo is part of Future PLC, an international media group, and leading digital publisher of titles including TechRadar and Tom's Guide.
Media Contacts
Money & Finance Expert Writer, mozo.com.au
