My current insurer quoted me 40% increase basically from appx $500 to $700. No matter what other insurers I was quoted it is always above $1000 or near $2000 for RACV.
What’s going on…
Compared to my building insurance, it went up by 20% about $60 more from last year from the renewal (but with higher built cost amounts).
Has Your Car Insurance Went Gone up Significantly, in Renewal?
Maybe underwriters discovered people with bad grammar are more likely to crash and/or claim for minor bumps and scratches?
I hope not.
Thank you. Corrected.
Why no poll!
But yes.
I mean it’s been a while since there’s been a forum post related to it..but plenty go without car insurance (please don’t)
As to why: if uninsured, you are liable not just to pay for your own repairs/replacement car, but the 100k+ repairs/replacement of those ludicrously common overpriced luxury cars if you hit one (something you can mostly avoid through careful driving, but NOT COMPLETELY).
Try Bingle, they seem a bit cheaper, and have done multiple repairs for me over the years (I have a family member who does a lot of Ks in rough areas where you often find dents after parking your car)
Ah yes, the old "I've written off my $20,000 toyota and a $100,000 land rover at fault, how can I make a claim on my Compulsory Third Party insurance?"
Yes and about the same as you OP roughly 40%. I’m with AAMI and they remained the cheapest so it’s not even loyalty tax biting me in the ass, it’s just how much it cost. I checked with another 6 providers all of them more expensive than my renewal. Never claimed in past 10 years, market value of the car below 10K and a pretty damn good driving record - no fines in 10 years. What the hell has happened to car insurance! Either people suddenly can’t drive and they need to cover cost or they are just taking the piss!
Parts and labour shortages happened. Your 10k car is likely to be written off if it was involved in a crash/act of 'dog' or stolen and damaged.
Yes, AAMI too. How do you check how much your car is worth?
Mine went down slightly (like $10). But they increased the excess by $100.
My comprehensive went up $150 or so to renew. Cancelled policy and checked around for cheaper insurance only to find the original insurer was the cheapest. Bought a new policy for about $20 more than last year (and got the welcome bonus).
Mine went up from $219 to $229. About 4.5%. Less than the rate of inflation.
Are you insuring a bike? Lol that’s so cheap!!!
Could you elaborate what car/value excess etc
Up by 32.4%. 2021 Hyundai Tucson. Gold Coast Qld. Next year??? After what's happened so far this year you will not be able to insure.
Always remember Shareholders rank first.
Nope, mine didn't. It went down by $50 a yr, on top of them paying a cash settlement for hail damage. I don't think Budget Direct are very bright
Yep - with AAMI in melbourne - went up ~20%
Same. It seems like AAMI increases the premium.
Mine went up by about the same percentage. When I asked they said it was due to the at-fault unlimited hire car option on the policy. I guess with parts shortages it's taking ages to repair some vehicles and the hire car is costing heaps. Taking it off made a huge difference to the premium.
I don’t have rental car hire option in my plan.
Renewal was in June and it went up by 25%.
Since then I've had to make a claim after a break in, so I don't look forward to the next renewal.
i30 diesel owner here. My insurance has always been freakishly cheap with NRMA. $380 comprehensive. Out of interest I put my details into NRMA for another quote… $1275! WTF!
Price has more than tripled. Other insurers are around $1000, but a welcome surprise was from a bank that usually has the most expensive products: Commonwealth Bank. 'Just' $621, so I'll be switching to them. Still, it's more than a 50% rise in one year.
What's going on? Are EVs pushing up everyone's insurance up? They should pay for their own expensive repairs and not burden ICE owners. I know the usual excuse is 'natural disasters', but it's not like we had a freakish 2023 compared to the last couple of decades.
My car keeps decreasing in value, so insurers can't use that as an excuse to jack the price up.
Are those 'Right2Drive' type companies pushing up insurance costs? I can't imagine demanding a hire car for several months is cheap.
Yes, inflation is under control. Nothing to see here.
This is what puzzled me too. Car is depreciating asset and yet insurance premium kept going up. I will check you Coms bank.
Insurers, like many other companies, have used this magical excuse for all price rises over the past few years: COVID. Prices up? COVID. Parts costs up? COVID. Takes months to repair a car? COVID.
Well, it's 2024. Can't keep milking that old cow and beating that dead horse forever.
I would personally like to see the justification for a 300%+ insurance price increase for the same car, same location, and no accidents. Did Hyundai suddenly triple the price of their parts? Have all i30 diesel owners suddenly become bogans and engaged in slow smokey street racing?
Anecdotal but the amount of morons I see on the roads these days is absolutely disturbing compared to 4-6 years ago. Examples of things that seem to have increased a lot in that time are:
It looks like deaths on our roads has increased since 2020 (although it's trending downwards), and it seems like these days I drive past at least one accident a week travelling on the roads I normally drive on.
If you look at the "How many car accidents have you been in? (regardless of if you were driving or if you were at fault) ^" chart on this page compared to 2021 the numbers are higher for one and two accidents, and lower overall compared to zero accidents. Accidents of all types seems to have increased from 2021 to 2023.
If we give insurers the benefit of the doubt it's possible part of the reason they're hiking prices so much is because there's been an explosion of f***wits on our roads. Good drivers who've never caused an accident or who haven't caused one in the past five years should get discounted insurance costs and the people who can't drive should be forced to pay more.
What's going on? Are EVs pushing up everyone's insurance up?
Everyone is jumping on the price gouging bandwagon under the guise of inflation/cost of living in order to make record profits.
That's it. That's the reason. Any other reason they give you is BS.
The low kilometer with 5k/km per year went up from like $500 to $600 which is like a 20% increase
Regular car (2021 Corolla Hybrid) gone from $1100 to $1400 and can't find anywhere cheaper than existing insurer
Controversial but I blame it on everyone else with expensive cars. Obviously the cost is if I collide with someone driving a $65k car means insurance might have to pay out that cost than my below average and often OzB ridiculed ride.
I have a regular car too. Can't find any cheaper than current insurer. I was able to hop around last couple of years seeking cheaper premium.
I thought any cost recoveries on either parties claiming insurances would have already factored into their next renewal premium. Premium should not gone up for almost everyone.
I thought any cost recoveries on either parties claiming insurances would have already factored into their next renewal premium
As much as we hope there is some logic to it insurance people are not that smart. They try different types of scenarios to price and they either send premiums way down for some people and way up for others but get the same profit until those with high premiums move on and they figure out they are going to lose a lot of money. Or your competitors are mispricing their premiums so you hope they go out of business before you do.
Yes. also companies like Right2Drive
Do you mean they likely jack up the rental cost?
yes they charge what they can get away with. ultimately someone has to pay
Home and contents insurance the same. It was $900 last year and renewal was $1400 this year. However I was then sent a special offer for a $1100 renewal. Turns out you can get loyalty discounts after all.
With Bingle. Had 1 not-at-fault claim in 2023. Renewed for slightly cheaper, $50 less. Very happy
Apparently it is cheaper on Bingle. Is Bingle anygood?
Bingle is a division of Suncorp so it has full access to Suncorp network. The only difference is their call center is 80% offshore in India and you HAVE to lodge your claim online. If you know what needs to be done in an incident then Bingle is a great option. I wouldn't recommend Bingle to the elderly, people with limited English and people who don't know how to use a web browser.
Yes, I had to downgrade my insurance to third party property damage only, and drop the building insurances altogether.
Yes mine did, I switched to a different insurer
Yes.
44% for me.
Never made a claim.
Garaged in a"good" suburb.
About 20% with RAC. Shopped around, but still the cheapest. Funny thing is that the value of the car, as judged by advertised prices on carsales, appears not to have gone down in 3 years; may possibly have gone up. Not sure about other states, but in WA second-hand cars still cost an arm and a leg.
Our 3rd party insurance only went up by 12% but it was enough to shop around and find this thread. We called to cancel and were surprised they price matched and we've ended up with a 21% discount on the current premium. It pays to shop around and make calls.
which insurer if you don't mind sharing? thank you
Budget
And how much is 3rd party only for you
Renewal? Oh you mean "loyalty penalty"? No I flip flop between insurers every year for the "new customer discount" so my premium is always $450/year
Unfortunately, flip flopping didn't work for me this year. I used to change insurer every year.
With NRMA, went up by 55%. From around 600 to over 900. Will be looking for quotes elsewhere.
mine went up from 1400 to 2000 :(, and it's a common corolla hatchback.