New research reveals little known factors driving car insurance costs
Luke is joined by Rachel Wastell, PR & Communications Manager at Mozo, about their new report that has reveals Australians are now paying an average of $1,472 every year to insure their car. The research also revealed a jump in premiums of 24% in just twelve months.
“It’s only when you don’t have car insurance and something goes wrong, that you realise how important it really is, but that doesn’t mean you have to pay through the nose to get good cover,” says Ms Wastell.
“As the cost of insurance continues to rise year on year, shopping around to get the best deal that suits your needs becomes even more important. There are also a number of factors that can dramatically change how much drivers pay for cover, so that pre-purchase research is paramount.”
The report, Pedal to the Metal: What’s driving the cost of car insurance?, was compiled as part of the 10th annual Mozo Experts Choice Awards for Car Insurance and uncovers the key factors driving insurance costs in 2023.
The report shows that a driver’s location, age, and risk profile, alongside a car’s age, colour and brand can increase the average annual cost of car insurance by hundreds, sometimes thousands, of dollars.
Mozo experts analysed more than 10,000 different car insurance quotes, and dived into consumer insights from a nationally representative consumer survey to compile the report.
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