Car Insurance In Victoria | Compare the Market
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Car Insurance In Victoria | Compare the Market
We do not compare all brands in the market or all products offered by all brands. At times certain brands or products may not be available or offered to you. Learn more about how our comparison service works.
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Victoria; home of the most liveable city
Victoria is home to one of the world’s most liveable cities: Melbourne. It has been awarded this honour by the Economist Intelligence Unit (EIU) consistently since 2002,[1] but is the state home to the world’s most drivable roads?
From executing hook turns and navigating tram lines in the busy city, to scenic car trips winding along the Great Ocean Road to the Grampians – Victorian drivers need to be assertive, nimble and focused. After all, road conditions can change as abruptly as Melbourne’s infamous weather.
Victoria also recorded the highest amount of motor vehicle thefts around the country in the 2018 to 2019 financial year, with 15,490 total thefts.[2] If you do ever find yourself in a predicament on the road, having suitable car insurance can help cover certain costs.
Which type of car insurance should Victorians get?
CTP insurance is a requirement for all Victorian drivers when they first register their car or renew their registration. However, it’s essential to determine which type of policy and level of cover is right for you and which additional insurance you should buy.
We found that the average market value of Victorian vehicles quoted on our website in the 2018 to 2019 Financial Year was $18,592. Almost a quarter (23.82%) of Victorians have indicated they purchased their vehicle with the help of a loan.
If you’ve spent all that money on purchasing your car, will your budget allow you enough room to replace or repair your car if it’s damaged, stolen, or totalled in an accident?
It’s important your significant investment doesn’t go to waste after one accident, which is why lenders often require you to purchase insurance if you’re taking out a car loan.
Here’s a comparison of car insurance available in Victoria:
| Insurance type | Damage to your car | Damage to another person’s car or property | Damage or loss caused by theft or fire | Injuries or death to other people in an accident |
| CTP | No | No | No | Yes |
| Third Party Property | No | Yes | No | Included in CTP as a part of registration |
| Third Party Fire and Theft | No | Yes | Yes | Included in CTP as a part of registration |
| Comprehensive | Yes | Yes | Yes | Included in CTP as a part of registration |
| Please note: There are certain factors and variables that may affect your level of coverage. Always read the fine print on your Product Disclosure Statement (PDS) for specific limitations and conditions to the cover. | ||||
Which features do Victorian drivers look for in a car insurance policy?
You may be able to choose some of the below features when you’re taking out cover, or as an additional extra (depending on your policy). Note that it costs more to add additional extras to your policy.
- Customer care after an accident. It’s always great to have add-ons like emergency repairs, complimentary towing (within a certain distance), or a complimentary hire car while yours is fixed (so you don’t have to catch the tram everywhere!).
- Cover for personal items. If your belongings are stolen or damaged (e.g. expensive prescription glasses or a smartphone), your insurer may offer you a cash benefit to help replace them.
- Flexible payment. Paying your insurance premiums fortnightly or monthly (rather than annually) at no extra cost is ideal. However, some insurers will increase their fortnightly or monthly premiums for the convenience of flexible payments.
- Roadside assistance. If you bundle this product with your insurance, you’ll be insured and won’t have to worry if your car breaks down.
- Discounts for restricting the age of drivers. You can reduce insurance premiums by only covering drivers older (or younger) than a certain age. You’ll also avoid the young driver or elderly driver excess should you need to make a claim if.
- Customer service availability. 24-hour service helpline, or an online claims service, in case you have an accident in the middle of the night.
Should I get comprehensive car insurance in Victoria?
Whether you’re driving through the streets of Geelong, ascending the Victorian Alps – or anywhere in Australia – comprehensive insurance is the top level of car cover.
Comprehensive insurance covers you for legal liability, accidental damage, damage to a third party, theft, fire and storm damage. You can also get car hire cover and brand-new replacement for vehicles two years old or younger as additional inclusions.
You can easily compare comprehensive car insurance for Victoria and get quotes in minutes using our free comparison service.
How much will car insurance cost a driver in Victoria?
Elizabeth is 38 years old with a rating 1. She drives a 2014 model Mazda 3 hatch and lives in St Kilda. Based on the average quoted price from providers on our panel, Elizabeth might pay $14 per week for comprehensive car insurance. If Elizabeth lived in Shepparton, the average quote price from providers on our panel increased to $16 for the same level of cover.
The difference is about the price of three to four café lattes on Lygon Street – just for some peace of mind on the road!
However, what you pay varies based on many factors, including:
- Your car’s model, age and kilometres
- You address and claims history
- Where you keep your car at night
- The level of car insurance.
The chart below shows some example comparisons for car insurance for Elizabeth and compares just how much of a difference location can make to the price of her car insurance.
Source: Compare the Market quote, produced 9/10/19. These prices are based on quotes for a manual Mazda 3 2014 five-door hatchback model, for private use to be driven 15,000km/year with no accident or hail damage, to be driven by a 38-year-old female driver with a rating 1 NCD (no claims discount) for the postcodes of 3182 (St Kilda) and 3630 (Shepparton). For St Kilda, average comprehensive and Third Party Property prices based on quotes provided by Budget Direct, ING, Virgin Money, Australia Post, 1st for Women, Ozicare, Huddle, Woolworths. For Shepparton, average comprehensive quotes provided by Budget Direct, ING, Virgin Money, Australia Post, Woolworths and Huddle, 1st for Women, Ozicare, Woolworths, and Retirease while Third Party Property quotes were provided by Budget Direct, ING, Virgin Money, Australia Post, Woolworths and Huddle.
If you want an idea of how much car insurance may cost you, you can complete a quote through using our free comparison service.
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How does driving in Victoria affect your car insurance?
Your car insurance premium is barely affected by the state or territory you live in. However, your car insurance premium can be affected by the following:
- where you park. Is your car secured safely in a garage, or parked on the street? You can safely guess which situation results in higher rates of theft; and
- where you live. Is your home in a safe area? Or, does your neighbourhood have a high rate of car thefts or is your home situated in floodplain or bushfire zone?
Car crime in Victoria
Victoria has the highest number of reported vehicle thefts of all the states and territories – in part due to a large population. Victoria experienced 15,490 vehicle thefts in the 2018 to 2019 financial year, according to the National Motor Vehicle Theft Reduction Council.[3]
Passenger cars have seen a three per cent increase in car thefts, while motorcycles have seen a two per cent reduction compared to the previous financial year. However, the National Motor Vehicle Theft Reduction Council notes that compared to the 2014 to 2015 financial year, car thefts have risen by 15%![4]
You shouldn’t take car crime lightly. Consider a policy that covers theft and vandalism.
Road dangers in Victoria
Road dangers in Victoria
According to the Transport Accident Commission Victoria, there were 159 lives lost on Victorian roads in 2018.[5] Speeding is responsible for 29% of road deaths in the state.[6]
In the streets of Melbourne, you have to watch out for trams as well as pedestrians and other motorists. Out in Victoria’s rural areas, wildlife becomes a danger, as well as fatigue, which causes 20% of fatal crashes.[7]
This all boils down to one point: you should exercise a high degree of caution when you’re using Victorian roads.
Frequently asked questions about Victoria car insurance
Still have some burning questions? We’re here to answer them.
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Car Insurance In Victoria | Compare the Market
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