To help you understand more about how the price of your car insurance is set, and to provide you with options on how you may be able to save, we’ve created this simple guide.
There are some factors that impact the price of your car insurance regardless of who you are and what car you drive.
The frequency and nature of weather events impact the amount and severity of claims received. In the last few years we’ve seen an increase in major natural catastrophes as well as smaller wild weather events such as storms or hail. We often see an increase in the number of claims after these events, which can put pressure on prices to rise.
The cost of repairing cars has been increasing. Increased labour costs and parts, more expensive technology and the volume of imported cars on our roads can impact the price of insurance.
Due to recent disruptions in the automotive supply chain, the industry has seen a dramatic increase in used car prices over last 12 months. This, along with inflation, has had a flow-on effect on the cost of claims, repairs and parts to get cars back on the road (whether they’re yours or other cars involved in a claim).
If the number and variety of claims we receive changes, customer prices will also change. As car manufacturing and technology progresses, the nature of claims becomes more complex. This combined with an increase in population density in Australia impacts the general insurance industry.
In setting prices, we consider many factors that statistically influence the likelihood of having a claim.
Flexible cover options help you to tailor your policy to your needs. If adjusting your cover, please ensure that the revised cover suits your specific needs.
Covering drivers under 25 can cost more and should be excluded from your policy if not required. But don’t worry - you’ll still be covered when your car is driven by professionals in the course of their work, like parking attendants and mechanics who are under 25.
If you’re able to pay more in the event of an accident, you can save money on your Comprehensive Car Insurance premium by increasing your excess.
Our Comprehensive policy gives you the ability to tailor your premium to your needs. This allows you the option to add windscreen cover, car hire or roadside assistance, and enables you to exclude the extras you don’t require.
Standard underwriting criteria apply. Coles Supermarkets Australia Pty Ltd (Coles) is an authorised representative of the issuer, Insurance Australia Limited (ABN 11 000 016 722) (AFSL 227681), part of Insurance Australia Group (IAG). Any advice provided is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before acting on any advice you should consider its appropriateness. You should read the Product Disclosure Statement and Target Market Determinations before deciding whether to acquire an insurance policy.
Policy limitations, exclusions and conditions apply. For full terms and conditions, see the Product Disclosure Statement.