From the breathtaking sites of the Great Ocean Road to the hipster laneways of Melbourne and the winding streets of the Dandenong Ranges, there are many adventures to be had on Victorian roads. However, wherever you may plan to drive in the Garden State, there are potential road safety risks to consider. Comprehensive car insurance can help to cover your car from potential damage or loss caused by accidents, weather events and theft.
The tables below showcase the highest-rated car insurance policies on Canstar’s database for drivers in Victoria.
Top-rated car insurance policies for young drivers in Victoria
According to Canstar Research, car insurance premiums are determined based on the likelihood that the insurer would have to pay a claim to the insured. Therefore, younger drivers tend to have higher premiums as they are statistically more likely to be involved in an accident and make a claim. For example, according to the Transport and Accident Commission of Victoria, in their first year of driving, young drivers in the state are almost four times more likely to be involved in a fatal or serious injury crash than more experienced drivers.
With typically higher premiums for car insurance, it’s important for young drivers to research their options carefully to find a good value policy.
The two tables below provide a snapshot of the five top car insurance policies available for drivers under 25 on Canstar’s database, sorted by star rating (highest to lowest).
Male under-25 driver in Victoria with no extra driver under 25
Female under-25 driver in Victoria with no extra driver under 25
→Related Article: Car Insurance For Under 25 Year Olds: What’s The Cost?
Top-rated car insurance policies for 30-49 year-old Victorian drivers
People aged 25-49 generally have cheaper premiums than under-25s. They tend to be more experienced behind the wheel, and insurers are more likely to offer them lower premiums as a result.
The table below provides a snapshot of the five top car insurance policies available for drivers between the ages of 30 and 49 with no extra driver under 25 on Canstar’s database, sorted by Star Rating (highest to lowest).
Top-rated car insurance policies for Victorian drivers over 50
People aged 50 to 59 can often enjoy even cheaper premiums than those in their thirties and forties due to a typically greater wealth of driving experience.
The table below shows the five top car insurance policies for people aged 50-59 with no cover for an extra driver under 25 on Canstar’s database, sorted by Star Rating (highest to lowest).
Top-rated car insurance policies for senior drivers in Victoria
There are a number of restrictions placed on senior drivers that vary depending on where you live. In Victoria, drivers who are 75 or older need to renew their licence every three years, but can self-assess their physical wellbeing.
The table below shows the five top car insurance policies for people aged 60+ with no cover for an extra driver under 25 on Canstar’s database, sorted by Star Rating (highest to lowest).
How much does car insurance cost in Victoria?
Age and driving experience aren’t the only factors that influence car insurance premiums – where you live can also increase or decrease your premiums. The premiums drivers in Victoria can expect to pay (on average) are up there with New South Wales as the most expensive in the country.
The table below shows a breakdown of what Victorians can expect to pay on average for comprehensive car insurance, based on policies rated in Canstar’s 2020 Car Insurance Star Ratings.
| Average Annual Car Insurance Premiums 2020 – Victoria | |
|---|---|
| Age | Average Premiums ($/year) |
| Under 25 Female | $2,218 |
| Under 25 Male | $2,495 |
| 25-29 | $1,723 |
| 30-49 | $1,223 |
| Over 50 | $958 |
| Family with Young Driver | $2,080 |
Source: www.canstar.com.au. Based on comprehensive car insurance policies rated in the Canstar 2020 Car Insurance Star Ratings (May 2020). Premiums include quotes for both new and used cars for a range of scenarios, with a target excess of $750.
Keep in mind these are average figures. Depending on your circumstances, you may be able to find a provider that will cover you for less, so it’s a good idea to compare your options.
Compulsory Third Party (CTP) insurance
Compulsory Third Party (CTP) insurance is compulsory in Victoria, as it is in all other states and territories. It is designed to cover the cost of compensation claims made against a driver if they injure or kill someone on the road.
Victoria’s compulsory third party (CTP) scheme has operated on a no-fault basis since 1971, meaning that either party is eligible for cover even if they are the one that caused the accident. In some states, there are specific providers that offer CTP insurance, but in Victoria, it is solely offered by the Transport Accident Commission (TAC). The TAC is a government-owned organisation.
When you buy a new car, the cost of CTP insurance is built into the registration payments. By obtaining cover for third party damage, you receive a level of financial protection for personal injuries sustained on the road. To demonstrate the difference between the coverage of various insurances, the table below outlines each of the types of car insurance available in Australia and what they cover.
| Type | Damage to your car | Damage to other people’s property (e.g. other cars) | Damage or loss caused by theft of your car | Injuries or death to other people in an accident |
|---|---|---|---|---|
| Compulsory third party |  |
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| Third party property, fire and theft | |
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| Comprehensive | |
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→Related Article: Victoria CTP Insurance.
Outstanding Value Car Insurance for Victoria
Bingle, one of Canstar’s National Award Winners for 2020, took out the State Award for Outstanding Value Car Insurance in Victoria, in addition to New South Wales, Queensland, Western Australia and South Australia.
Bingle is just one of several 5-Star winners in Victoria alone, while there are dozens of other providers rated by Canstar. Visit Canstar’s comparison tables for a snapshot of the top-rated car insurance policies on our database when looking for one that suits your needs:
Originally written by William Jolly
Cover image source: Kevin Hellon (Shutterstock)
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