Compare Car Insurance in Victoria

CTP doesn’t cover any damage to property – yours or anybody else’s. So even if your car is only worth a few thousand dollars, CTP won’t help you if you run into a Ferrari or cause expensive damage to someone’s house or business. You’d be left to pick up those costs out of your pocket.

It could get ugly and cause long-lasting financial damage.

It’s a good idea to begin by working out what level of cover you think would be suitable for you. While it can boil down to your needs and wants, many policies have the following features:

• Roadside assistance: Usually an optional extra, it can be very handy having someone to call in the event of a flat tyre or a breakdown.
• Towing: Some policies help with the cost of towing if your car is involved in an accident. Towing can get expensive if you’re a long way from home, so this extra could be helpful.
• Flexible payment: Not having to fork out all at once for your hefty annual insurance premium can be useful when it comes to budgeting. Some providers let you pay monthly or fortnightly instead of annually but keep an eye out for additional charges for this payment option.

Car insurance premiums can be influenced by the following:

• Coverage level: The type and amount of coverage you choose will affect your premium.
• Driver’s age and driving history: Younger and less experienced drivers often face higher premiums. For instance, if they’ve been driving for years and haven’t made a single claim, the premium can be much lower (compared to having multiple claims – or traffic violations – in one year).
• Vehicle type: Insurers look into the make, model, and age of the vehicle. A brand-new Tesla is likely to cost more to insure than a second-hand car.
• Location: Where you live and park your car affects your premium. Parking it on the street in the Melbourne CBD might have a higher premium than in a closed garage in the ‘burbs.

Some insurers offer certain options which could help reduce your premiums, such as:

• Age-restricted driver: If you agree that all drivers of your car will be over a certain age (e.g. 25 or 30), some insurers will offer a cheaper premium.
• Personal items cover: Some insurers cover the theft and/or damage of personal belongings from your car, like sunglasses, wallets or laptops.

Another important consideration is the way in which an insurer values your car in the event of a claim. It can usually be either ‘agreed value’ or ‘market value’. To make sure you know how your insurer does this, refer to your policy documents and the product disclosure statement (PDS).

From 2023-24, Victoria recorded 38,956 car thefts and 109,015 incidence of stealing from motor vehicles.¹Crime Statistics Agency – Data Tables LGA Recorded Offences Year Ending March 2024

Some areas are at higher risk for theft than others. The top three areas for car theft from this period were the following:

Source: Crime Statistics Agency – Data Tables LGA Recorded Offences Year Ending March 2024

The areas that recorded the highest occurrences of stolen personal effects and other items from inside the motor vehicle were:

Source: Crime Statistics Agency – Data Tables LGA Recorded Offences Year Ending March 2024

This means one thing: it could be time to consider a third-party fire and theft or a comprehensive policy, if you don’t have one yet.

And maybe investing in a dash cam is a good idea, too; it could give you a nice close-up of that crook’s face!

Your car doesn’t have to be a highly desirable sporty model to get stolen. In Frankston, for instance, the most common vehicles thieves like to take include older models of:

• Holden Commodores
• Toyota Hiluxes
• Ford Rangers
• Holden Captivas
• Nissan Pulsars
• Ford Falcons
• Nissan Navaras

While they’re quite normal, everyday vehicles, they are thieves’ favourites for two likely reasons: there are more of them on the roads and they’re easier to sell – either in parts or their entirety.

According to the Transport Accident Commission (TAC), there were 295 road fatalities in 2023 – up 22.4% from the previous year.²Transport Accident Commission (TAC) – Lives Lost – Annual

This isn’t to skip over the many more non-fatal crashes that occur every year in Victoria, either. All the more reason you might want to consider car insurance if you’re looking to protect yourself against a costly accident!

With the right car insurance, you can cruise through your daily commutes or gear up for a snowy weekend in Mt Buller – free of worry about Victoria’s unpredictable weather or shady characters lurking in suburban shadows.

Finding the right car insurance in Victoria is all about understanding needs and preferences. Everyone has different priorities; you might be hunting for the lowest cost, or you might be after coverage with all the bells and whistles.

To help you weigh your options, consider comparing different policies and see which one tickles your fancy. Compare car insurance online from a range of providers with iSelect.