Australian motorists are potentially missing out on savings, with a new Compare the Market study finding almost one-in-four drivers have stayed loyal to the same car insurance brand for more than 10 years.
The car insurance comparison experts – who surveyed more than 1,000 Australians as part of a global Car Ownership 2025 report – found 17% have not switched their provider for more than 10 years.
Meanwhile, 81% of Australians surveyed admit that they have stayed with the same car insurer for two or more years and 42% have stayed loyal for five or more years.
| Australians’ Car Insurance Loyalty | Proportion of Responses |
| Less than 1 year | 6% |
| 1 year | 9% |
| 2 years | 17% |
| 3 years | 12% |
| 4 years | 10% |
| 5 years | 9% |
| 6 years | 5% |
| 7 years | 4% |
| 8 years | 3% |
| 9 years | 1% |
| 10 years | 3% |
| More than 10 years | 17% |
| Don’t currently have a car insurance policy | 3% |
Note: Percentages were rounded to the nearest whole number and may not add up to 100%.
For the full results, please attribute: https://www.comparethemarket.com.au/car-insurance/features/car-ownership-and-insurance-report/
The survey also found the most Australians currently own a vehicle that is six years-old or less.
Almost half of Australian drivers surveyed intend to buy a new or used vehicle in the next 12 months, with wanting a bigger vehicle as the top reason.
Executive General Manager of General Insurance, Adrian Taylor, said the study revealed that many Australians could be missing out on potential savings by not comparing.
“Research from the team at Compare the Market highlights that Australians still cherish their old cars and look forward to buying new ones in 2025 – with a mixed preference for bigger vehicles and better fuel efficiency,” Mr Taylor said.
“However, most admit to staying with the same car insurer year-on-year.
“Yet, we know loyalty often doesn’t pay.
“Drivers are often hit with less competitive premiums by auto-renewing and not regularly shopping around for a better deal.
“Amid cost-of-living pressures, it pays to compare what’s on offer to ensure you don’t pay more for insurance than necessary.”
For the full results, please attribute: https://www.comparethemarket.com.au/car-insurance/features/car-ownership-and-insurance-report/
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