The average cost of insuring a typical home and car in Australia’s largest capital cities has climbed 3.95% in the past quarter, according to Compare the Market’s Quote Price Index.
The average insurance quote for a typical four-bedroom house in the country’s five largest capitals increased 4.63% from $2,410.40 to $2,521.97 when the research was carried out in September and December.
Meanwhile, the average comprehensive car cover quote was up 3.03%, rising from $1,758.93 to $1,812.25 during the same period.
The steepest climb for home and contents cover was observed in Melbourne, where the quote increased 6.16% on the previous quarter, followed by Perth where the average quote was up 5.26%.
Average Home and Contents quotes – September vs December 2024
| City | Average quote August 2024 | Average quote December 2024 | $ increase | Percentage increase |
| Sydney | $3,045.03 | $3,173.04 | $128.01 | +4.20% |
| Melbourne | $2,048.49 | $2,174.61 | $126.12 | +6.16% |
| Brisbane | $2,706.00 | $2,803.48 | $97.48 | +3.60% |
| Adelaide | $2,039.09 | $2,120.13 | $81.04 | +3.97% |
| Perth | $2,213.37 | $2,329.85 | $118.16 | +5.26% |
| National capitals | $2,410.40 | $2,521.97 | $111.57 | +4.63% |
Source: Compare the Market’s General Insurance Quote Index 2024. Based on average indicative home and contents insurance quotes available from Compare the Market and also from selected popular industry brands. Quotes for a typical low-set, 4 bedroom 2 bathroom, freestanding brick veneer home with tiled roof, insured for $700,000 with $80,000 in contents with a target excess of $1000 for both home and contents. Our home owner was a 30 year old male who lives alone with no previous claims. See notes for further information relevant to the pricing of the policies. Quotes collected on 30/08/2024 – 01/09/2024. Your quotes will vary depending on your unique circumstances.
Compare the Market Economic Director David Koch encouraged Australians to start challenging premium increases.
“While there are all sorts of reasons insurers may need to increase premiums, including rising construction and reinsurance costs, we should never assume that a price hike is ‘reasonable’ or that we won’t find better value elsewhere,” Mr Koch said.
But while several insurers had increased their premiums, a deep dive into the data shows that a number of insurers are actually offering discounts.
Mr Koch urged customers to shop around for better deals when their renewal notice arrived.
“The difference between the quoted premiums for one four bedroom Brisbane home in the northside suburb of Bridgeman Downs was $1,943,” Mr Koch said.
“With a gap that wide, you would be crazy not to look and see what else is out there. Never run a quote and assume you’re getting the best price. Insurers will have periods where they offer discounts and other periods when they don’t, and we know loyalty to an insurer is not always rewarded.”
Sydney saw the biggest increase in car quotes with a 4.75% increase quarter on quarter. The only capital bucking the trend was Brisbane, where the average price reduced by 0.17%.
Average comprehensive car insurance quotes – September vs December 2024
| City | Average quote August 2024 | Average quote December 2024 | $ increase | Percentage increase |
| Sydney | $2,309.32 | $2,419.05 | $109.74 | +4.75% |
| Melbourne | $2,190.19 | $2,262.60 | $74.72 | +3.31% |
| Brisbane | $1,526.43 | $1,523.77 | -$2.66 | -0.17% |
| Adelaide | $1,368.06 | $1406.28 | $39.43 | +2.79% |
| Perth | $1402.33 | $1449.53 | $47.20 | +3.37% |
| National capitals | $1,758.93 | $1,812.25 | $53.32 | +3.03% |
Source: Compare the Market’s General Insurance Quote Index 2024. Based on average indicative comprehensive car insurance quotes available from Compare the Market and also from selected popular industry brands. We used a target excess of $1000 or as close as possible where this was not available. Quotes for a white 4-door 2020 Toyota Corolla driven 12,000 km on average per year by a 30 year old male driver. See notes for further information relevant to the pricing of the policies. Quotes collected on 30/08/2024 – 01/09/2024. Your quotes will vary depending on your unique circumstances.
The quarterly index draws upon hundreds of quote search results to understand the averagecost of insurance for a common car model and typical four-bedroom homes in each of the Capitals.
For more information please contact:
Sarah Orr | 0401 044 292 | [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
Annex 1: Full methodology
> Home and content index
Average indicative quote prices were based on comprehensive car insurance quotes available through Compare the Market and also from three popular industry brands not available through Compare the Market. Quotes for a white 4-door 2020 Toyota Corolla sedan (no modifications) driven by a hypothetical 30 year-old male who is employed full time, obtained their licence at age 17 and has no previous claims. The car is used primarily for private or commuting purposes and is driven 12,000kms per year and is parked overnight in the following suburbs which were selected as approximately 15km north, south, east and west of the nearby city centre:
● Brisbane, QLD – Bridgeman Downs, Sunnybank Hills, Ferny Grove, Wynnum;
● Sydney, NSW – Frenchs Forest, Sans Souci, Punchbowl, Marsfield;
● Melbourne, VIC – Tullarmarine, Hampton East, Altona, Yallambie;
● Adelaide, SA – Stirling, Kingston Park, Largs Bay, St Agnes;
● Perth, WA – Kenwick, Fremantle, North Beach, Caversham;
Only policies with an excess of $1000, or as close to this figure as was possible with the relevant insurers, were used to calculate averages for these different locations. Quotes collected on 30/08/2024 – 01/09/2024. Your quotes will vary depending on your unique circumstances.
Our standardised hypothetical house parameters were applied to each address, regardless of the actual property at that location. This allowed for an accurate comparison across multiple locations.
It is important to keep in mind that these prices reflect a diverse range of prices with a difference of hundreds of dollars between the cheapest and most expensive policy. These averages could be markedly different to how much it costs to insure your own car or home and contents, and you should exercise caution in applying these averages to your car or home before purchasing an insurance policy.
This insurance index is designed to provide an overview of insurance prices across various Australian cities and insurers. Please be aware of the following:
Differences in insurers’ quoting systems and available options mean slight variations in the sum insured amounts and excess levels used to calculate averages. These variations were minimised to the greatest extent, and the closest options were selected when exact matches to our parameters were unavailable.
To ensure the most comparability, we applied consistent hypothetical property and vehicle parameters across all locations, using real Australian addresses to capture location-based pricing factors. The average figures presented encompass these slight variations. We believe these averages provide a reasonable market representation but should be considered approximations rather than exact figures.
Every effort was made to ensure the accuracy and completeness of the information presented, but the index is intended for informational use only and should not be the sole basis for making insurance decisions. Individual quotes may vary based on personal circumstances and specific insurer policies. The variations in our data collecting reflect the real-world differences in insurance offerings and are part of what this index aims to capture.
> Car quote index
Average indicative quote prices were based on home and contents insurance quotes available through Compare the Market and also from three popular industry brands not available through Compare the Market. Quotes for a typical low-set, 4 bedroom 2 bathroom, 2 undercover carparks, freestanding brick veneer home with tiled roof, insured for $700,000 with $80,000 in contents with a target excess of $1000 for both home and contents. Where these sum insured values or target excess were not available we used the closest possible option with the relevant insurer. Our hypothetical home owner was a 30 year old male who lives alone with no previous claims. The following suburbs which were selected as approximately 15km north, south, east and west of the nearby city centre:
● Brisbane, QLD – Bridgeman Downs, Sunnybank Hills, Ferny Grove, Wynnum;
● Sydney, NSW – Frenchs Forest, Sans Souci, Punchbowl, Marsfield;
● Melbourne, VIC – Tullarmarine, Hampton East, Altona, Yallambie;
● Adelaide, SA – Stirling, Kingston Park, Largs Bay, St Agnes;
● Perth, WA – Kenwick, Fremantle, North Beach, Caversham;
Only policies with an excess of $1000, or as close to this figure as was possible with the relevant insurers, were used to calculate averages for these different locations. Quotes collected on 30/08/2024 – 01/09/2024. Your quotes will vary depending on your unique circumstances.
