Rates are down, but are your insurance costs rising?
The RBA has finally cut rates for the first time in four years, giving homeowners some breathing room on their mortgage repayments. But while your home loan rate may be dropping, there’s one expense that’s been heading in the other direction—insurance premiums.
In fact, average car insurance premiums have increased by 16%, according to the latest Mozo Car Insurance Report. Home and contents policies have also seen sharp rises, and even pet insurance costs are creeping up. So, while you’re celebrating a little extra in your back pocket from lower interest rates, it could be time to see where else you could save.
Car Insurance:
Whether you drive every day or only occasionally, there could be better-value policies out there. Some insurers offer discounts for low-kilometre drivers, while others reward no-claims history. It’s up to you to find out the benefits that best suit you.
Important information on terms, conditions and sub-limits.
Youi Comprehensive Car Insurance*
- New-for-old car replacement (within 2 years & a listed driver is the first registered owner)
- Emergency roadside assistance included
In an emergency Youi's policy can provide up to $1,000 to cover repairs without an insurance assessment, which can alternatively be spent on accommodation and travel if you’re more than 100km away from home. Emergency roadside assistance is also included as standard. Youi offers new-for-old car replacement and policy holders can get back onto the road after a theft or not-at-fault accident with Youi’s hire car cover (for up to 14 days). Monthly premiums cost extra and there is an additional excess for drivers not listed on the policy, and if under the age of 25 years.
Budget Direct - Gold Comprehensive Car Insurance*
- 15% off the first year's premium for new policies purchased online. T&C's apply.
- Australia's Best Value Car Insurer 2024 - Mozo Experts Choice Awards
Budget Direct is offering drivers a super easy way to save with 15% off the first year's premium for new policies purchased online. T&C's apply. You’ll also get tailor-made cover, new-for-old replacement, 24/7 claims, a highly-rated claims service and a hire car if your car happens to be stolen. In addition to the basic excess, if you or another driver have an at fault accident, you will be required to pay an additional excess if the driver is under 25, hasn't had a full Australian licence for more than 2 years, or isn't listed as a driver on your policy. You can opt for a monthly repayment option but this will cost you extra. It takes 2 minutes to get an online quote and see how much you could be saving with the Mozo Experts Choice Awarded Australia's Best Value Car Insurer.
ROLLiN' - Comprehensive Car Insurance*
- Pay for insurance month-to-month, like a subscription, with no cancellation fees
- Mozo Experts Choice Exceptional Value Car Insurance Award Winner 2024
ROLLiN' is shaking up car insurance with a new pay-as-you-go approach that lets you pay month-to-month without any lock-ins or cancellation fees. So if you don't need to drive for a certain amount of time, you can simply cancel your cover without penalty and pick it back up when required. You'll enjoy 24/7 online claims support and a lifetime guarantee on authorised repairs, plus if you accidentally damage your windscreen, sunroof or window glass, ROLLiN' will fix them for free (once per insurance period). The standard is excess is $800 (including under 25s) but $3,000 for any unlisted driver so make sure regular drivers are listed on the policy.
Plus, get 10% off the base premium for the first 2 consecutive monthly policies and up to a 15% potential monthly discount from your 3rd month for being a safer driver. Minimum premiums may apply. Underwriting criteria, limits, exclusions, and T&Cs apply.
Home & Contents Insurance:
With extreme weather events pushing up premiums, comparing home and contents policies could help you lock in a better deal before your next renewal. Whether you’re prone to bushfires, storm damage or need general coverage, there are a myriad of options for homeowners and investors to compare and choose from.
Important information on terms, conditions and sub-limits.
QBE Home & Contents Insurance*
Winner of the Exceptional Value Home & Contents Insurance^ and Exceptional Quality Insurance^ categories at the 2024 Mozo Experts Choice awards, QBE Home and Contents Insurance can cover your property and belongings in case of fire, storm damage, theft and more. 24/7 friendly and helpful claims service. It comes with up to $30 million legal liability cover and you’ll receive temporary accommodation costs for up to two years if your home isn’t liveable (eligibility criteria applies). New policies purchased only could receive a 10% discount (with conditions).
Honey Home & Contents Insurance*
- Get free smart sensors worth $250 to help prevent fire, theft and water damage (T&Cs apply)
- Be rewarded with policy discounts of up to 8% every year (T&Cs apply)
Experience the future of home insurance with Honey Home and Contents Insurance. Honey uses cutting-edge AI technology to insure your home in as little as three minutes. Plus, Honey provides smart sensors valued up to $250 for free, helping you prevent incidents like theft, fire, and water damage by sending real-time alerts to your smartphone. These sensors could also lower your premiums by up to 8% every year (T&Cs apply).
Budget Direct Home & Contents Insurance*
- 30% combined apply online discount for your first year's premium
- New-for-old contents replacement cover
- Mozo Experts Choice Exceptional Value and Quality Insurance 2024
This comprehensive home and contents insurance policy from Budget Direct offers an impressive list of extra features like new-for-old contents replacement, cover for portable items, and emergency accommodation for up to 12 months (or 10% of the sum insured) for you and your pets. You’ll be protected against a range of natural disasters and there’s a heap of contents included – just check your PDS for limits on specific items. And if you're after combined home and contents cover, you’ll score a 30% discount on your first year’s premium just by purchasing a new policy online (T&Cs apply).
Pet Insurance:
Vet bills can cost a small fortune, but not all pet insurance policies offer the same coverage. Some insurers have better sub-limits, fewer exclusions, and even multi-pet discounts, so it’s wise not to settle for the first policy you see. See what features your furry friend needs and take advantage of new customer discounts when shopping around.
Important information on terms, conditions and sub-limits.
Petsy Pet Insurance*
- $25,000 annual limit for accidental injury and illness
- Covers up to 90% of your eligible vet bills
Petsy Pet Insurance offers a maximum annual benefit limit of $25,000 for accidental injury and illness if you take out their top level of cover. Their top level of cover may also reimburse up to 90% of your eligible vet bills. You can also customise your policy by not adding optional extras like dental, behavioural problems, and alternative therapies cover or, lowering your annual benefit limit to $10,000, reducing your benefit percentage to 80%, or opting for a $150 annual excess.
Knose Pet Insurance*
Knose won a 2024 Mozo Expert's Choice Award for Exceptional Quality Pet Insurance. Knose's single, flexible policy may cover up to $25,000 each year in treatments for eligible accidents and injuries, with the option to have 70%, 80% or 90% of eligible claims covered by the policy. You’ll be able to make your claims online or through your vet, and can include optional extras (for an increased premium) to cover things such as dental illness, behavioural problems, and alternative therapies like acupuncture and physiotherapy. Knose also claims no sub-limits apply.
Fetch Pet Plan*
Get dental, physio and behaviour cover included as standard with a Fetch Pet Plan. You can enjoy $30k insurance cover with no sub-limits and get an all Aussie vet nurse team to manage claims. Plus, claims are conveniently paid directly to your vet.
Day or night, the Fetch vet team are just a tap away. Chat to them in-app, or call 24/7 for emergencies. You can manage your pet's plan, treatments, and claims with a a single tap, direct from your mobile phone. Winner of a Mozo Experts Choice Award 2024^ for Exceptional Quality Pet Insurance.
If you’re looking for savings, don’t just stop at your mortgage. Take this opportunity to compare insurance policies and see how much you could cut from your annual bills. After all, if you could be paying less, why wouldn’t you?
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
^See information about the Mozo Experts Choice Car Insurance Awards