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Media Release

COVID Car-ching! 9 million Aussies could save on their car insurance

        • Almost one in three (28%) are driving less than before COVID
        • Price is the top consideration when choosing car insurance
        • How to save on your car insurance

2 September 2020, Sydney, Australia – Millions of Australians are putting the brakes on driving, new research by Finder, Australia's most visited comparison site, reveals.

A recent Finder survey asked 1,005 respondents how coronavirus had changed their driving habits.

Almost one in three (28%) Australians admitted they are not driving their cars as much as they were pre-pandemic.

That's equivalent to 9.2 million Aussies that could be saving on their car insurance by downgrading to a cheaper policy.

Taylor Blackburn, insurance expert at Finder said Australians are spending more time at home to help slow the spread of coronavirus.

"The bright side is that fewer cars on the road usually means fewer crashes, less congestion and air pollution – but drivers need to remain vigilant," he said.

"This may not be a passing trend. As companies encourage staff to work from home, fewer cars on the road could be the new normal even after the pandemic ends."

The research shows almost one in two respondents (47%) are driving about the same amount as before COVID-19, while one in eight (13%) Australians are driving more.

"With lockdown measures eased in most states, some Aussies remain reluctant to venture far from home, others are driving more in an effort to avoid public transport."

Blackburn reminded Aussies that are driving less to look for ways to reduce their insurance spend.

"The pandemic has left many families searching for savings.

"If you are driving less, reducing your expected mileage on your policy is a good way to put a bit of extra cash back in your pocket."

Further Finder analysis shows that Aussies can save $293 if they drive 7,000km or less a year by switching your policy.

"If you don't drive very far or often, a pay-as-you-drive policy is a nice option to keep your comprehensive cover with cheaper premiums."

"Remember to keep your insurer updated if your driving habits change and you will exceed your expected mileage. If your insurer thinks you deliberately underestimated your usage, you risk having to pay extra fees or even a denied claim."

A separate Finder survey found that price is the most influential factor when Australians are buying car insurance.

Over two fifths of Australians (43%) said that price was the top consideration, followed by how comprehensive the policy is (29%).

"Pandemic or not, cost is a major priority for the many Australians.

"Opting for higher excess, adjusting your mileage, installing a security alarm or parking your car in a garage instead of on the street can all help you save on your premiums."

Who should consider a pay-as-you-drive policy?

  • Multiple car owners. If you own more than one car and can split your driving between the two pay-as-you-drive might be right for you.
  • Weekend drives. If you've stopped driving to work because of COVID-19, or you choose to cycle in or catch public transport chances are you're driving less than the average Australian.
  • Seniors. Older Australians tend to drive less than the average population - they may as well get a cheaper premium as well!

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Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

Every month 2.2 million unique visitors turn to Finder to save money and time, and to make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, Finder has helped Aussies find what they need from 1,800+ brands across 100+ categories.

We continue to expand and launch around the globe, and now operate in the United States and the United Kingdom. For further information visit www.finder.com.au.

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