Car insurance cost per month in Australia depends on whether you mean Compulsory Third Party only or comprehensive cover, but most people budgeting mean comprehensive. On a monthly payment basis, the national average for comprehensive insurance for a 35 to 50-year-old driver with a good no-claim rating and a $30,000-$45,000 car is about $110 to $160 per month when paying monthly, which annualises to $1,320-$1,920 but includes monthly loading fees. For a young driver under 25, expect $180 to $320 per month for the same car, especially if living in Sydney, Melbourne or Brisbane. For a low-risk driver over 40 in regional Australia driving a Toyota Corolla or Mazda3 with market value cover and a $1,000 excess, you can find policies for $65-$100 per month with insurers like Budget Direct, Bingle or Rollin. In contrast, a high-performance car like a BMW M3 or Ford Ranger Raptor for a 22-year-old in Western Sydney could be $350-$500+ per month. Third Party Property Damage only, which is the cheapest optional cover, is about $25-$55 per month. CTP Green Slip paid monthly where available is about $35-$90 per month in NSW. To reduce monthly cost, increase your excess, reduce listed drivers to over 30, choose market value, park in a garage, and pay annually if you can avoid the 8-12% monthly instalment fee that most insurers add.
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