Auto insurance costs in Australia vary dramatically based on your age, location, driving record, car value and type of cover, but there are clear averages. Compulsory Third Party insurance is mandatory and costs between $300 per year in low-cost states like Tasmania and up to $700-$1,200 per year in NSW for a standard passenger car, depending on your insurer and claim history. For optional comprehensive insurance, which most Australians buy, the national average is approximately $1,400-$1,800 per year for a 35-50 year old driver with a good rating 1 or rating 2 no-claim bonus living in a suburban area and driving a $30,000-$40,000 car. Young drivers under 25 typically pay $1,800-$3,500 per year for the same car. In high-risk postcodes in Western Sydney, Logan in QLD, or Northern Melbourne, premiums can be 30-50% higher than in regional areas. Third Party Property Only cover, which only covers damage you do to others, is much cheaper at $300-$600 per year. The cheapest way to reduce your premium is to increase your excess from $600 to $1,200-$1,500, choose market value instead of agreed value, restrict drivers to over 25 or over 30, park in a garage, and maintain a clean no-claim history, which can give you up to 60-70% discount with rating 1.
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