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Find out what might be causing your car insurance rates to rise and how you could save with Savvy's informative guide.
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Savvy Editorial TeamFact checked
Car insurance provides peace of mind, protecting you financially in the event of accidents, theft or damage to your vehicle. However, you might be wondering why your premiums always seem to be on the rise, even if your driving habits haven’t changed. In this handy guide, we explore the factors influencing car insurance premium increases in Australia and offer tips on getting a better deal on your policy.
A premium is the amount you pay an insurance provider to cover your vehicle against a variety of risks. The premium is calculated based on the perceived likelihood of you making a claim and is tailored to your unique risk profile. This means that the amount you pay for coverage is determined based on various factors related to you and your vehicle.
The cost of insuring your vehicle can vary significantly from person to person, with insurers taking a range of factors into account. This includes:
Even if you’ve maintained a good driving record, you may find your insurer has increased your premium when your car insurance policy comes up for renewal. Here are some common reasons why this may be the case:
While some factors are beyond your control, there are steps you can take to reduce your car insurance premium. This could include:
Disclaimer:
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Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.
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