Buying a car
What may influence car insurance costs
23 September 2024
If you’re on the hunt for the right car insurance policy at the right price, there are a few things you may want to consider that can impact a premium.
The type of car
Your car’s age, make, model, and whether it’s under finance are factored in when determining your insurance premium.
How the car is used
A car used privately or infrequently will be assessed differently from one used frequently or for business. Because a vehicle frequently driven is simply out on the road more often and may be exposed to more potential mishaps, the premium may increase.
Driver information
Car insurance premiums are influenced by more than just the vehicle. The driver (or drivers) listed on a policy can have an impact as well. At Suncorp Insurance, there are a few influential factors, such as:
- the driver's age, and
- driving and accident history.
The vehicle risk location (ie where the car will sit most of the time – eg on the street) can also make a difference. You may not be able to control these factors, but it's good to keep them in mind.
Find the right cover
At Suncorp Insurance, there are different levels of car insurance cover you can choose from. The policy you choose may determine the cost of your premium.
Take the differences between Suncorp’s Comprehensive and Third Party Property Damage Car Insurance: Comprehensive covers damage to your vehicle and someone else’s car or property. Third Party Property Damage car insurance only covers damage you cause to someone else’s car and property, with some limited cover for damage to your car caused by uninsured drivers.
Since the coverage provided by Suncorp Third Party Property Damage Car Insurance is not as extensive as Suncorp Comprehensive, it’s generally cheaper to purchase.
Adding optional covers, such as Roadside Assistance, to your comprehensive policy will increase your premium.
Regardless of whichever cover you chose, know there will be limits, exclusions, terms and conditions. Make sure you read the relevant Product Disclosure Statement before you consider any insurance policy.
Getting a Suncorp Car Insurance estimate
Some customers can easily get an insurance quote online with Suncorp Insurance. You'll be able to estimate your insurance costs for your current (or dream) vehicle. There are other times when we may need a bit more information and you’ll need to give us a call to complete the quote. But we’ll let you know if this is necessary.
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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Read the relevant Product Disclosure Statement before buying this insurance. The Target Market Determination is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
The information is intended to be of general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.
