FOR IMMEDIATE RELEASE Car insurance Price hikes expected for by jolinmilioncherie

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									                                   FOR IMMEDIATE RELEASE
                                                                                           Michelle Hutchison
                                                                          PR Manager & Consumer Advocate
                                                                                         Tel: +61 2 8917 8005
                                                                   Email: michelle.hutchison@ratecity.com.au




  Car insurance Price hikes expected for Queensland
                                           drivers
      Good news for motorists: Car insurance for Queenslanders has dropped in 6 months
      RateCity warns drivers to expect price hikes over next 12 months
      Queensland drivers can save over $500 on car insurance by shopping around!


March 29, 2011, Sydney
Queensland drivers are yet to feel the full financial effect of a devastating season of natural
disasters, after new findings by Australia’s best financial comparison website RateCity
(www.ratecity.com.au) reveal that comprehensive car insurance costs in Brisbane and the Gold
Coast have dropped over the last six months for many drivers.


The RateCity Bi-annual Comprehensive Car Insurance Comparison saw an average price drop
of $24.64 for Gold Coast drivers and Brisbane drivers saw a $17.62 fall compared to six months
ago.


The RateCity comparison used the same driver profile of a 30 year-old single male driving a
2005 Toyota Corolla with an excellent driving record. Several different locations were used for
different cities across Australia including Brisbane and the Gold Coast, and the results were
compared with the findings that RateCity conducted six months ago using the same inputs.


Brisbane drivers are paying on average $636.77 for comprehensive car insurance while Gold
Coast drivers pay slightly less than their neighbours with an average of $623.75.


Damian Smith, RateCity’s CEO, said despite an average fall to car insurance premiums,
Queensland drivers should expect increases in their next renewal notice.
                                   FOR IMMEDIATE RELEASE
“Car insurance companies have warned that price increases for car insurance are inevitable
across the whole of Australia to compensate for the cost of natural disasters that hit our shores
this year.


“Many car insurance companies have also inferred that they will be reviewing their risk profiles
of Queensland areas that were hit by the recent storms, flooding and cyclones.


“But our comparison found that Queensland drivers can still save over $500 on average for
comprehensive car insurance by simply taking the time to compare quotes online,” he said.


The RateCity comparison found that the spread between the lowest and highest costs for
comprehensive car insurance in Brisbane has widened by $10.46 compared to six months ago,
which means drivers can save even more on their car insurance bill – $560 on average.


Gold Coast drivers saw a drop in the difference between car insurance premiums, however the
potential saving by comparing quotes online is still $504.


Out of the 27 providers compared in the study, the biggest average increases to comprehensive
car insurance for Brisbane and Gold Coast drivers were by the following companies:
                    Brisbane                                           Gold Coast
Car insurance provider      Average increase      Car insurance provider       Average increase
         Westpac                  $128.70             Progressive Direct            $107.21
             Youi                  $86.65                     Youi                   $77.36
             RACQ                  $47.50                     ANZ                    $33.38
             ANZ                   $34.41                    OnePath                 $32.71




For both Brisbane and Gold Coast drivers, the most expensive car insurance provider was
Westpac with an average cost of $970.55 and $926.58 respectively, followed by AON at
$893.13 for Brisbane and $869.99 for Gold Coast.
                                   FOR IMMEDIATE RELEASE
The lowest cost comprehensive car insurance for Brisbane and Gold Coast drivers were:
                   Brisbane                                           Gold Coast
Car insurance provider         Average cost        Car insurance provider          Average cost
          Bingle                   $421.00                   Bingle                  $431.11
    Progressive Direct             $428.94             Progressive Direct            $437.84
          AAMI                     $477.82                   AAMI                    $498.49
           QBE                     $479.48              Real Insurance               $499.53
           Youi                    $498.26                    QBE                    $501.30


The four suburbs compared in the Brisbane comparison had the following average costs for
comprehensive car insurance:
      Auchenflower - $665.70
      Balmoral - $657.66
      Kingston - $649.08
      Bracken Ridge - $574.63


The four suburbs compared in the Gold Coast comparison had the following average costs:
      Surfers Paradise - $638.72
      Clear Island Waters - $632.27
      Parkwood - $619.45
      Palm Beach - $604.56


“While car insurance premiums are set to rise this year, it doesn’t mean all car insurance
providers will lift their rates by the same amount,” said Mr Smith.


“And as our Bi-annual Comprehensive Car Insurance Comparison shows every time, car
insurance providers offer dramatically difference prices for premiums. So make sure you shop
around for car insurance quotes online before paying your next renewal.”
                                            FOR IMMEDIATE RELEASE

Methodology
RateCity creates a “driver/car profile” to ensure that any difference in premiums is NOT due to
changes in either the car or the driver. The profile in this case was:
        30 year-old single male
        Excellent driving record
        2005 Toyota Corolla
        Rating 1 no-claim bonus to be retained


We then obtain quotes from 27 insurance brands using a variety of different addresses in
several cities around Australia. Our national average is a pure mathematical average of all of
these quotes.


RateCity urges drivers to compare car insurance on a range of features, not just premium, and
in fact compares car insurance policies on 32 dimensions including product disclosure
statements at www.ratecity.com.au/carinsurance.


This study is not designed to be an exhaustive review of car insurance costs, but by comparing
the same car and driver across multiple locations every six months, we believe it is a fair and
representative snapshot of costs.




                                                – End –




For Further information please contact:
Michelle Hutchison
Consumer Advocate & PR Manager
Tel: +61 2 8917 8005
Email: michelle.hutchison@ratecity.com.au
                                                FOR IMMEDIATE RELEASE
About RateCity
RateCity (www.ratecity.com.au) is Australia’s best financial comparison website, where Australians can easily search, compare and
apply for over 13,000 financial products – from credit cards to home loans to car insurance – from over 250 institutions. Our job is to
take the hassle out of finding the right financial products online – saving our users both money and time.
RateCity is a private company with an AFS Licence (AFSL: 316 710), powered by CANSTAR CANNEX, in partnership with
ninemsn.

Disclaimer
To the extent that any RateCity Pty Limited data, ratings or commentary constitutes general advice, this advice has been prepared
by RateCity Pty Limited ABN 12 122 743 542 AFSL 316710 and does not take into account your individual investment objectives,
financial circumstances or needs. Information provided on and available from this site does not constitute financial, taxation or other
professional advice and should not be relied upon as such. RateCity Pty Limited recommends that, before you make any financial
decision, you seek professional advice from a suitably qualified adviser.
Product Disclosure Statement relating to the product should also be obtained and considered before any decision about whether to
acquire the product.
Please refer to RateCity's FSG for more information.

								
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