You still need CTP insurance even if you have comprehensive insurance. This is because CTP is mandatory insurance to cover people who are injured or die in a road accident. Comprehensive insurance is not mandatory and covers only property damage. We explore the differences between comprehensive and CTP insurance and which factors influence the prices of your premiums.
Where you live
Comprehensive
Where you live strongly affects comprehensive insurance prices. Average insurance premiums vary widely across states and territories in Australia. This is because of, for example, different driving conditions, rates of theft, types of vehicle driven, and animal accidents.
Average annual comprehensive premiums are highest in New South Wales and lowest in Queensland. Victoria is closest to the national average.
| Average annual premium | |
| NSW | $1,440 |
| SA | $1,238 |
| Vic | $1,183 |
| Average | $1,162 |
| Tas, ACT and NT | $1,124 |
| WA | $1,036 |
| Qld | $1,028 |
CTP
CTP premium prices also vary from state to territory and they vary within them too. https://www.greenslips.com.au/ctp-insurance.html
In NSW, there are 5 rating regions: Metropolitan, Outer Metropolitan, Newcastle and Central Coast, Wollongong, and Country. A few postcodes are split between two.
- A 30-54 year old in NSW with an average 10-year old car could pay $420 in Metropolitan, $289 in Newcastle or Central Coast and $300 in Country areas
- A Queenslander with a regular car pays $364 (3rd qtr 2022), no matter where they live.
The greenslips.com.au calculator always asks for your postcode so we can give you the right price for your NSW address.
Gender
Comprehensive
Women tend to get cheaper comprehensive insurance because their driving is considered less risky and they have fewer accidents than men. While men make up 48% of road users, they experience two thirds of serious injuries and over three quarters of road deaths. This is why women tend to pay around $48 less for comprehensive car insurance.
Two insurers concentrate on women-only insurance – 1st for Women Insurance (Auto & General) and Stella Car Insurance (QBE). While their prices are average, the types of cover they offer are more specialised. For example, cover is higher for baby gear and personal effects and domestic cover is available if a current or former partner damages the car.
CTP
Gender of the youngest driver is one of the factors considered when setting premiums. However, insurers appear to focus on the age and experience of the youngest driver more than gender.
The greenslips.com.au calculator always asks for the gender of the youngest driver. You still need to answer this to get an accurate price.
Vehicle colour
Comprehensive
Who would have thought the colour of your car could make a difference? Some insurers are not concerned about it, but others are. For example, Canstar found white cars were the cheapest at $789 per year and black cars the most expensive to insure, at $847 per year in 2021. The problem with black cars is they are less easily seen at dusk and dawn or in poor weather conditions and are more likely to be stolen.
Some insurers say safety features do more to prevent an accident than, say, driving a white car.
CTP
CTP insurers don’t consider colour at all so greenslips.com.au Calculator doesn’t ask for the colour of your car.
Vehicle age
Comprehensive
Cars that are 2 years old or younger cost the most ($1,381) because they are more expensive to replace. The average car in Australia is over 10 years old. Older cars have depreciated in value so comprehensive premiums are lower, for example, $961 for a car 11-15 years old.
CTP
Vehicle age does make a difference to CTP premiums. This is because older cars are more likely to be involved in accidents and less likely to have safety technology.
- Most vehicle owners will pay more for a car manufactured in 2009 or older.
- Someone 23-26 could pay $100 more for an old car than a recent model because of their age.
The greenslips.com.au calculator asks for Year of Manufacture of your vehicle as well as age of the driver. Your CTP insurance quotes will consider all factors that affect your green slip price.
Driver age
Comprehensive
Many insurers increase premium and excess for young drivers (commonly set at 21 or 25 years old) or for lack of experience. In 2021, drivers under 21 paid $2,097 for comprehensive car insurance, compared to $1,082 for a 30 year old (Finder). The lowest premium of $723 was for drivers aged 60. So there’s some compensation for aging!
CTP
Premiums vary a lot for the ages of the vehicle owner and the youngest driver. Insurers set different premiums for each age group. For example, a driver under 23 may pay $723, which is over $300 more than a 50 year old driver pays ($420). This is because more experienced drivers are less likely to have accidents.
Insurers want to know the age of the youngest driver because young people are overrepresented in accidents, particularly when they first get P plates. However, the youngest driver may not always be young. For example, a 55-year old vehicle owner may have a 50-year old partner who also drives the vehicle.
Most insurers and our greenslips.com.au calculator ask for ages of the vehicle owner and youngest driver.
Pay as you drive insurance
Comprehensive
Pay as you drive insurance, also known as dynamic pricing or usage-based insurance, is relatively new. It may appeal to car owners who don’t do a lot of driving, have a good driving record and are over 25.
Vehicle owners agree to drive less than a certain number of kilometres in a set period, say, 15,000-20,000 km a year. Odometer reading is recorded and monitored monthly or at the end of the period. Someone who drives only 5,000 kms each year could save $200 by using Pay as you drive, rather than standard comprehensive insurance.
CTP
Pay as you go is not available for CTP premiums, except for taxi and rideshare drivers. Most NSW drivers must pay CTP every 6 or 12 months while heavy vehicle owners have the option of paying every 3 months.
Which factors affect prices of comprehensive and CTP insurance?
|
Factors |
Comprehensive |
CTP |
|
Postcode |
Yes |
Yes |
|
Driver age |
Yes |
Yes |
|
Driving experience |
Yes |
Yes |
|
Driving record |
Yes |
Yes |
|
Claims history |
Yes |
Yes |
|
Gender |
Yes |
Yes |
|
Type of vehicle |
Yes |
Yes |
|
Business use |
Yes |
Yes |
|
Cost to repair |
Yes |
No |
|
Theft propensity |
Yes |
No |
|
Colour of car |
Yes |
No |
|
Garaging |
Yes |
No |
|
Discounts available |
Yes |
No, prices are regulated |
Comprehensive
Your age, location and gender and many vehicle factors affect premiums for comprehensive insurance. Specialist companies, such as women-only insurers, may offer other inclusions. It is worth shopping around for the best and most relevant comprehensive insurance.
CTP
CTP premiums are generally based on driver, vehicle and driving history. The greenslips.com.au calculator compares prices from all NSW insurers based on your details. Your cheapest greenslip insurer last year may not be your cheapest insurer this time. Always check prices for your greenslip whenever it becomes due.
Summary
Even if you have comprehensive insurance, you still have to buy CTP insurance. Comprehensive insurance protects vehicles and property, CTP protects people. Many factors, such as location, gender, age and vehicle, impact the prices of both comprehensive and CTP insurance.
greenslips.com.au Calculator helps you quickly and easily compare all CTP insurers across NSW, using all relevant details that affect your premium.
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