Australian auto insurance legislation is regulated by the federal government. A series of stringent rules have been put into place and every single major insurer operating in Australia is obliged to follow them. Furthermore, Australia has an auto insurance ombudsman office where road users are able to file complaints if they feel they are being unfairly treated by the company that sold them policy.
The stability of the Australian auto insurance industry has been assured in recent years by an increase in competition. The introduction of price comparison websites has seen more carriers operating against each other in an open marketplace and this has led to a wider range of cheap auto insurance quotes for road users all over the country.
Although there are a number of highly significant Australian-based companies to choose from, there has been a recent increase in the number overseas carriers who are now officially licensed to sell their products in the country. Many of these companies, such as Progressive from the United States, already have an established online web presence and this means they are able to offer policies at a cheaper price without having to forge their credentials first.
The arrival of these overseas competitors has led to a sharp fall in premiums charged by Australian companies and this can only be good news for the average antipodean road user. By reviewing individual policies carefully and making an informed choice that combines effective coverage with great value for money, it’s never been easier to find the perfect auto insurance deal.