PR.com: Business Directory, Press Releases, Jobs, Products, Services, Articles
 
Businesses Articles Press Releases Follow @PRcom
Press Release Pricing | News by Category | News by Country | News by US Region | Recent News | PR.com News on Your Site
 

Press Releases

 
RateCity.com.au

Press Release


Receive press releases from RateCity.com.au: By Email RSS Feeds:

Does Your Car Insurance Cover You if You Collide with an Animal?


New RateCity car insurance research released today.

Sydney, Australia, August 01, 2009 --(PR.com)-- Australia’s leading financial comparison website RateCity, has found in a new study of Australian car insurance products that only 43 percent of car insurance companies offer cover if you are in an accident with an animal.

Among the companies that do not offer animal collision cover include the four big banks – Commonwealth Bank, ANZ, Westpac and NAB, as well as some of Australia’s biggest car insurers – AAMI, Allianz Australia, QBE, APIA and CGU.

Michelle Hutchison, Consumer Advocate of RateCity, said that the results of the research (compiled late last year) showed that the market is becoming more competitive.

“For a car insurer to provide you with cover and service if you find yourself in an accident with an animal is very important to a lot of people, especially those that live or travel in regional areas,” she said.

“To see smaller companies offering that cover shows just how competitive the market is turning.”

The RateCity research found that standard excess varied in each state with the cheapest average cost in Tasmania for $352 and Western Australia for $353. South Australia followed with $366 and Queenslanders pay $462 on average for their standard excess.

The average standard excess for Victoria was $482 and NSW was the most expensive at $531 – almost $200 more than Tasmania and WA.

“Unlike some products and services where living in a more populated area can mean a cheaper deal, car insurance is the reverse as the denser the population, the higher number of claims, the more accidents occur, which means people pay a bigger premium,” said Mrs Hutchison.

Other interesting outcomes of the RateCity research were that only 24 percent of car insurance products offered cover for roadside assistance. Among those that do not offer the service include the big four banks as well as St George Bank, Allianz Australia, AAMI, GIO and QBE.

Fifty-three percent covered you for a theft claim including RACV, RACQ, Suncorp Bank, Saropa, SGIO and SGIC. And 60 percent covers for windscreen claims.

The study also found that most of the benefits that the leading car insurance companies offered, including GIO, APIA, NRMA Insurance and AAMI, were also offered by the smaller operators.

It found that 97 percent of car insurance products offer a 24-hour help line, 95 percent offer emergency accommodation and 97 percent offer emergency repairs.

Only four companies do not offer the choice to nominate a repairer, which were AAMI, APIA, Just Car Insurance and QBE. Also, 13 percent of car insurance products offer cash back on their policy if no claims are made, including Accelerator and Real Insurance.

“It is great to find that smaller car insurers can offer many of the same features as the major companies, which means consumers will benefit from more competitive offers,” she said.

Just over half of car insurers have a 60 percent no claim bonus. The companies that offered the lowest no claim bonus of 50 percent included Budget Direct, Cashback, ibuyeco and Ozicare. The Commonwealth Bank and RAA offered the highest no claim bonus of 70 percent.

“When choosing car insurance, make a list of your main priorities and compare products that suit your needs at www.ratecity.com.au,” said Mrs Hutchison.

Extra car insurance statistics:
· 49 percent offer taxi fares after accident
· 45 percent can lodge a claim at a branch
· 13 percent provide cash back on policy if no claims
· 44 percent cover for rental car
· 67 percent provide a death benefit
· 65 percent offer hail or flood claim

###

About RateCity
Launched in December 2006, RateCity.com.au is the website where Australians can easily find, compare and apply for over 13,000 financial products from over 250 institutions. It spells the end of travelling from website to website and the beginning of discovering the very best value product for you. Our job is to take the hassle out of finding the right financial product - saving our users both money and time.

RateCity.com.au 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 21 122 743 542 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.
Contact Information
RateCity.com.au
Michelle Hutchison
+61 2 8917 8005
Contact
www.ratecity.com.au

Click here to view the list of recent Press Releases from RateCity.com.au
Promote Your Business