If you’ve got a new car or want to start shopping, you may have to pay more than you think.
The car insurance industry is set to see a big jump in the cost of car insurance as demand for new vehicles rises.
The average cost of a one-year car insurance policy is now more than $100,000, according to new figures from the Insurance Bureau of Australia.
The latest data shows that for the first time since 2013, the average premium paid on a one year policy was more than the $87,000 premium that insurers had previously set.
In a year-on-year breakdown, the new figures showed that average premiums on average increased by nearly $8,000 in the year to June 2018, from $91,000.
In 2017, the median annual premium on a new one-yr policy was $100.20.
The benchmark rate is currently $88,000 and the latest figures show that the median price for one year of one-month car insurance is about $91 per week.
This is the second year in a row that car insurance premiums have risen this year.
In 2015, the benchmark rate was $82,000 for one- and two-year policies, and it increased by almost $1,000 per year.
It’s understood that there are about 1.3 million car insurance policies in Australia.
The latest figures are based on the latest available data from the Bureau of Statistics.
They’re expected to be updated every three months.