Work out what your car insurance costs each year, month, fortnight and week, and how much to set aside each payday for your renewal.
Your car insurance cost
Enter your premium and how often you pay it. Your renewal notice or bank statement shows both.
Set aside each payday for your renewal
Optional. Enter your renewal date and how often you are paid. Adding your next payday date gives a closer count of paydays.
What the car insurance cost calculator does
It takes the premium you already pay and shows it as a yearly, monthly, fortnightly and weekly amount. If you add last year's premium, it shows how much your premium has changed. If you pay by instalments and know the price to pay once a year, it shows the difference between the two totals. If you add your renewal date, it works out about how much to set aside each payday. It only does arithmetic on the figures you enter, and it doesn't recommend or rate any insurer, policy or type of cover.
How the figures are worked out
- Yearly, monthly, fortnightly and weekly amounts. The yearly amount is your premium multiplied by the number of payments in a year: 52 weekly, 26 fortnightly or 12 monthly. The other amounts divide that yearly amount by 12, 26 and 52.
- Change from last year. The dollar change is this year's yearly amount minus last year's. The percentage is that change as a share of last year's yearly amount.
- Paying once a year or in instalments. The instalments are added up for a year and set against the price you entered for paying once a year. Anything else that may differ between the two ways of paying isn't included.
- Set aside each payday. The yearly amount, less anything you have already set aside, is divided by the number of paydays before your renewal date. If you enter your next payday date, the calculator counts that payday and every payday after it that falls before the renewal date. For weekly and fortnightly pay it steps forward 7 or 14 days at a time, and for monthly pay it uses the same date each month. If you don't enter it, the calculator can only estimate: it divides the days until renewal by the days in a pay period and rounds down, so the real number of paydays can be one higher. Public holidays and changes to your pay dates can move paydays, so treat the result as a guide.
Car insurance cost terms in plain English
These are general descriptions. Every policy is different, so your renewal notice and the Product Disclosure Statement (PDS) for your policy are what count.
- Premium
- The price of the policy. It can be paid once a year or in parts through the year, depending on what the insurer offers.
- Instalments
- Paying the premium in parts through the year instead of once. Each insurer sets its own prices, fees and terms for each way of paying, so your policy documents show what applies to you.
- Excess
- The amount you pay towards a claim before the insurer pays the rest. It isn't part of the premium. Your policy documents show your excess.
- Additional excess
- Some policies add extra excesses in particular situations. Your policy documents list the ones that apply.
- No claim discount
- A discount some insurers apply to the premium based on your claims history. How it works differs between insurers and policies.
- Agreed value and market value
- Two ways a policy can set the amount paid if your car is written off. With agreed value, you and the insurer agree on an amount for your car. With market value, the insurer works out the amount at the time of a claim. Policies differ in how they set both.
- Type of cover
- Car insurance policies come in different types, such as comprehensive, third party fire and theft, and third party property damage. What each type covers differs between insurers and policies, and the PDS sets it out. The Australian Government's Moneysmart car insurance guide explains the types.
- Compulsory third party (CTP)
- Insurance for injuries to other people caused by your car. It is required to register a car. In some states it is included in your registration costs, so it may not be part of the car insurance premium you enter here.
- Renewal notice
- The notice your insurer sends before your policy ends. It shows the premium and terms for the next period.
- Product Disclosure Statement (PDS)
- The document that sets out what a policy covers and excludes, and its terms.
Frequently asked questions
Will my premium stay the same at renewal?
The calculator uses the amount you enter. It doesn't know what your insurer will charge. Your renewal notice shows the premium for the next period.
Is what I enter sent anywhere?
No. The sums are done in your browser. Your figures are saved on your own device only, so they are still here when you come back, and you can remove them with the "Clear my saved figures" button.
Where can I find independent information about car insurance?
The Australian Government's Moneysmart car insurance guide explains the types of cover and the terms used.
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