A millennial's guide to car insurance
It may not be the most exciting shopping list item but taking the time to research car insurance now could save you from nasty shocks later, and may help you get a policy that actually suits you.
Millennials are often stereotyped as the café generation, more likely to be found booking their next overseas trip and drinking deconstructed lattes than making important life decisions.
And while some of them may love the occasional Insta-worthy smashed avo for Sunday brunch, millennials are a little bit #savvier than they may get credit for. A report commissioned by Afterpay showed millennials are saving and budgeting more than their parents. They aren't afraid to look for better value in products and services – including car insurance.
So, without further ado, here is: A millennial's guide to car insurance.
Check out Bingle Car Insurance options
Do millennials need Comprehensive Car Insurance?
- Depends on your circumstances! After all, "millennial" could refer to Andrew, 38, who (along with his wife) is paying off his two-year-old people mover in monthly instalments. They share the car, using it mainly to get to work and do the school drop-off and pick-up. On the weekends they stay close to home, trying to walk or cycle with their kids instead of driving.
- Or, millennial could mean Anika, 25, who recently moved out of her family home, is finishing her master's degree, and recently bought a second-hand (or maybe more like third-hand) car outright. She catches the train to uni during the week but drives to visit her parents in the outer suburbs most weekends.
- While there may be similarities, no two millennials are the same. That's why it's important to consider your own circumstances when researching car insurance. And make sure you're across the differences between Comprehensive Car Insurance and Third Party Car Insurance
Comprehensive Car Insurance vs Third Party Car Insurance
- Generally, Comprehensive costs more, but covers accidental loss or damage to your own car caused by insured events such as accidents, theft, storms, fire. It also covers damage you may cause to other people's vehicles and property.
- Third Party is usually cheaper, but just covers you for damage caused to other people's cars and property by the use of your car.
- That's just the nutshell version – there's a lot more to it. For more info, check out the Bingle Comprehensive Car Insurance and Third Party Car Insurance Product Disclosure Statements.
- To help you decide between the two, consider whether you could afford to repair or replace your car if you needed to. And if not, could you live without your car?
Does Bingle car insurance cover modifications?
If you take our Comprehensive Car Insurance with us, Bingle automatically covers options, accessories or modifications1, with a few exceptions – get a quote to see the exclusions or check out our car modifications article.
So, if you hold Comprehensive Car Insurance with us, you can rest easy, knowing things like your reverse camera is covered, plus your tinted windows, car seats and other permanently fitted accessories1.
Should millennials buy optional extras with their car insurance?
Several optional extras are available with Bingle's Comprehensive cover. They are:
Think about your own circumstances, and whether these extra covers would benefit you. For example, Keep Mobile cover may benefit someone like Andrew, who'd probably want a hire car for school and work trips if his car was out of action for repairs.
Car insurance for young people – why choose Bingle?
We know millennials aren't afraid to skip tradition to find easier, simpler, and more affordable ways of doing things. And neither are we.
- We're online only. This means we don't have costly overheads like sales centres, and we can keep the Bingle team small and efficient. While you can't call us, we do give you the tools to do loads of stuff online. So if you're happy to use online self-service to manage your policy, why not get a quote and see if you could save by switching to Bingle?
- We also don't have cancellation fees. If you decide Bingle isn't the right fit for you, you can leave us without any cost.
1 Covered up to the market value of the car. For full limits, inclusions, and exclusions, please refer to the PDS
The information is intended to be of general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.
