A review of almost 300,000 Australian car insurance quotes has found Tesla to be among the most expensive brands to insure.
Financial comparison service Mozo compiled and analysed 295,346 car insurance quotes from 33 providers, as well as a total of 61 car insurance policies.
It found the average annual premium for Australian motorists is $1717.
Out of the 59 car brands covered, 28 were below the average figure, while 31 were above it.
However, the premiums for some brands were considerably higher than the average, with Maserati, Mercedes-AMG, Chevrolet, Porsche and Tesla ranking as the five most expensive brands for insurance.
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While this may not be a surprise for the former four brands – none of which sell vehicles for less than $85,000 in Australia – it’s a shock for Tesla, given the electric vehicle (EV) specialist’s model lineup starts in the mid-$50,000 range before on-road costs and only extends to the mid-$80,000s.
Behind Tesla were Ram, Ineos, Range Rover, Infiniti and BMW, all of which are luxury or niche brands.
At the other end of the spectrum, budget brands which have since left Australia such as Daewoo and Proton ranked as the cheapest carmakers for insurance costs.
They sat ahead of defunct Saab, the soon-to-return Foton, and Great Wall Motors, as GWM was previously branded before its relaunch.
Perhaps another surprise from the list is Toyota – long the favourite brand among Australian car buyers – ranking above the average annual price, and above European brands like Volkswagen and Volvo.
| Car brand | Average annual premium |
|---|---|
| Daewoo | $703.37 |
| Proton | $765.09 |
| Saab | $893.95 |
| Foton | $921.94 |
| Great Wall Motors | $961.11 |
| Daihatsu | $1068.78 |
| Mahindra | $1179.43 |
| Hummer | $1286.83 |
| Citroen | $1325.34 |
| Suzuki | $1392.66 |
| Holden | $1402.27 |
| Chery | $1413.17 |
| Skoda | $1448.75 |
| Subaru | $1459.13 |
| Mitsubishi | $1492.61 |
| Hyundai | $1532.03 |
| SsangYong | $1556.11 |
| Ford | $1566.67 |
| Honda | $1574.70 |
| Mazda | $1580.38 |
| Nissan | $1618.59 |
| Kia | $1619.08 |
| Dodge | $1641.25 |
| Peugeot | $1655.25 |
| Abarth | $1705.75 |
| Isuzu | $1707.00 |
| MG | $1708.39 |
| Volkswagen | $1710.78 |
| Volvo | $1729.85 |
| GWM | $1733.77 |
| BYD | $1772.77 |
| Toyota | $1789.49 |
| Renault | $1818.26 |
| Genesis | $1841.80 |
| Fiat | $1865.65 |
| Alfa Romeo | $1867.62 |
| Polestar | $1884.44 |
| Mini | $1893.49 |
| Haval | $1924.23 |
| Cupra | $1940.22 |
| Chrysler | $1956.04 |
| LDV | $1966.58 |
| Jeep | $2029.19 |
| HSV | $2055.01 |
| Jaguar | $2271.97 |
| Lexus | $2273.65 |
| Mercedes-Benz | $2383.51 |
| Audi | $2412.55 |
| Land Rover | $2500.53 |
| BMW | $2561.73 |
| Infiniti | $2585.65 |
| Range Rover | $2623.35 |
| Ineos | $3104.05 |
| Ram | $3148.05 |
| Tesla | $3262.52 |
| Porsche | $3363.14 |
| Chevrolet | $3546.06 |
| Mercedes-AMG | $3940.10 |
| Maserati | $5232.61 |
More information about how much Australians are paying for car insurance, and what influences these factors, can be found in Mozo’s 2024 report. It’s available to read here.
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