Australia’s best insurance 2022

Australias best insurance 2021 unveiled content

Insurance is a vital product, but despite its importance it is an area many people put-off properly investigating. This could be because choosing the best insurance products to suit your needs can often be a complicated process. 

It's also not the most enjoyable topic to think about. Once you've trawled through the fine print of multiple insurance options and finally picked the best insurance policy to suit you, it involves forking out cash just in case you find yourself, your belongings or your loved ones in an emergency situation. 

It’s not a nice thought but it is necessary if you want to be supported financially if the worst were to happen. Mozo regularly investigates and reports on the variety of insurance products on the market, from car insurance to home and contents cover, life insurance and even insurance policies for your pets.

This is so our Expert Analysts can research and compare options for the Mozo Experts Choice Awards^. Close to 200 policies spanning car, home, landlord, life and pet insurance were analysed by the Mozo Expert Judges to identify the best value and best quality insurance policies on the market in 2021. The awards span a full 12 month period. 

We've jotted down the details of a few standout policies which have won awards last year for you to compare and consider in 2022.

Best Car Insurance

Budget Direct Gold Comprehensive Car Insurance
Budget Direct
  • 15% buy online discount on your first annual premium

  • Your choice of repairer

For the third year in a row, Budget Direct took out top honours as Mozo's Insurer of the Year, this time in the value category. The top-value insurer provides flexible comprehensive car insurance, with the Gold Comprehensive Car Insurance policy offering up to $500 of personal property covered, a separate $500 for covering baby capsules and another $1,000 to replace car keys and locks, plus the option to choose your own repairer after an insurable event. 

If you get into a scrape and your wheels are written off, Budget Direct will replace your car with a new comparable ride (as long as it was less than two years old and had driven under 40,000km). And don’t forget the feel-good bonus of a 15% discount on your first annual premium if you buy the policy online.

Virgin Money Price Saver Comprehensive
Virgin Money
  • Up to 15% no claims discount

  • Automatic hire car cover after theft or not-at-fault accident

This policy will sort you out  in an emergency, with up to $200 per-day in travel and accommodation costs covered after an accident (maximum $1,000 in total), plus $500 for emergency repairs to get you driving again in the short-term. There's also hire car cover for 14 days to a maximum cost of  $1,000 after a theft or not-at-fault accident (it's only an optional extra after at-fault accidents). 

You can score a 15% discount on your first yearly premium if you apply online, and if you keep a clean claims record, you can build up a no claims discount as high as 15%. Virgin Money took home a specialised award for Exceptional Value Young Driver Insurance.

Youi Comprehensive Car Insurance
  • New-for-old-car replacement (within 2 years and 40,000km)

  • Emergency roadside assistance included

In an emergency Youi's policy can provide up to $1,000 to cover repairs without an insurance assessment, which can alternatively be spent on accommodation and travel if you’re more than 100km away from home. Emergency roadside assistance is also included as standard.

You can get back onto the road after a theft or not-at-fault accident with Youi’s hire car cover (for up to 14 days). And if your vehicle is written off, Youi will replace it for a car of comparable value so long as your original ride was under two years old and had less than 40,000km on the odometer. Youi took home the specialised award for Exceptional Value Senior Driver Insurance.

Woolworths Comprehensive Car Insurance
  • Rideshare cover

  • Drive Less, Pay Less policy option

This is a great option for Aussie drivers who aren’t on the road very often, as Woolies’ Drive Less, Pay Less policy option can reduce your premium when you set and stay under an annual kilometre limit. You'll be covered for the standard misshaps, include fires, storms and road accidents.

This policy also provides new-for-old car replacement if your wheels are written off (on the condition the car is less than two years old), and there’s a discount of up to 15% on your first year’s premium if you apply online. 2021 marked the second consecutive year that Woolies has featured in the Mozo Expert Choice Awards^.

ROLLiN' Comprehensive Car Insurance
  • Pay premiums monthly at no extra cost

  • $0 excess for windscreen cover

Rollin' offers flexible cover you can pay for monthly at no additional cost and can cancel any time. The comprehensive policy covers damage caused by accidents, natural events and theft, and if you've driven less than 15,000km and your car is written-off, it'll be replaced with a new comparable model. 

Rollin' will also cover repairs for windscreen and window glass claims without charging an excess (but you'll only be able to make one claim excess-free each policy period). When you make other kinds of claims, you’ll be looking at an $800 excess for all listed drivers, making this a good option for people under 25 who often face heft additional young driver excesses (there is an unlisted driver excess up to $3,000, though). So, it makes sense Rollin' took home an Exceptional Value Young Driver Insurance award.

Huddle Comprehensive Car Insurance
  • Pay-per-km policy option

  • 24/7 online claims and policy management

Huddle offers a range of great money saving features. For example, if you drive under 15,000km a year, Huddle offers up to a 30% discount on yearly premiums. This flexible policy earned a specialised award in the Exceptional Value Senior Driver Insurance category.

It covers $500 of personal property and up to $1,000 to replace stolen locks and keys. And if you are more than 200km from home, there's $500 to cover travel and accommodation costs after an accident, as well as reasonable towing. And if your car is written-off Huddle will replace it with a brand new one (if the car is under two years old and you're the original registered owner). 

Best Home Insurance

Virgin Money Home & Contents Insurance
Virgin Money
  • 30% apply online discount on your first year's premium (for combined policy)

  • Optional underinsurance protection

When you take out a home and contents insurance policy with Virgin Money, your home and belongings will be covered in a wide range of circumstances. This includes fire, storm, earthquake and theft, and you can expect new-for-old contents replacement. Most items or events will have coverage limits and there are exclusions, so be sure to check the product disclosure statement (PDS) for all the details. For example, cash is covered up to $800, while computer software is insured for up to $3,000 and jewellery is insured for $1,000 per-item (up to $5,000 in total). 

There are also optional extras with this policy (for an additional fee) you may want to consider. Flood and accidental damage or loss beyond glass breakage can be included on top of standard cover, as can underinsurance up to 25%. This last point ensures extra coverage for your home and belongings in case its value is greater than what was originally insured.

Budget Direct Home & Contents Insurance
Budget Direct
  • 30% combined apply online discount for your first year's premium

  • New-for-old contents replacement cover

Are you looking for extensive protection for your home and belongings at an affordable price? Then you’ve come to the right place, as Budget Direct was Mozo’s 2021 Value Insurer of the Year. 

This comprehensive home and contents insurance policy offers an impressive list of extra features like new-for-old contents replacement and emergency accommodation for up to 12 months (or 10% of the sum insured) for you and your pets. You’ll be protected against a range of natural disasters and there’s a heap of contents included – just check your product disclosure statement (PDS) for limits on specific items. And if you're after combined home and contents cover, you’ll score a 30% discount on your first year’s premium just by purchasing a new policy online. Too easy.

Best Life Insurance

NobleOak Life Insurance
  • Comprehensive cover up to $15,000,000 + Funeral Advance Benefit of $15,000

  • Process claims within 5 business days on average

NobleOak has more than 140 years experience in the insurance game and was crowned Life Insurer of the Year by our experts after taking home seven trophies in the 2021 Mozo Experts Choice Life Insurance Awards and appearing in every single award category.

These life insurance pros are known for their extensive policy coverage and features which come at an affordable price. You can start your cover aged between 16 and 69, with guaranteed renewal up to 99 on up to $15 million in coverage (with higher levels of cover considered on request). 

NobleOak Premium Life Direct Income Protection Insurance
  • Insure up to 70% of your pre-tax income (up to $30,000 per month)

  • Protect your income up to age 65

NobleOak’s Premium Life Direct Income Protection Insurance gives you peace of mind with regular payments for a specified period helping you replace some of your income when you can’t work due to serious illness or injury.

With this policy you can choose either a 30 or 90 day waiting period, a benefit period of 2 years, 5 years or to age 65, plus there’s a generous maximum cover benefit of up to $30,000 per month (up to 70% of your pre-tax income).

Head to the Mozo Experts Choice Awards page to learn more about the winners and judging process for the latest Mozo Experts Choice Insurance Awards.