Australia’s best insurance 2022

Insurance is a necessary part of our daily lives, with the best policies offering us great coverage for excellent value. After all, the winds of fate can blow massive holes in our bank accounts, whether it’s a flat tire, falling tree, or some other life event.

But despite the financial risk, many Australians put off properly investigating insurance. After all, it’s just too tricky to find the right policy for you…right?

Choosing the right policy can be a complicated process, but we’re here to help streamline your journey. But besides always reading the product disclosure statement (PDS), how could you go about choosing the best policy for you?

Luckily, Mozo regularly reviews and reports on a variety of insurance products on the market, from car insurance to home to travel to life insurance – even pet insurance!

Our expert analysts compare options for the Mozo Experts Choice Awards^ to identify the best value and quality insurance policies available so that your own investigation process can go a little easier.

Here’s a few standout policies for you to compare and consider in 2022.

Best Car Insurance

Budget Direct - Gold Comprehensive Car Insurance*
  • 15% buy online discount on your first annual premium (T&Cs apply)
  • Your choice of repairer as an optional extra

For the third year in a row, Budget Direct took out top honours as Mozo's Insurance Provider of the Year, this time in the value category^. The top-value insurance company 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 (although this is an optional extra that comes with a fee).

If you get into a scrape and your wheels are written off, Budget Direct can 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*
  • Up to 15% no claims discount (T&Cs apply)
  • Automatic hire car cover after theft or not-at-fault accident
Find out more

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). 

Virgin Money took home a specialised award for Exceptional Value Young Driver Insurance^. You could score a 15% discount on your first yearly premium if you apply online, and if you keep a clean claims record, you may be able to build up a no claims discount as high as 15%. Additionally, if you purchase a new eligible comprehensive car insurance policy by 4 July 2022, you could get up to 10,000 Velocity Points.

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 can replace it for a car of comparable value so long as your original ride was under two years old and you bought it new or as a dealer demonstrator model. 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 can 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 (T&Cs apply). 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 can be replaced with a new comparable model. 

Rollin' can 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 hefty 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 (T&Cs apply). 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 can 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*
  • 30% apply online discount on your first year's premium for combined policy (T&Cs apply)
  • Optional underinsurance protection
Find out more

When you take out a home and contents insurance policy with Virgin Money, your home and belongings can 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*
  • 30% combined apply online discount for your first year's premium (T&Cs apply)
  • 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 Insurance Provider 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 can 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.

NRMA - Home Plus Buildings & Contents Insurance*
  • Comprehensive cover
  • $200 off new home buildings and contents insurance policy purchases (T&Cs apply)
Find out more

Winner of both the Quality Insurance Provider of the Year and Exceptional Quality Mozo Expert Choice Awards for 2021, NRMA could be a great option for those willing to pay a bit more for the assurance of comprehensive coverage. Special features include a lifetime guarantee on authorised repairs and new-for-old contents replacement.

Cover can include extreme weather events like fires and floods as well as theft, vandalism, and household valuables. You can also get extras added to your policy for a personal touch, such as the pet-lover pack. This optional extra for properties in NSW, QLD, ACT and TAS can cover damage to your home caused by pets, as well as boarding costs if an insurable event (like a fire) makes it unsafe for them to stay in your home.

To save on your premium, NRMA offers top-of-the-line discounts for customer loyalty, multi-policy purchases (up to 22.5% combined), and a no-claims bonus (up to 25%) (T&Cs apply).

Note: NRMA home insurance policies are sadly not available for Victoria.

Best Life Insurance

NobleOak - Life Insurance*
  • Comprehensive cover up to $15 million
  • Process claims within 5 business days on average

The winner of an astonishing seven Mozo Expert Choice Awards this year, life insurance through NobleOak has topped the best for four years in a row. With optional extras like income protection, TPD, and trauma insurance, policyholders can personalise their cover to ensure they have comprehensive coverage. Benefits include up to $15 million in cover, up to $15,000 advance funeral benefit, and financial advice counselling to help families manage lump sum payments. 

New policies can be purchased up till you’re 69 years old, but they can be renewed until 99 years old. Read the full product disclosure statement on their website for more information on exclusions and sub limits that may apply.

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 (eligible policyholders)

As a 2022 MECA winner for both Exceptional Quality and Exceptional Value, NobleOak’s Premium Life Direct Income Protection Insurance could give you extra cushion if you’re suddenly unable to work due to serious illness or injury. 

Australians up to age 55 could customise their policy by choosing a 30 or 90 day waiting period, a benefit period of 2 or 5 years (or up to age 65), and optional extras to help tailor it to your needs. Eligible policyholders could enjoy benefits like a generous max cover up to 70% of your pre-tax income (capped at $30,000 per month). Consult the full product disclosure statement for terms and conditions.

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.

* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

^See information about the Mozo Experts Choice Car Insurance Awards