The Finance AlgorithmTFA

Car Insurance Estimator

Calculator

Estimate car insurance costs and compare comprehensive, third-party, and CTP. Find the right cover type based on your car's value.

Free to useNo data storedAI insightsUpdated: February 2026

Car insurance costs have risen 15-20% since 2022 due to rising repair costs and parts prices. Understanding your options — comprehensive, third-party fire & theft, or third-party property only — can save you hundreds while maintaining appropriate protection.

Enter Your Details

Enter Your Details

$

Current market value of your car

Newer cars cost more to insure

Comprehensive covers your car too; third-party only covers damage to others

Under 25 drivers pay significantly higher premiums

Clean history means better rates

Higher excess = lower premium

Some policies offer pay-per-km pricing

Real-World Examples

New SUV, Family Car

2-year-old Toyota RAV4 worth $42,000. Driver: 38, clean history.

Recommended: comprehensive. Estimated premium: $1,200-$1,600/year. At $42,000 car value, a single accident could cost more than 5 years of premiums.

Older Commuter Car

12-year-old Mazda 3 worth $6,000. Driver: 28, 1 claim.

Comprehensive ($800-$1,200/year) is 13-20% of car value — not worth it. Recommended: third-party fire & theft ($300-$500/year).

Frequently Asked Questions

Glossary

Comprehensive Insurance
Full cover for your car plus damage to others' property.
No-Claim Bonus (NCB)
A discount for each claim-free year. Can reach 65% after 5+ years.
Excess
The amount you pay out of pocket when making a claim.

Disclaimer: This calculator provides estimates only and should not be relied upon for financial decisions. Interest rates, fees, and policies change frequently. Always verify information with lenders directly. This is general information, not personal financial advice. Consider seeking advice from a licensed mortgage broker or financial advisor.

Last updated: February 2026

How to Use
  1. Enter your car's current market value.
  2. Select the car's age and your preferred cover type.
  3. Enter the primary driver's age and claims history.
  4. Choose your preferred excess level.
  5. See estimated premiums and cover recommendations.
Key Information
  • Comprehensive: covers your car AND damage to others. Best for cars worth $10,000+.
  • Third-party fire & theft: covers damage to others + your car if stolen/fire. Good for $5,000-$15,000 cars.
  • Third-party property only: covers damage to other people's property. Cheapest for older cars.
  • CTP (Green Slip): covers injury to people. Mandatory and included in rego.
Pro Tips
  • Comprehensive is worth it if your car's value exceeds 10x the annual premium.
  • Increase excess from $500 to $1,000 to save 15-25% on premiums.
  • Pay annually instead of monthly — monthly payments add 10-20% interest.
  • Bundle home + car insurance for multi-policy discounts.
Avoid These Mistakes
  • Not insuring at all — one at-fault accident damaging a luxury car could cost $50,000+.
  • Over-insuring an old $3,000 car with $1,200/year comprehensive — use third-party.
  • Not updating the agreed/market value after depreciation.
  • Assuming CTP covers your car — CTP only covers injury to PEOPLE.
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