A millennial's guide to car insurance

9th September 2020

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.

• 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
 

• 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?

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.

Several optional extras are available with Bingle's Comprehensive cover. They are:

• Windscreen and Window Glass Only cover
• Keep Mobile cover
• New for Old Replacement cover

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.