This is the cheapest car insurance in Australia, based on new data

As Australians face rising car insurance costs, new research has identified the insurance company with the most affordable policy prices.

Bingle is Australia's cheapest car insurer in 2024, new research from comparison site Finder has found.

The online-only car insurer won the 'Low Cost' category of Finder's 2024 Car Insurance Awards, with its comprehensive cover costing just $862 per year on average.

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Bingle's premiums were "notably cheaper" than other eligible car insurance providers based on Finder's research, which comprised more than 1900 quotes across 37 car insurers, using 60 different user profiles.

Runners-up in the 'Low Cost' category were Rollin' car insurance – which proved particularly affordable for young drivers – and Hume Bank, which cost an average of $959 a year for comprehensive cover.

While the 'Low Cost' category looked solely at price, the 'Value' category looked at both the price and the features you get for your spend. To that end, Finder identified Budget Direct as the insurer with the most value-packed comprehensive cover.

According to the comparison site, Budget Direct's comprehensive car insurance policy was found to offer a higher level of coverage than its rivals while remaining cheaper than 27 other insurers at an average price of $992 per year.

Finally, Hume Bank claimed the 'Features' category, with Finder experts explaining it provided the greatest level of coverage compared to most other insurers.

The research also surveyed Australian drivers, with 56 per cent reporting a spike in their car insurance premiums over the last 12 months, but only 36 per cent have taken steps to deal with those rising costs.

“Try to be as detailed as possible when taking out your policy to avoid paying for things you don’t need," said Tim Bennett, insurance expert at Finder.

“There are a bunch of things that insurers will charge more for like having drivers under 25. If you know some of those things don’t apply to you, you can save a bit of cash.

“Opting for a higher excess can also reduce your premium, but be aware that you will have to pay more upfront if you need to make a claim."

Want cheaper car insurance? Here are some easy ways to save money on your policy.