What’s your best policy for an auto accident?
The Insurance Bureau of Australia has released a report which shows that the average Australian household is eligible for an average of a whopping $1.15m in insurance.
While this figure may not seem like a lot, it’s actually quite a large sum for a family of four.
For those who are not familiar with insurance, the insurance industry estimates that every year a family with two adults and two children will have to pay an average $2,500 in premiums.
As the Insurance Bureau notes, “The average Australian family is eligible to receive coverage in this type of policy.
The total cost of the policy is based on the household income, household size and age of the insured.”
The Bureau has also found that while the average insurance policy will only cover you if you have no accidents, it will also cover you up to a certain level if you do have a collision.
So, while it’s a lot of money to pay for insurance, it might seem a little daunting for those with young children.
However, if you’re looking to protect your family from accidents, we recommend checking out the best policies for families with young kids.
In summary, the average policy will cover you at a minimum of $2.50m and the maximum is $6.00m.
If you do not have children, you can still buy a policy which covers up to $5.00 million in coverage.
So what’s your cheapest insurance policy for your young family?