CBA car insurance review

CBA’s car insurance offers generous cover, but policies are costly - especially for young drivers.

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Our verdict

Pros

  • Generous cover limits, including Up to $800for emergency repairs
  • Pay your premiums monthly at no extra cost
  • Up to $1,000 for vet fees if your pet is injured in an insured event

Cons

  • Across multiple driver profiles, CBA's premiums were 25% higher than average
  • Premiums are extremely expensive for young people
  • There's no cover available for tools of trade

How does CBA compare with other car insurers?

As part of the 2024 Finder car insurance awards, we compared over 30 comprehensive car insurance policies. CBA has generous benefit limits compared to many other car insurance brands, but its premiums are also significantly higher than average - particularly for young people. If price is your priority, you'll likely find cheaper car insurance elsewhere.

Features

Product FCI Finder Score Choice of repairer New Car Replacement Roadside assistance Hail, storm and flood damage
Finder Score
Optional
  • If your car is written off in the first 2 years or is under 40,000kms
  • Optional
    Summary: The 2024 winner of our Best Value Car Insurance award. It's cheaper than most, plus you can lower costs by adding age restrictions.

    ⭐ Current offer: 15% off your first year's premium when you take out a policy online. T&Cs apply.

    Who it might be good for: Anyone who wants a good value policy.
    CBA Comprehensive
    Best Rated Brand
    Commonwealth Bank logo
    Finder Score
  • If your car is written off in the first 2 years
  • NRMA logo
    Finder Score
    Optional
  • If your car is written off in the first 2 years
  • Optional
    AAMI logo
    Finder Score
  • If your car is written off or stolen in the first 2 years
  • Optional
    Summary: AAMI's comprehensive policy includes cover for legal modifications and accessories and up to $20 million cover for damage to other people's property. Optional extras like windscreen and window glass cover is also available.

    ⭐ Current offers: Save $50 when you buy a new comprehensive car insurance policy online. T&Cs apply.

    Who it might be good for: Safe drivers can benefit from the AAMI Safe Driver Rewards® program.
    Allianz  logo
    Finder Score
  • If your car is written off or stolen in the first 2 years
  • Finder’s summary: Allianz is good if you want agreed value (this lets you agree on an amount to cover your car for. For a big insurer, it also has a strong customer service record.

    Who it might be good for: Anyone who wants good customer service and agreed value cover.
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    Price

    CBA has fairly expensive premiums with an average annual cost of $1,698 - 25% higher than average. Younger drivers saw even higher premiums, some even surpassing $4,000. However, this is coupled with higher benefit limits and the best car insurance for you may not always be dependent on price alone.

    Keep in mind, the below table is based off a fictional profile and your own quote will differ.

    InsurerNSWQLDSATASVICWAAustralia averageApply
    Commbank logo
    $2,122
    $1,517
    $1,542
    $1,240
    $2,230
    $1,536
    $1,698
    $1,148
    $941
    $978
    $829
    $1,180
    $880
    $992
    youi
    $1,640
    $1,307
    $1,087
    $1,155
    $1,599
    $1,363
    $1,359
    NRMA logo
    $2,027
    $1,154
    $1,038
    $1,004
    N/A
    $1,034
    $1,043
    AAMI
    $1,884
    $1,106
    $1,015
    $985
    $1,318
    $1,002
    $1,218

    About our car insurance methodology

    Compare CBA's policies

    Product FCI
    Accidental damage
    Roadside assistance
    Fire and theft
    New Car Replacement
    Hire car after theft
    CBA Comprehensive
    Best Rated Brand
    Commonwealth Bank logo
  • If your car is written off in the first 2 years
  • Up to $75 per day - Up to 14 days
  • Commonwealth Bank logo
  • Commonwealth Bank logo
  • loading

    What additional cover options are available?

    CBA offers a range of cover options to customise your policy, including:

    • Hire car following an incident - Get a hire car if yours is out of action due to an insured event
    • Removal of excess for glass damage - get one excess-free glass damage claim per year
    • Protected No Claim Discount - Make one claim without impacting your No Claim Discount
    • Driver age restriction - Restrict cover to drivers aged 30 and over, to lower your premium

    FAQs

    Compare other products from Commonwealth Bank

    Nicola Middlemiss's headshot
    Journalist

    Nicola Middlemiss is a journalist with nearly a decade of experience in personal finance and insurance. She has contributed to Domain, Yahoo Finance, Money Magazine and Insurance Business Australia, offering in-depth insights into commercial insurance in the Australian market. Nicola holds a Bachelor’s degree in English from the University of Leeds and a Tier 1 General Insurance (General Advice) certification, which complies with ASIC standards. See full bio

    Nicola's expertise
    Nicola has written 241 Finder guides across topics including:
    • Personal finance
    • Personal insurance, including car, health, home, life, pet and travel insurance
    • Commercial business insurance

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    One Response

      AvatarFinder
      PetaAugust 21, 2023Finder

      Hi John,
      Without knowing your full driving history, it’s hard to suggest car insurers that may be a good fit for you. If your previous claims have been due to at fault accidents, then you may find this page helpful: https://www.finder.com.au/car-insurance/high-risk-car-insurance. If your previous claims are related to other things, then I’d suggest getting in touch with an insurance broker to see if they can connect you with any specialist providers.
      All the best!
      Peta

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