Paying for car insurance
How can I pay for my car insurance?
You can pay your Budget Direct car insurance premium by direct debit from your bank account, credit card, or debit card.
You can pay fortnightly, monthly or annually (the last option will have the lower premium).
Can I change my car insurance payment details?
Yes – you can change your payment method any time you want, however you can change your payment frequency (fortnightly, monthly, annually) only once a year, when you renew your cover.
You can also push back your payment date by up to 14 days, for example if you get a new job and your pay cycle changes; or if you’re temporarily short of funds.
How do I change my payment details?
To change your Budget Direct car insurance payment details:
- Log into your online account
- View your car policy.
- Click or tap the ‘View/Change Payment Details’ or ‘Payment Details’ button.
- Follow the prompts.
Is it cheaper to pay my car insurance premium annually?
Yes, it is cheaper to pay your insurance premium annually. By paying annually (instead of in fortnightly or monthly instalments), you’ll pay a lower premium and avoid paying instalment processing fees.
Tip: If your policy is paid in instalments but you would like to pay the remaining premiums during the term, you can contact us at any time to pay the remainder of the term in a lump sum by avoiding further instalment fees.
When is my next premium payment due?
To find out when your next fortnightly or monthly instalment is due:
- Log into your online account
- View your car policy.
- Click or tap on the ‘View/Change Payment Details’ or ‘Payment Details’ button.
Can I delay a car insurance payment?
Yes – you can delay a fortnightly or monthly instalment by up to 14 days, for example if you get a new job and your pay cycle changes; of if you’re temporarily short of funds.
What happens if I miss a payment?
If you miss a renewal premium payment we’ll send you a missed payment notification via SMS, advising you of how to catch up on your payment.
To pay your overdue premium you can either:
Tap the link in the text message and follow our instructions, or
Log into your online account and follow the prompts.
Please be aware:
if an instalment is overdue by 14 days or more, we can refuse to pay a claim.
if an instalment is overdue by one month or more, the policy is cancelled automatically without further notice to you.
What happens if I stop paying my car insurance premiums?
If you stop paying your premiums, we’ll send you friendly reminders.
If your premium payment is overdue by 14 days or more, any claim you make can be refused.
If your payment is overdue by a month or more, your policy will be cancelled.
Experiencing financial difficulty? Please contact us to discuss your options.
Are car insurance premiums tax deductible?
If you use your own car for business or work, you may be able to claim your car insurance premiums as a tax deduction.
For example, if you use your car to earn an income (e.g. operating a ride-hailing service) or as an employee in the course of your work (e.g. travelling between work sites).
Generally, you can't claim the cost of commuting to and from home and work as this travel is considered to be private.
Assuming your car is used for business and personal reasons, you’ll need to separate the expenses as only business use can be claimed as a deduction.
This information was correct as of 1 November 2019. For more, visit the Australian Taxation Office’s ‘Car expenses’ web page.
