No, there’s no car ferry between Phillip Island and the Mornington Peninsula—just a lot of hopeful chatter and the odd feasibility study.
If you’re on four wheels, you’ll be driving via the San Remo bridge and the Bass/South Gippsland highways; Cowes to Mornington is roughly 90 km and about 1.5 hours in civilised traffic, and closer to 2 hours to the southern end near Sorrento.
There is a passenger-only ferry from Cowes to Stony Point (bikes welcome, cars not), taking about 40 minutes, with train connections if you’re feeling multimodal.
So yes, you can sail, you can rail, but if it has number plates, it’s the long way ’round.
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