"Steep Motor Premium Hikes Under Fire: Regulator Warns Drivers to Demand Better Deals. A shocking report from the Australian Securities and Investments Commission (Asic) has revealed that many motor insurers are increasing premiums at a rate far exceeding inflation, leaving car owners facing hefty price hikes. The corporate regulator has now advised drivers to challenge their insurers over these steep increases, citing a lack of transparency in the premium calculation process. According to the report, none of the eight insurers reviewed provided adequate explanations for the price hikes, leaving customers in the dark about why their premiums are rising and leaving them vulnerable to overpaying for their motor insurance. As drivers face the prospect of higher premiums, Asic's warning serves as a timely reminder to shop around and demand better deals from their insurers."
Regulator finds many insurers raising premiums faster than inflation and advises customers to ask for better dealsGet our breaking news email, free app or daily news podcastCar owners should challenge motor insurers over steep premium hikes, the corporate regulator advises, after finding many companies were raising prices faster than inflation.In a report released on Tuesday, the Australian Securities and Investments Commission (Asic) found that none of the eight insurers it reviewed adequately explained the reasons behind premium calculations to customers or why prices had changed in quote or renewal documents. Continue reading...
