Car insurance premiums increase almost by almost 60 per cent in four years
Car insurance premiums in Australia have surged by nearly 60 percent over the last four years, significantly outpacing inflation. The federal government is now demanding greater transparency from insurers regarding how these costs are calculated.
Why it matters
Rising insurance costs are a major component of the cost-of-living crisis affecting households, prompting government intervention.
Car insurance premiums continue to hike, by nearly 60 per cent over four years in some cases. ( ABC News: Keana Naughton )
Comprehensive car insurance premiums have jumped another 10 per cent after similar hikes last year.
It follows an ASIC review that called for more transparency behind insurer calculations.
The federal government has called on insurers to step up with fairer pricing and greater transparency.
Link copied Share Share article Car insurance premiums continue to increase well beyond inflation as customers who have already endured exponential hikes since 2020 are slugged with another 10 per cent.
Comprehensive car insurance for this journalist's station wagon, for example, has just gone up 10 per cent (after a similar increase last year), representing a 57 per cent hike since 2023 when it cost $703.
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