Car owners should challenge insurers on steep price hikes and ‘call their bluff’, Asic says
The Australian Securities and Investments Commission (Asic) has criticized motor insurers for raising premiums significantly faster than inflation without providing transparent justifications. The regulator advises consumers to challenge these price hikes, noting that many insurers lower premiums when customers proactively negotiate.
Why it matters
Rising insurance costs are a major contributor to the cost-of-living crisis, and this report highlights a lack of accountability in the financial services sector.
A report by Asic also found there was poor price transparency across the motor insurance sector./iStockphoto A report by Asic also found there was poor price transparency across the motor insurance sector./iStockphoto Insurance (Australia) Car owners should challenge insurers on steep price hikes and ‘call their bluff’, Asic says Regulator finds many insurers raising premiums faster than inflation and advises customers to ask for better deals
Get our breaking news email , free app or daily news podcast
Prefer the Guardian on Google Car 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.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in