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Australians bailing on their car insurance

Posted: 18 September 2017 2:06 pm

Car insurance is costing the average Aussie too much.

Have you thought about getting rid of your car insurance because it's too expensive? You're not alone.

According to a survey conducted by finder.com.au, almost one in four (23%) of respondents said they have ditched their car insurance because of the cost.

The survey found that Victorians and those from New South Wales were the most likely to ditch their cover because of the costs (26%).

South Australians were the least likely to ditch their cover (15%).

Worryingly, the study also found that over one third (36%) of those with car insurance had not read their policy documents.

Those from NSW and Queensland were the least likely to read their policy document, with 38% saying they'd never read their policy disclosure statement (PDS).

Looking to cut down on car insurance costs?

There are a range of factors that go into determining your premiums, including how old you are, where you park your car, where you live and even the colour of the car.

If you're looking to pay less for your car insurance rather than outright ditching it, there are options available to you.

Pay-as-you-drive policies from brands such as Woolworths and Youi allow you to take out cover based on how you use your car.

Telematic systems, such as the Insurance Box used by QBE, provide insurers with data on how people are driving. This can be especially useful for younger drivers as it can help them save money on their car insurance if they install the system and are able to prove that they are a safe driver.

One of the best ways to save on car insurance is to compare your options online. Not only can you see a range of policies side-by-side, you may also find discounts on policies that are only available online.

In car news

Picture: Shutterstock

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