The money pinch facing more than half of Aussie drivers

New analysis has revealed motorist’s wallets are being squeezed tighter, with greater than half dealing with will increase to their automobile insurance coverage charges.

Comparison web site Finder surveyed 933 automobile homeowners and located that 55 per cent had observed a raise of their automobile insurance coverage premiums up to now 12 months.

About 11 per cent did not know if their premiums had risen, whereas six per cent stated they did not have any insurance coverage.

Finder additionally stated that 9 per cent of Australians listed automobile insurance coverage as one of many prime three payments inflicting them probably the most stress this month.

Finder insurance coverage professional James Martin stated automobile costs weren’t an exception to Australia’s present file ranges of inflation.

“Car insurance premiums go up for many reasons, from higher parts and repair costs, to increasing crime rates and even natural disasters,” he stated.

“It’s also costing more for insurers to process claims. This means you could see your premium rise despite no change in driving habits or claims being made.”

About 46 per cent of Australians cited “price” as a very powerful issue for selecting automobile insurance coverage, forward of comprehensiveness (32 per cent) and model recognition (14 per cent).

Martin stated regardless of the worth hikes, there have been methods to cut back automobile insurance coverage premiums.

“Opting for a higher excess will reduce your premium – sometimes by a few hundred dollars – but you’ll need to pay more upfront if you need to make a claim,” he stated.

“You could remove cover for under-25 drivers, if you’re sure no younger drivers will have to use your car.

“You may keep away from making claims for small scratches and minor dents as this will improve your premium every time you make a declare.”

He urged people to look for discounts such as sign-up offers, and to review the policy at least every 12 months.

“Remember, loyalty does not pay – the very best worth coverage at present is perhaps dearer when it renews subsequent 12 months,” Martin said.

“You may save a whole bunch by switching suppliers.”