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

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.