According to March 2024 data from the Australian Bureau of Statistics, insurance prices have risen by 16.4% annually, marking the highest increase in 23 years. Natural disasters and rising claim costs have driven up premiums across all types of insurance, from home and contents to motor vehicle insurance. Car insurance premiums, in particular, have become a significant expense for many consumers. The increasing complexity and sophistication of vehicles have led to higher repair costs. Inflation and supply chain issues have also contributed to this rise. According to the Insurance Council of Australia, the cost of motor insurance claims increased by 43% between 2017 and 2023. Higher vehicle values and repair costs are cited as the main factors driving up premiums.
Source and Details: Drive