Consumers left in the dark about rising car insurance premiums, ASIC warns
None of the 8 motor insurance brands reviewed explained how premiums were calculated, and instalment costs of up to 20% more than annual payment often went undisclosed. ASIC has signalled it will enforce against misleading premium disclosure.
What it means for business
Consider auditing quote and renewal documents so premium drivers, year-on-year changes and total instalment costs are clearly stated.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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