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Insurtech: Delivering value for motorists
As car insurance costs continue to rise, insurtechs are increasingly providing choice and value for motorists feeling the pinch. Data reveals that significant increases in the cost of car insurance over the past few years are being felt keenly by...
22 May 2024
3 mins read
As car insurance costs continue to rise, insurtechs are increasingly providing choice and value for motorists feeling the pinch.
Data reveals that significant increases in the cost of car insurance over the past few years are being felt keenly by motorists.
In many cases, this is leading to avoidance of such insurance altogether, as the rising cost of living across the board makes the risk of remaining uninsured or underinsured more palatable.
The data, which comes from a study by Finder from April 2024 shows that 16 per cent of Australian drivers, or 2.9 million people, cancelled or lowered their car insurance policies in the past 12 months as premiums and the cost of living soar.
The research reveals that 5 per cent of motorists ditched their policy, while 11 per cent downgraded to save money.
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