Insurance rates are rising and some are not returning to their pre-cancellation levels.
In this episode, we discuss how insurance policies are currently being cancelled and how you can take action to save money.
Watch the video below:How can I get a refund for car insurance?
What can I do to make my car insurance rates go back up?
Insurance companies have a wide range of incentives to keep customers renewing their policies and in some cases increasing premiums.
For example, if you purchase a car and the car insurance company offers you an extended policy, you can receive a rebate of up to $25 per year if you are paying your insurance premium.
However, some insurers will not accept these rebates and instead charge you a higher rate.
Insurance premiums are set by the Australian Bureau of Statistics (ABS) and they are usually based on the price of the vehicle and your vehicle history.
If your car insurance premium is rising at the rate of inflation, it is unlikely you will see your rate go down.
However, if your car has been used and you have not driven it in a while, you might see your premium increase as the vehicle is used and the insurance company pays more to keep you on their policy.
If your rate has been increasing at the same rate as inflation, you may see your rates decrease.
To find out if you might be eligible for a rebate, check the Aussie Insurers website.