Tuesday, September 22, 2009

Queenslanders paying more for car insurance renewals

car insurance

The first quarter of the new financial year has been expensive for Queensland car owners. The fuel tax subsidy has been discontinued, CTP has increased 13 per cent in the last year and motor vehicle registration has increased 20 per cent.

Research conducted by Youi on a national basis has also discovered that many people have experienced increases in their comprehensive car insurance.

27 per cent of customers surveyed stated their insurance premiums increased by more than 10 per cent since last year. A further 18 per cent advised their increase was between 5 and 10 per cent.

More than one third of all customers surveyed were unaware how much their premium had increased. Only 22 per cent noted their premium increase was less than 5 per cent.

Hugo Schreuder CEO of Youi car insurance said, “If you believe your car insurance premium has increased, now would seem the perfect time to shop around for an insurance cover that best suits you at the right price.”

Youi recognises that more than ever before, Queenslanders are using publictransport to commute to work and are also working from home in their efforts to counter the rising cost of fuel. This means more cars are likely to be parked at home or at the train station. By considering where a car is parked mostly during the day and what the car is used for, Youi are able to provide a more individually tailored insurance policy for every customer.

“People use their cars differently. Using simple factors such as a person’s commuting to work behaviour or parking habits can have a big impact on insurance premiums. Shopping around for an insurance policy that is better suited to your car usage, may help many people to balance their household budgets and assist in combating against the spiralling cost of car ownership,” says Mr Schreuder.

Youi conducts online surveys of customers via its website. Data collected from 970 responses across June and July 2009.