How to save on car insurance costs in 2019
Insurance companies are offering consumers the chance to get the most bang for their buck in 2019.
As well as paying more for car insurance for many people, some states are offering subsidies for car owners to offset the cost of car insurance premiums.
New South Wales is offering an incentive of $100 per year to drivers on its car insurance scheme, which has been expanded in 2017 to include drivers on private health insurance.
New Hampshire has offered incentives of up to $1,000 per car for drivers who sign up for car sharing services.
Motorists on private insurance schemes could also get an incentive payment of $1 per $1 of premium they pay in 2018.
While some states have introduced incentives to encourage people to sign up, other states such as South Australia have not.
The Australian Competition and Consumer Commission said that some insurance companies were misleading consumers by offering incentives that were “simply not there”.
“It is not a legitimate incentive to use your car insurance to help cover the costs of your health insurance, it is simply a ploy by insurance companies to get people to switch to private health or dental insurance, so they can get some extra cash to cover their health insurance costs,” it said in a statement.
“These are often poorly understood incentives that do not provide consumers with a competitive advantage.”
Insurers should be upfront about their motives and should not seek to make a profit by offering this type of incentive.