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← Newsroom/Industry

Car insurance premiums jump by almost 60 per cent in four years

Compiled by ADME Newsroom from 1 source

First reported by ABC News · 5 November at 6:00 pm

Who's covering this — 1 article

Broadcast news
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Image: ABC News

The quick read

Full coverage

ABC News·Broadcast news·5 November at 6:00 pm

Car insurance premiums jump by almost 60 per cent in four years

Topic:Insurance

Read at ABC News →

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The quick read

  • Car insurance premiums have jumped by almost 60 per cent in four years
  • This increase will impact the overall cost of vehicle ownership
  • Australian car buyers will need to factor in higher insurance costs when purchasing a vehicle
  • Dealers will need to adapt their sales strategies to address customer concerns about insurance costs

For dealers: Higher insurance premiums will affect customer purchasing decisions and dealers need to be prepared to address these concerns

AI-assisted summary of the coverage below — check the original reporting before relying on specifics.

ADME commentary

The ADME angle

The sharp increase in car insurance premiums will lead to a decrease in showroom traffic as customers become more cautious about purchasing a vehicle

What it means for the order bank

Dealers who stock vehicles with lower insurance premiums will have a competitive advantage in the market

The increase in insurance costs will also impact pricing and margin, as dealers may need to absorb some of the additional cost to remain competitive

Competitor response and marketing strategies

Competitors who respond quickly to the changing market conditions by offering insurance discounts or promotions will be better positioned to attract price-sensitive customers

Dealers should focus on marketing and lead handling strategies that emphasize the total cost of ownership, rather than just the purchase price

Taking action

This week, dealers can take decisive action by reviewing their sales strategies and adapting their pricing and marketing approaches to address customer concerns about insurance costs, such as offering insurance discounts or promotions to customers who purchase a vehicle