Car Insurance Increasing by 13% per year.
Not all Car Insurance Premiums increase by the same figures, and there can be many reasons for premiums to change, but the following is for the same car, same address, and same age group.
The rise of 13% each year is much higher than the cost of living increases, which are under 2% each year.
I wonder if the cause is an increase in overall claims, or just higher charges from the repairers?
Annual Car Insurance Premiums:.
$274.91 Sept 2016
$315.11 Sept 2017, an increase of $40.20 or 14.62%
$355.03 Sept 2018, an increase of $39.92 or 12.67%
$401.85 Sept 2019, an increase of $46.82 or 13.19%
An average increase of 13.15% per year for 3 years.
Cost of Living Increases 2016-17 and 2017-18.
1.3% Sept 2016
1.8% Sept 2017
1.9% Sept 2018
Estimating 1.6% for Sept 2019 based on the last two quarterly figures of 1.3% and 1.6%
Sources:
Cost of Living: rba.gov.au/inflation/measures-cpi.html
Car Insurance: My own Renewals.