You might think that the price of your car insurance premium is determined by things like your age, driving history and address, but according to statements made in a Senate inquiry on the car insurance industry held in Sydney last week, insurers can base their policy prices on random criteria like whether customers are married, the colour of their vehicles, and even the time they submit an application.
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With self-driving cars right around the corner for Australia, insurers have thrown their support behind a plan to overhaul traffic rules and car insurance cover to redefine what constitutes a “driver”, reported The Australian.
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Driverless cars, better data usage and the rising popularity of car sharing are set to drive car insurance premiums down by up to 80% according to a study from Boston Consulting Group (BCG) and Morgan Stanley.
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Alarming research from the UK shows consumers are paying through the nose for being loyal to their car insurer, with £1.3 billion ($2.55 billion AUD) lost due to policies automatically rolling over each year.
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Pokemon Go, the augmented-reality app that has taken the world by storm recently, is reportedly causing distracted users to engage in unsafe behaviour, including dangerous driving leading to car crashes.
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Despite promises otherwise, Shadow Treasurer Rob Lucas is concerned that the government's privatisation of CTP premiums in South Australia will have serious implications for family budgets.
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Allianz has extended its car insurance cover to include Australians who take part in the ridesharing economy such as Uber driving and GoGet services.
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The Western Australian state government has announced that drivers in the state will now have access to no-fault catastrophic injury cover as an expansion of existing Compulsory Third Party insurance.
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Victoria is topping the charts for car theft in Australia, with an average of 42 vehicles stolen from the Melbourne CBD each day, according to statistics from the National Motor Vehicle Theft Reduction Council (NMVTRC).
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Road rules and laws regarding car insurance must adapt to the advancements of driverless technology, said a government agency in a report released earlier this month.
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