Australian regulator urges car owners to challenge insurers over above-inflation premium hikes

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Regulator finds many insurers raising premiums faster than inflation and advises customers to ask for better deals

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Car owners should challenge motor insurers over steep premium hikes, the corporate regulator advises, after finding many companies were raising prices faster than inflation.

In a report released on Tuesday, the Australian Securities and Investments Commission (Asic) found that none of the eight insurers it reviewed adequately explained the reasons behind premium calculations to customers or why prices had changed in quote or renewal documents.

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