A new survey by the National Insurance Institute found Westfield Insurance’s car in Australia is worth more than the sum of the value of your savings account, your bank card, and your credit card.
“Westfield Insurance has a reputation for being an excellent and well-respected auto insurance provider in Australia,” NII president Ian Robertson said.
“Our survey of its customers indicates that, while the average Australian may be very satisfied with the reliability and value of their own vehicle, many customers also have concerns about the quality of its service.”
In a survey conducted for NII’s Better Business Bureau, 704 Westfield customers aged between 18 and 29 responded.
Of those, only 24 per cent said they were satisfied with their car insurance.
“One of the biggest concerns for most customers is that their car may be overpriced, and while this may be true in some instances, it can also be a problem for people who have been driving for a long time,” Mr Robertson said, adding that the survey also found that one in four customers said they would not purchase a new car with Westfield as their driver.
“However, Westfield has a proven track record of providing the best value for money,” he said.
It is not the first time the car insurance industry has struggled with car pricing.
In the year before the global financial crisis, the Australian Bureau of Statistics said car insurance prices in Australia rose at the fastest rate in history.
The index of inflation fell to 7.5 per cent in the quarter ended December 30, 2015.