Categories : Auto Repair

 
‘Car yard’ insurance coverage faces ASIC crackdown

So-called “vehicle yard” life insurance coverage items paid out a meagre $6 million in claims, or 6.6 per-cent of the $90 million-plus in premiums. JavaScript handicapped. Please allow JavaScript to utilize My News, My Clippings, My Remarks and user levels. Life insurance offered through car dealers might cost 18 times more than cover acquired through other channels and offer little value to customers, a damning credit report by the corporate watchdog has found. The Australian Securities and Investments Commission is putting the onus on insurance providers to lift their requirements, after it discovered a series of bad sales practices rife in the market. So-called “car lawn” life insurance products, which are bundled under customer credit insurance offered through dealers, paid a meagre $6 million in claims, or 6.6 per cent of the $90 million-plus in premiums the market collected over 5 years. That’s 6.6¢ & cent; out of every dollar in premiums customers pay. The Australian Securities and Investments Commissions is placing the onus on insurance providers to lift their requirements. The report also discovered consumers buying a car for their small company might be charged up to 80 per cent more for the exact same life cover as a consumer with an individual loan, and one from 10 policies were sold to Australians aged 18 to 21– people who were not likely to require life cover. ASIC discovered the average customer might pay up to 18 times more for life cover purchased through an automobile dealership compared to standard ways, and pricey upfront premiums contributed to auto loan were the norm. “The message to market is clear: substantial enhancements need to be made to both the design and distribution of these products,” ASIC deputy chairman Peter Kell said. The message to the market is clear: considerable enhancements need to be made to both the design and distribution of these items, ASIC deputy chairman Peter Kell says. Picture: Christopher Pearce “Insurers m.
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Must you or must you not break-in your brand brand-new vehicle’s engine?Ive been reading that how you

drive during the first couple thousand miles is vital in order to avoid issues later. Are engines normally broken in … See all stories on this subject

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