Staff Reporter
,
Australia
/Freepik
A research also shows that 5% cancelled their car insurance altogether.
Around 2.2 million Australians have either cancelled or downgraded their car insurance in the past year, according to a Finder survey.
The research shows that 5% of respondents cancelled their car insurance altogether, whilst 7% opted for a lower level of cover.
Another 7% reported having only the mandatory compulsory third-party (CTP) insurance from the outset.
Only 10% of respondents said they had switched providers to get a better deal on the same level of cover.
Finder insurance expert Tim Bennett said the trend is driven by financial pressure, but warned that going without adequate cover exposes drivers to significant risk.
He noted that an at-fault accident without insurance can result in high out-of-pocket expenses.
Finder’s Consumer Sentiment Tracker also found that 12% of Australians consider car insurance to be one of their most stressful bills.
On average, Australians spend $86.94 (A$138) per month (or $1043.28 (A$1,656) annually) on car insurance.
($1.00 = A$1.59)
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.