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ASIC steps in to protect motorists from surprise insurance renewal charges- Car News | CarsGuide

 

ASIC steps in to protect motorists from surprise insurance renewal charges- Car News | CarsGuide.

Car insurers automatically renewing annual premiums will be clearer about their policies after customer complaints about surprise charges.

Some caught-out consumers have had bank accounts overdrawn because of unexpected direct debits, or have already paid another company for cover before being charged.

Insurers have agreed to update telephone sales scripts and place clearer, more prominent messages on websites after an Australian Securities and Investments Commission review revealed most consumers were only alerted in the product disclosure statement and renewal notice.

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