Australians Hit With ‘Staggering’ Car Insurance Cost Rises

Australians are paying nearly 50 percent more on car insurance compared to five years ago.

New cars await delivery at the Altona Toyota manufacturing plant in Melbourne, on Feb. 10, 2014. Paul Crock/AFP via Getty Images

Australians pay 47 percent more than they did five years ago for car insurance, surging to an average cost of $1,472 (US$930) per year, or $123 monthly, according to a new car insurance report. 

Financial comparison website Mozo released the report on Sept. 28 titled “Pedal to the Metal,” which showed a 24 percent increase in premiums in 12 months.