Rising premiums are pushing more people into considering third party car insurance.

The average quote for comprehensive car insurance on comparison website Quashed has increased 41 percent in the past two years.

Insurance Council CEO Kris Faafoi says newer cars have more technology attached to them - which contributes to the rising insurance costs.

"It depends on the individual situation - the cost of the car, who's driving it, where you're parking it, where you are. These are all factors, but it became more expensive to insure them because fixing them is more complex."

LISTEN ABOVE

Rising premiums are pushing more people into considering third party car insurance.
The average quote for comprehensive car insurance on comparison website Quashed has increased 41 percent in the past two years.
Insurance Council CEO Kris Faafoi says newer cars have more technology attached to them - which contributes to the rising insurance costs.
"It depends on the individual situation - the cost of the car, who's driving it, where you're parking it, where you are. These are all factors, but it became more expensive to insure them because fixing them is more complex."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Kris Faafoi: Insurance Council CEO on the rise in people switching to third-party car insurance due to costs

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/142c9e83-f930-49ba-982f-b2830040d8e5/transcript