REP 471 The sale of life insurance through car dealers: Taking consumers for a ride
Released 29 February 2016
This report presents ASIC’s findings in relation to the sale of the life insurance components of consumer credit insurance (CCI) sold through car dealers (car yard life insurance). Our findings are based on data collected from life insurers who issue car yard life insurance.
Our review suggests that car yard life insurance:
- is poor value for money, as it can be much more expensive than other forms of life insurance.
- can be sold when it is not necessary (e.g. to young people with no dependants).
Note: This report contains some content that was withdrawn in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.