Despite what you have heard in the news, the promised rate reductions are not instant and are going to take time. The government has set a target to reduce rates on average by 15% over two years ending August 2015, with 8% in place by August of 2014, and another 7% by August 2015.

This means not everyone is guaranteed to see a 15% reduction, as it will depend on a number of factors:

1. Your insurer - Companies that can demonstrate they can't provide the reduction don't have to.
2. Where you live - Insurers price by territory claim experience and can justify different rates depending on where you live
3. Your individual characteristics - Since it's an average, some may get higher reductions while others will get lower reductions, depending on personal rating factors.