RACQ is committed to providing greater pricing transparency to our members. We have now made it easier to compare your premium for this period to the premium you paid last period.
What is pricing transparency?
Pricing transparency means we will now display the premium for your last insurance period and the premium for this insurance period on your insurance policy renewal documentation.
Why are we introducing pricing transparency?
At RACQ we are always looking for ways to better serve our members. Premium information for your last insurance period, has always been available for our members, however by introducing pricing transparency we provide a more open, fair and honest member experience.
Is pricing transparency required for legislative purposes?
Pricing transparency on policy renewal documentations is not legislated, however it is expected to become legislated in the future.
When do these changes take effect?
From 25 September 2019 pricing transparency will be displayed on insurance policy renewal documentation for the following products:
- Motor Insurance
Home Building Insurance
- Home Contents Insurance
- Boat Insurance
- Pet Insurance
- Body Corporate Insurance.
Will policy renewal documentation change?
Yes, insurance policy renewal documentation will now display the last periods’ and this periods’ premium on the front letter page and financial breakdown page for ease of comparison.