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.
What causes premiums to change?
Even if your individual circumstances have not changed, your premium is likely to change every year. Your premium is based on a number of factors including:
- Risk address
- Insurance history
- Value of your product/s
- Number of claims we experience
- Changes to our business operations
- Home and Contents Insurance only - Each year when your policy renews, we’ll increase your home sum insured by an uplift rate to help protect you against the effects of increasing costs and inflation. Even though we offer you that increase, you don’t have to accept it. You can ask us to increase or decrease your home sum insured at any time. It's important to check that your sum insured is adequate and that you are not over or under insured.
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.
Who can I contact for further information?
Please contact us on 13 1905 if you require further information.