What you need to know about pricing transparency
We're committed to providing greater pricing transparency to our members. Pricing transparency means we will display the total premium from your last insurance period alongside the total premium for your upcoming insurance term on your policy renewal documentation. Please note that any mid-term changes that increased or decreased your premium are not reflected in the last period premium amount.When did these changes take effect?
As of 25 September 2019, a premium comparison is displayed on insurance policy renewal documentation for the following products:
- Motor Vehicle Insurance
- Caravan and Trailer Insurance
- Household 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
- Age
- 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.
Has policy renewal documentation changed?
Yes, insurance policy renewal documentation displays 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 call us on 13 1905 if you need further information.