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Get up to 10% off when you buy an eligible policy online3

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How are car insurance costs calculated in Australia?

A consideration when choosing car insurance is your premium. That’s the amount you pay for your insurance cover.

Policy premiums are influenced by a range of factors such as your vehicle type, your personal circumstances, and the commercial considerations of your insurer.

Another cost to consider in your car insurance policy is your excess.

An excess is the amount you may contribute towards the cost of your claim. Your current Certificate of Insurance shows the amount and types of excesses that apply to your policy.

The cost of your premium and excess often go hand-in-hand. For example, NRMA Insurance offers a voluntary excess you can choose to pay on top of the standard excess. If you increase the voluntary excess on your policy, you may be able to lower the cost of your premium.

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Here’s an overview of some of the factors that may influence your car insurance costs. For more information, please read our Premium, Excess and Discounts Guide.

Policy type and level of cover

Different NRMA Insurance policies can have significantly different costs. For example, insuring a vehicle with a comprehensive policy is   typically more expensive than insuring a vehicle under a third party policy such as Third Party Property Damage or Third Party Fire and Theft.

Agreed value vs market value

To protect your vehicle, you and your insurer must come to an understanding of what it’s worth. When buying your policy, you may have the choice to insure your vehicle at agreed value or market value.

To reach an agreed value, we offer a range of values based on your vehicle’s details. From there you select a specific value and that's the amount shown on your Certificate of Insurance.

If your vehicle is insured at market value, we calculate what your car is worth using local market prices at the time, immediately prior to the incident you are claiming for. This figure is decided by us, based on factors like:

  • local market prices
  • your car’s age and condition
  • kilometres travelled
  • any modifications, accessories and extras.

The value for which your vehicle is insured determines how much you can receive in the event of a claim, and therefore can affect the price of your insurance.

Excess

Your excess is the amount you might have to contribute to the cost of a claim.

The excess associated with your policy may influence the price of your premium. You may be able to reduce your premium by increasing the voluntary excess on your policy.

Vehicle characteristics and risk factors

Your vehicle’s features play a role in determining its value, as do its risk factors. Both of these can affect the cost of your insurance.

Certain vehicle characteristics that can affect your premiums include:

  • age
  • make
  • model
  • modifications.

How you use your vehicle

Every driver is different, and the way you use your vehicle can affect your premium. Potentially relevant factors include:

  • how many kilometres your vehicle is driven each year
  • whether you use your vehicle entirely for personal use, or for business use
  • where your vehicle is kept.

Driver age, experience and claims history

Various personal factors including your age and driving experience along with your recent claims history can affect the cost of your insurance.

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Cover for a wide range of things that can damage or destroy your car, including accidental damage, collision or crash, vandalism, theft, fire and severe weather.

Cover for damage you cause to other people's cars or property in an accident, as well as damage to your car by an uninsured driver. This doesn’t cover fire or theft.

Compulsory Third Party Insurance for your car if you’re in NSW or SA (or MAI Insurance in the ACT). This covers injuries to other people if you cause an accident on the road.

FAQs

FAQs – Car Insurance calculator

More Car Insurance FAQs

When getting a quote for a car insurance policy, you’ll need to tell us the following details:

  • your car’s make, model and year
  • where your car is registered
  • information about the condition of your car
  • what your car is used for
  • where your car is usually parked
  • your birth date and gender
  • information about your claims history
  • information about who else may regularly drive your car.

We offer a range of discounts that could apply to eligible insurance policies:

  • Online Discount: You could get up to 10% off on your first year’s premium when you buy an eligible policy online.3
  • Multi-Product Discount: You could qualify for a Multi-Product Discount when you have 2 or more eligible products with us.1
  • Relationship Discount: You could qualify for a Relationship Discount when you’ve had an eligible policy with us for 5 years in a row.2

In Australia, every registered vehicle needs to have Compulsory Third Party Insurance, also known as CTP or Green Slip Insurance. In some states and territories, CTP is automatically included as part of the registration fee, but in others, you’ll need to purchase it separately.

Besides mandatory CTP, any other insurance you take out is entirely up to you.

An excess is the amount you may contribute towards the cost of your claim. Your current Certificate of Insurance shows the amount and types of excesses that apply to your policy.

Learn more about NRMA Insurance

  • 10 April, 2025
    On the road | NRMA Insurance Blog

    How to choose the right car insurance

    Read more
    Guide Insurance Car
  • 02 December, 2025
    On the road | NRMA Insurance Blog

    Agreed vs market value

    Read more
    Guide Insurance Car
  • 17 October, 2025
    On the road | NRMA Insurance Blog

    Comprehensive versus Third Party Fire and Theft

    Read more
    Guide Insurance

Things you should know

  1. Any applicable discounts may be subject to minimum premiums. Discounts only apply until a minimum premium is reached. When we determine your premium on renewal, we may also limit any increases or decreases in your premium by considering factors such as your previous year’s premium amount. You may not save more with more eligible products if a minimum premium is reached, or we have limited increases or decreases in your premium. When we complete the Multi-Product Discount calculation, we will use the policy start date of your policy, not the date that you purchase your policy. As such, policies must be purchased in order of their start date so that the discount can be appropriately applied.

    Any applicable discount is applied in tiers based on the number of eligible policies only. Maximum tier reached at 9 eligible policies. Existing policies will not be eligible for any new discount tier until renewal. We sometimes refer to this as the “multi-policy discount.”

  2. Any applicable discounts may be subject to minimum premiums. Discounts only apply until a minimum premium is reached. When we determine your premium on renewal, we may also limit any increases or decreases in your premium by considering factors such as your previous year’s premium amount. You may not save more by staying with us longer if a minimum premium is reached, or we have limited increases or decreases in your premium.

  3. See the full details of the online discount. Any applicable discounts may be subject to minimum premiums. Discounts only apply until a minimum premium is reached. When we determine your premium on renewal, we may limit any increases or decreases in your premium by considering factors such as your previous year's premium amount.

The information on this page is general in nature and is intended as a guide only and does not take into account your individual objectives, financial situation or needs. All pricing information and descriptions of factors that may affect premiums are for general illustrative purposes only and do not constitute a quote, guarantee or binding offer. Actual premiums, excesses and eligibility are determined individually based on our underwriting criteria, the terms and conditions of the relevant policy, and the information you provide. Pricing factors and how they are assessed may change from time to time without notice. Any discounts or offers referred to are subject to eligibility criteria and applicable terms and conditions. For full details, please refer to the relevant Product Disclosure Statement (PDS) and our Premium, Excess & Discounts Guide (PED).