Understanding your car insurance costs

It can be easy to compare car insurance policies on price alone, but it’s even more important to make sure your policy covers what matters to you, from a brand like NRMA Insurance - Australia’s most trusted insurance brand, 4 years in a row¹.

Here are some things to consider when reviewing your cover at renewal time. If you’d like to update your policy, you can make most changes in your online account or contact us for more options.

Have you reviewed your policy details and excess?
Over time, the value of your car may depreciate based on its age. Lifestyle changes could also mean that you’re driving your car more or less often than you used to. There may no longer be finance, like a loan or a lease, on your car. Check your details at renewal time, including your excess, and consider whether your policy suits your current circumstances and car usage.

Read more at: What is an excess and who pays it?

Have any life events or changes meant your cover needs have changed?
You might change where you live or where you store your car (in a garage or on the street). You could start to share your car with more drivers, such as a spouse or teenage kids. Make sure you’ve got the details right for the authorised drivers on your policy, including their ages.

Read more at: Do I need to add occasional drivers to my policy?

Have you considered what level of coverage best suits your needs, budget and life stage?
We have a choice of car insurance policies to help you find one that suits your needs.

Have you reviewed the sum inured for your car?
Depending on the policy you choose, your cover may include a ‘sum insured’ for your car. The sum insured is the estimated cost to replace your car, including on-road costs. You may be able to select a sum insured that is either the market value or agreed value of your car. For market value, we calculate your car’s value at the time of a claim, if one is made. For agreed value, you nominate a fixed amount from a range of values we provide. When you renew, you can review your agreed value sum insured and make sure it still reflects the current value of your car.

Read more at: What does sum insured mean?

Here are some ways you might be able to control the costs of your car insurance policy.

Consider your excess – often a higher excess can mean lower premiums which could help you manage your insurance costs month to month or year to year. An excess is your contribution to the claim.

Read more at: What is an excess and who pays it?

Our customer discounts – we offer a range of discounts that could apply to eligible insurance policies: 

• Our Relationship Discount – you could qualify for a Relationship Discount when you’ve had an eligible policy with us for 5 years in a row².
• Our Multi-Product Discount – you could qualify for a Multi-Product Discount when you have 2 or more eligible policies with us³. For more information about how our discounts work, visit our customer discounts page.

Change how you pay – for most policies, you can change how frequently you pay your premiums at no additional cost. This could make it easier for you to manage your budget and insurance costs.