Why has my agreed value decreased but my premium increased?

Our Loyalty Discount is being phased out and replaced with two new discounts: the Relationship Discount and the Multi-Product Discount. As you begin to renew your policies from 1 July 2024, you may become eligible for either or both discounts.

To find out more about the Relationship Discount and the Multi-Product Discount, please see the appropriate Premium, Excess and Discount Guide (PED).

What you pay for your insurance is based on how likely you are to make a claim. We also consider things like discounts, excess, policy options and government charges.

To find out more about how we calculate your premium, read the Premium, Excess and Discounts Guide on our policy booklets page.

The price of your insurance is based on the likelihood of a claim being made on your policy in the future. There are a number of factors we take into account when determining your premium.

We calculate your premium by combining the:

• Pricing factors (these are different for car and home policies)
• Policy options
• Minimum and maximum premium
• Government charges
• Any discounts you’re eligible for.

To find out more about how we work out your premium, have a look at our Premium, Excess & Discounts Guide on our policy booklets page.

Agreed value is an amount of cover that you choose for your car (from a range we give you). The agreed value includes:

• Any modifications, options or accessories that are attached to your vehicle
• GST
• Registration and any CTP Insurance
• Other on-road costs.

When making any decisions about your policy, you should read the Product Disclosure Statement (PDS) on our policy booklets page.

By adding lay-up cover as an option, you can reduce your premium (and the cover we provide) for an agreed time while you’re not using your holiday caravan.

For more information on lay-up cover, read the Product Disclosure Statement.

Your NSW CTP Green Slip premium is calculated based on a number of factors about you and your vehicle, some of which are set by The NSW State Insurance Regulatory Authority (SIRA) including:

• The type of vehicle you drive
• Where your vehicle is garaged

We apply additional risk factors, including:

• Age of youngest driver using the vehicle
• Vehicle age
• Vehicle use (private or commercial)
• At-fault motor claim in last 2 years
• Demerit points
• Years of relationship
• Other motor vehicle insurance
• Vehicle safety features e.g. weight, brakes etc

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories.

This is different to agreed value, which is where you choose the amount to insure your car for (from a range we give you).

Market value means the value of your car just before an incident (like if your car's stolen or damaged in a fire). It's the maximum amount we'll pay when you make a claim (if you have a market value policy).

We work out the market value when you make a claim. We use things like local market prices, your car's age, its condition, and any modifications or accessories/extras.

When making any decisions about your policy, you should read the Product Disclosure Statement (PDS) on our policy booklets page.