Shocking Reality: NRMA's 15% Hike in Insurance Costs - Justified or Unjust?

Tradiebyday on 08/01/2024 - 12:17

Hey everyone,

I recently noticed a significant increase in my NRMA comprehensive insurance premium—it's gone up by $200 (15%) in just a year. I'm curious if others in the community have experienced similar jumps in their NRMA insurance rates.

Has anyone else noticed a substantial increase in their NRMA comprehensive insurance premiums recently? It would be great to know if this is a widespread trend or if there might be specific reasons behind these hikes.

Sharing our experiences could help shed light on whether this is a company-wide change or something more individualised. If you've encountered this or have insights into why this might be happening, please share your thoughts!

Let's pool our experiences and knowledge to better understand these increases and possibly find ways to navigate them. Your input could be invaluable to many of us here.

Thanks for your contributions!

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Comments

  • Craze on 08/01/2024 - 12:28
    +8

    Loyalty hardly pays these days- make sure you shop around when the renewal notice comes in every year (applies for everything).

  • holdenmg on 08/01/2024 - 12:31
    +2

    Hi,

    These increases were quite well covered in:
    https://www.theguardian.com/australia-news/2023/jun/25/how-t…

    Shop around.

  • skid on 08/01/2024 - 12:35

    Same here; 18%

    Looks to be company wide.

  • Dollar General on 08/01/2024 - 12:46
    +5

    15% increase is cheap.

    Shop around. Nothing more you can do

  • MS Paint on 08/01/2024 - 12:54
    +4

    Let's pool our experiences and knowledge to better understand these increases

    Why? It's very well publicised why premiums have increased.

    and possibly find ways to navigate them.

    You must be new here.

    Your input could be invaluable to many of us here.

    Well that would be a first from me.

  • djsweet on 08/01/2024 - 12:58

    My contents insurance went up about 20%. Shopped around, couldn't get a better price.

  • mskeggs on 08/01/2024 - 12:59
    +1

    If you ask nicely (or be a Karen, I suppose), the call centre staff have discretion to offer a one off $100 gift card.
    I took the chance to review the automatic build value increases and cost of contents - in both cases they apply substantial above inflation increases each year.

    Everyone is seeing increased premiums because of last year's floods.

  • Some Human on 08/01/2024 - 13:03
    +1

    I switched to alianz from AAMI and saved like $900.

    I expect them to raise the price by that amount + more this year

  • FoxJump on 08/01/2024 - 13:29

    i switched from NRMA to aami

  • Shadowsfury on 08/01/2024 - 13:43

    Got my RACV renewal and was about 15% increase as well
    But I did a few quotes - which were all more expensive! That's despite both years of service and loyalty discounts

    Might try kick up a fuss over the phone but I won't have any competitor quotes to back it up

    • Zippy135 on 08/01/2024 - 13:53

      Last year I moved from RACV to AAMI. Despite being loyal with them for years, they wouldn’t budge on price so I left.

      • Mechz on 08/01/2024 - 17:16

        AAMI ain't what she used to be though. So be wary.

  • stuffandthat on 08/01/2024 - 13:55
    +2

    I was with GIO and they put my premium up by 51%. No crashes or anything. Changed to AAMI.

    • lachhelix on 08/01/2024 - 14:31

      Exactly the same, but it was 4 times higher - Shannons for me

      • stuffandthat on 08/01/2024 - 15:39
        -1

        My Shannons policy barely increased. Not sure if that's because it's a classic car on heritage plates.

    • Brick Tamland on 08/01/2024 - 15:52

      Yep done the same. 37% increase with GIO, moved to AAMI

    • ihbh on 08/01/2024 - 18:48
      +1

      GIO, AAMI, Shannons are all Suncorp brands. Note different premiums, with some different coverage.

  • SnoozeAndLose on 08/01/2024 - 14:47

    I was with NRMA and they put my premium up by 40%.

  • JimmyF on 08/01/2024 - 15:03

    Shocking Reality: NRMA's 15% Hike in Insurance Costs - Justified or Unjust?

    LOL only 15%!? Considering your lucky, that sounds like a 'cheap' renewal increase compared to most who are seeing 30-50% increases.

  • Kaz0551 on 08/01/2024 - 15:04

    Mine went up 93/month to 150/month. Shopped around and it seems range is 93-133 elsewhere. Bye Felica!

    • Kaz0551 on 08/01/2024 - 17:49

      I called them shock horror and they matched last year.

  • Brick Tamland on 08/01/2024 - 15:50

    Only 15%? thats quite good. My GIO car insurance went up by 37%

  • kerfuffle on 08/01/2024 - 15:59
    +1

    Mine went down $12. But my excess changed from $850 to $950.

  • Sinnerator on 09/01/2024 - 08:37
    +1

    I hope everyone realises that all these price hikes are simply because idiots are willing to pay it

  • Nicholsp on 07/05/2024 - 16:23

    Yep, my NRMA Comprehensive insurance has gone up 29%! The value of the car has gone down $6200. We have made no claims and no details have changed on our policy. What is going on? When the country's inflation rate is 3.7% how can this be justified?

    • lachhelix on 07/05/2024 - 23:08

      It's great hey!
      Insurance companies run their own little racket and the government doesn't give a shit

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