PSA, NRMA has setup a new quoting system that applies a few different discounts - there are millions of customers that are eligible but it will not be applied until renewal, you can cancel your existing policies, and re-enter into a new policy to claim the discounts.
My prior monthly premium: $63
Premium with new discount(s): $36
May be worth just going through NRMA getting a new quote, using the same plate number, and just compare the two.
Happy saving :)
Correct, but this particular discount structure I am talking about is exclusive to NRMA customers that were not eligible before this new update.
As the staff said, millions are eligible, but it will automatically click over on renewal, you can get the new discounts now with a new policy, after cancellation of the old one.
Ahh. I get it now. Thanks for sharing. Existing NRMA customers can benefit from the same.
doh.
oh well, i've moved everything to Aami anyway
If you just accept the renewal quote, you are just paying for lazy/loyalty tax
Absolutely. I've been with them for > 20 years and enjoyed a massive loyalty benefit, but it didn't come by being passive.
Hope these changes doesn't screw up our long term relationship!
Not related with this lawsuit in anyway? https://www.abc.net.au/news/2024-05-29/iag-insurance-class-a…
That was my first thought. They haven’t launched an NRMA class action yet, but they are looking into it.
Is this also for the other state automotive clubs like RACV, RACQ, etc?
Yep my renewal for H&C through NRMA jumped up hundreds. A new quote online remained very close to last years price, so I signed up through new quote. They can't do anything.
Many thanks for the PSA.
Tried it and my discounts are nowhere near yours. These are mine:
10% Online Discount
5% Multi-Product Discount
10% Relationship Discount
The difference compared to last year is more like 8%, not 42% like yours. If I applied as a new customer, the policy cost more than this years.
What do you get? Did you have a huge loyalty tax included in your old policy?
Is this car insurance?
My question exactly. Is this NRMA insurance or roadside assist?
Vehicle, so scooters, motorbikes, cars, etc.
My NRMA insurance renewal quote was about $500 more than last year. I did a quote with GIO and it was about the same. Given that I had a 65% no claim bonus with NRMA I decided to do a new quote with NRMA and it was $450 less than the renewal price. I rang them up and they could not tell me any difference between the policies other than one was on the old system and the other one on the new system. So I went with the new one of course. Talk about penalising your loyal customers.
I just reran a quote for one of the cars at the house and it came up $300 a year more for an agreed value $5,000 less (NRMA capped the value it would insure).
Given policy holder is a NRMA customer for 20+ years, their current policy has a 20% loyalty discount and a 65% no claim discount.
The new quote (under their account) has 10% Online Discount, 10% Multi-Product Discount and 10% Relationship Discount applied so looks like the no claim discount has disappeared.
Seems like NRMA is perhaps becoming competitive to new/short-term customers but is going to shaft their legacy ones (the ones who paid loyalty taxes for some time).
I renewed last month at $1470, new quote is $1536. Expected I guess, it's already doubled in the 2 years I've had the car. Probably be over $2k by the time I renew.
Last year: $1,147 (excess $850)
Renewal: $1,529 (agreed value dropped $6,600, excess $950, discounts 55%, 12.5%)
New Quote: $1,083 (market value, excess $800, discounts 10%, 10%, 5%)
you're welcome
This is not just with NRMA but with every insurance/utility company out there. If you just accept the renewal quote, you are just paying for lazy/loyalty tax.