Australian insurance renewals
Why did my insurance premium go up?
An insurance renewal can cost more even when you have not deliberately changed your policy. The useful first step is to compare the renewal document with the previous period and check both price and cover.
Compare the old and new premium
Check the previous premium against the renewal premium and note whether the payment frequency or any stated discounts have changed.
Check cover, insured value and excess
A price comparison is incomplete if the cover changed. Check insured values or benefit limits, excesses, limits, restrictions and exclusions shown in the documents.
Why can premiums change?
Insurers can use many pricing factors. Your renewal documents may not explain every factor behind the premium, so avoid assuming one particular cause unless the insurer or policy material states it.
Compare like with like
A lower premium is not automatically equivalent cover. Review the relevant product information and material differences before making a decision.
Insurance renewal checklist
Before renewing or comparing policies, keep the old and new renewal notices side by side. Check these items rather than comparing the headline premium alone.
- Annual premium and the total cost if paying monthly
- Insured amount, optional extras and any automatic adjustments
- Excess, exclusions, sub-limits and waiting periods where applicable
- Discounts that have ended, changed or depend on eligibility
- Any change to the property, vehicle, drivers or declared circumstances
Should you accept the renewal automatically?
Not without reviewing it. Ask your insurer about any unexplained change, confirm that the policy still suits your needs and compare equivalent cover where appropriate. Do not cancel existing cover before confirming when replacement cover begins.
If you are also checking other household costs, read our electricity bill increase guide or visit the BUSTYA bill guides.
For independent Australian guidance on comparing premiums, excesses, cover and exclusions, read ASIC Moneysmart’s guide to choosing insurance ↗. Always check the relevant Product Disclosure Statement (PDS) and policy terms before changing cover.
Build your renewal history with BUSTYA
BUSTYA can analyse supported insurance documents and build privacy-safe renewal history. Its Market Check presents factual product information and does not provide personalised insurance advice or quotes.
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