Renewing your car insurance? Here’s what affects your premium, how to keep your cover up to date, and why giving your policy a once-over could save you some money.

Renew your policy

Why has my car insurance gone up?

There are a few reasons your premium might change at renewal. Your premium will depend on many factors. Some of these include:

• Your claims history. If you’ve made a claim recently, it could impact your premium.
• Changes in your risk profile. Things like where you live, how often you drive, or even broader factors like fluctuations of repair costs can influence your renewal price.
• Changes to your policy. If you’ve added optional covers or changed your excess, this can also affect your premium.

Even if nothing’s changed on your end, your premium is affected by other things such as:

• the cost of claims we’ve paid to other customers
• claims we expect to pay in the future
• our expenses of doing business, and
• other commercial factors.

If your premium has changed and you’re unsure why, log in to your AAMI Account to review your policy details.

Log in to My Account

Your car insurance health check

Renewal time is the perfect opportunity to make sure your policy is up to date and still suits your needs. Ask yourself:

• Have you moved house or changed where your car is parked overnight?
• Are all your regular drivers listed on the policy?
• Has your car been modified or upgraded?
• Are you still happy with your chosen excess and payment frequency?
• Are you driving more or less?
• Has your usage changed? (e.g. are you working from home or commuting to work each day?)
• Was your car under finance but you’ve paid it off since taking out the policy?

Check your amount covered

When you have comprehensive cover, your amount covered shown on your certificate of insurance is the most we’ll pay for loss or damage to your car in any one incident less any deductions that may apply. It’s important to check this at renewal, especially if:

• Your car’s value has changed significantly.
• You’ve made modifications or added accessories.
• You want to switch between the amount covered and market value.

Market value is the amount that the market would pay for the car and includes many factors such as age, make, model, kilometres travelled and general condition of the car.

Why does checking your amount covered matter?

If your car’s value has dropped or increased over time, your amount covered may no longer reflect its true worth. Reviewing your car’s value when you renew your policy can ensure you’re not underinsured or paying for more cover than you need.

Update your AAMI policy online

Need to make a change to your policy? It’s easy to update your AAMI Car Insurance policy online.

Update or renew your policy