NRMA discontinuing No Claim Bonus Car insurance

Request quotes from at least three insurers when your policy renews to ensure your rating 6 discount works hardest for your wallet. Always compare final quoted prices across multiple insurers rather than focusing only on your rating discount. Some insurers specialise in certain demographics or vehicle types, letting them offer lower base rates for specific customer profiles. One insurer might charge a $2,000 base premium and offer you 60% off, while another charges a $1,400 base premium with the same discount. Your maximum discount applies to your insurer’s base premium, which varies significantly between companies. Reaching rating 6 doesn’t automatically give you the cheapest available premium in the market. Protection cover works best when you’ve reached rating 5 or 6 and want insurance against accidentally damaging your vehicle yourself, such as reversing into a post or scraping a gatepost.
If you decide to pay for this protection, read the small print in the policy. Some insurance companies offer no claim bonus protection. Even if you’re not at fault, insurers may increase your premium after you make a claim. This means the cost of your insurance will go up.
They would only offer $21k which I could not buy the same vehicle/spec/condition for. I did think about switching to RACWA so I got a quote and while the premium was slightly cheaper but so was the cover. I called them and they could only say that the renewal was generated from the old system and the new policy was from the new system and the coverage was the same. They’ve been the cheapest insurer for my Model Y for the last couple of years (any Tesla owner can tell you how painful insurance can be), although I’m likely to move to Allianz later this year. For my current car, and previous car, they were the cheapest, for the car before that they were second cheapest.
I have my renewal for my vehicle from NRMA, due at the end of the month. Sometimes It’s close to cheapest, and easier to deal with than some of the others. If they are removing a marketing/fake discounts of “no deposit bonus codes for pokies Australia claim bonus”, then they might as well adjust premiums to suit. I already renewed for the car this year but will have to conduct more rigorous analysis across all policies next time to compare options.
Your insurer applies your rating discount before adding any other premium adjustments for age, vehicle type, or location. The actual percentage discount varies between insurers, but rating 6 commonly provides between 60% and 65% off your base premium. Rating 1 represents zero discount on your base premium, while rating 6 delivers the maximum discount your insurer offers.
This is with a couple of 10% discounts for multiple policies and loyalty (but no more NCB). Similar story,always had at least one car with them for 40 years but this year my car comprehensive Insurance increased by nearly 30% for less cover,goodbye NRMA. When I got my renewal this year after no claims I couldn’t believe it. Maybe if I payed them even more I’d have that but being so expensive already, no thanks.
The no claim bonus and the way insurers apply it can differ. For example, ‘Rating 1’ drivers haven’t made a claim for the last five years (this is usually the maximum number). Generally, ratings start at 6 and reduce by one for each year you don’t claim. The discount increases each year if you don’t claim, up to a maximum number of years. A no claim bonus (also called a no claims discount, safe driver reward, no claim bonus rating scheme, or rating level) typically gives you a discount on your car insurance. For a fairer comparison, you might want to factor this into the prices when you’re comparing car insurance quotes.
Each year you hold continuous insurance without making an at-fault claim, you move up one rating level. Australian insurers use a standardised rating scale from 1 to 6 to calculate your no claim bonus discount. Actuaries use your claims history as a key pricing variable alongside factors like age, location, and vehicle type. These behaviors all translate to reduced financial risk for the insurer, which they reward through premium discounts. Drivers who make no claims over several years cost insurers far less than those who claim regularly. This lets them confidently offer you a lower premium because the mathematical probability of having to pay out on your policy drops significantly. Your insurer calculates premiums based on risk assessment, and your claims history is one of the strongest predictors of future claims.
Generally, if you’re at fault and you make a claim, you’ll either lose your bonus or it will be reduced. Insurers have different terms and conditions about how claiming affects your bonus. However, Insurer ABC is also charging Jessie 20% more on insurance renewal than it would for a new customer with the same risk profile. Insurer ABC has promised Jessie a discount of 15% off her premium for the number of years she has held a policy and the number of policies held.