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20 February 2026
The amount paid for insurance premiums can vary based on a range of factors, including the type of cover selected, the sum insured, any optional features included in a policy, excess levels and claims history.
At renewal, an insurance premium may change even if a claim has not been made or personal circumstances remain the same. Premium changes can occur for a number of reasons that are not specific to an individual policyholder.
Insurance operates by pooling funds from customers with similar levels of risk. When a claim is made, funds from the pool are used to help cover the cost of that claim. Insurers use information such as historical claims data, statistical modelling and risk factors, including events like fires or floods, to estimate future claims costs and determine appropriate premium levels.
Insurance premiums can also be affected by broader economic and environmental factors. Rising building and repair costs can increase the cost of claims, while increases in the cost of living may affect the overall expense of providing insurance services. Government taxes and charges can also contribute to changes in premiums.
If policy details change, such as the insured property, vehicle or selected options, premiums may be adjusted to reflect the updated level of risk.
Insurance premiums are linked to the level of risk being insured. For example, changes to a home, vehicle or insured value can influence premium calculations. Market conditions, including increases in the cost of vehicles or replacement parts, may also affect insured values over time.
As costs change over time, some customers choose to review their insurance arrangements to ensure the information held by their insurer remains up to date. This may include checking insured values or understanding how different policy features work.
At the same time, it is important to understand that reducing cover or changing policy features may affect the level of protection provided in the event of a claim.
To find out more or to speak with a local Elders Insurance representative, contact your nearest Elders Insurance agency.
