When we use the term ‘premium freeze’, we are referring to a temporary freeze on increases to your base premiums that may occur when your policy is renewing.
When calculating your new renewal premium during this time, we may use a like-for-like premium if you made changes to your policy in the last 12 months. This means we will take any changes you’ve made throughout the last 12 months and calculate what the price would have been at your last renewal. For example, if you changed your vehicle cover from Third Party to Comprehensive cover, we would calculate what your annual premium would have been last year if you had Comprehensive cover from the beginning of your last policy term.
In some cases, we may be unable to freeze any changes to levies that form part of your insurance premium and are collected on behalf of the Government.
This means that during this ‘premium freeze’, your new renewal premium may not be the same as the amount you paid last year.
The premium freeze initiative is available to eligible customers. Terms and conditions apply.