How we work out your premium

Pricing Factors

The premium you pay for your insurance reflects the likelihood of you making a claim together with the potential value of any claim. So, if you have a lower chance of making a claim then you will generally pay a lower premium compared to someone who has a higher chance of making a claim.

Our experience shows there are a number of factors that are a good indicator of the possibility of a claim being made. We call these pricing factors.

For Comprehensive Plus policies the pricing factors we may take into account to determine your premium are:

The suburb where your vehicle is kept
The age and gender of owners and drivers of your vehicle
Your vehicle, which includes any modifications, security features and its fuel efficiency, as shown on your Certificate of Insurance
If you have finance held against your vehicle, and the type of finance held
The number and type of claims and incidents that all owners and drivers have had in the last five years
The amount your vehicle is insured for as shown on your Certificate of Insurance
If you pay your premium by monthly instalments
The way you use your vehicle, for example, private or business use

Discounts

The following discounts are available for Comprehensive Plus:

No Claim Discount
Multi-Policy Discount
Years of Insurance Discount
Choice of Excess Discount

We calculate the discounts that apply to your Policy before we tell you what your premium will be. Please see the Discounts section of this guide for further details.

No Claim Discount protection

If you have Comprehensive Plus Insurance you may be eligible to protect your No Claim Discount by paying an additional premium. Please see the Discounts section of this guide for further details about protecting your No Claim Discount.

Government charges

Comprehensive Plus policies are subject to stamp duty imposed by state and territory governments in addition to GST.

Government Charges	Comprehensive Plus Insurance
GST	10%
Stamp Duty	11%

How we calculate your Comprehensive Plus premium

Step 1
We combine the pricing factors.

Step 2
We apply any Multi-Policy Discount and Years of Insurance Discount that you may be eligible for.

Step 3
We then apply any No Claim Discount that you may be eligible for.

Step 4
We then add the cost of any No Claim Discount protection you have chosen.

Step 5
If you have chosen:

a higher basic excess to reduce your premium we will apply your Choice of Excess Discount.
to reduce or remove your basic excess we will add the additional premium.

Step 6
We then add the cost of Comprehensive Plus Motor Insurance cover.

Step 7
We then add the cost of choosing to pay by the month.

Step 8
We then add applicable government charges to work out the premium you need to pay.

Note: Discounts do not apply to the cost of your windscreen benefits and some components of your hire car benefits (currently $110).

If there is anything you don't understand about this SGIC Comprehensive Plus Motor Insurance Premium, Excess, Discounts and Helpline Benefits Guide, please call us on 133 233 or visit your local office.