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This SGIO Motor Insurance Premium, Excess & Discounts Guide forms part of the SGIO Motor Insurance Product Disclosure Statement and Policy Booklet (PDS) Edition 1, dated 3 March 2009.
It applies to policies issued with a vehicle kept in Western Australia with a commencement date on or after 4 November 2010 or with a renewal effective date on or after 13 December 2010.
Your insurance premium is based on the likelihood of a claim being made on your Policy in the future. There are a number of factors we take into account when determining your premium.
We calculate your premium by combining the:
- pricing factors
- discounts
- No Claim Discount protection
- policy options, and
- government charges.
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 Motor Insurance policies the following table describes the pricing factors we may take into account to determine your premium.
| Pricing Factors | Comprehensive Motor | Third Party Fire & Theft | Third Party Property Damage |
|---|---|---|---|
| The suburb where your vehicle is kept |  |
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| The age and gender of owners and drivers of your vehicle | |
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| Your vehicle, which includes any modifications, security features and its fuel efficiency, as shown on your Certificate of Insurance | |
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| If you have finance held against your vehicle, and the type of finance held | |
 |
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| The number and type of claims and incidents that all owners and drivers have had in the last five years | |
|
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| The amount your vehicle is insured for as shown on your Certificate of Insurance | |
|
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| If you pay your premium by monthly instalments | |
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| The way you use your vehicle, for example, private or business use | |
|
|
Discounts
The following discounts are available depending on the type of insurance you have chosen:
- 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 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.
Policy options
If you have Comprehensive Insurance you may add the following policy options to your Policy by paying any additional premium that applies:
- Hire car option
- Windscreen option
| Policy option | Comprehensive Motor Vehicle | Comprehensive Motorcycle |
|---|---|---|
| Hire car option | $55 (excl Government charges) | $50 (excl Government charges) |
| Windscreen option | $55 (excl Government charges) | $50 (excl Government charges) |
Government charges
Motor insurance policies are subject to stamp duty imposed by state and territory governments in addition to GST.
| Government Charges | Motor Insurance |
|---|---|
| GST | 10% |
| Stamp Duty | 10% |
How we calculate your Motor premium
Step 1
First, we will combine the pricing factors.
Step 2
Once this amount is calculated we work out any Multi-Policy Discount and Years of Insurance Discount that you may be eligible for and apply those to the amount from Step 1.
Step 3
We then work out any No Claim Discount you may be eligible for and apply this to the amount from Step 2.
Step 4
Then, we add the cost of any No Claim Discount protection you have chosen.
Step 5
Your Choice of Excess Discount is then applied if you have chosen a higher basic excess to reduce your premium. If you have chosen to lower or remove your basic excess we will add the additional premium.
Step 6
Then, we add the cost of any optional covers you may have chosen and the cost of choosing to pay by the month.
Step 7
To the amount in Step 6, we add applicable government charges to work out the premium you need to pay.
If there is anything you don't understand about this SGIO Motor Insurance Premium, Excess & Discounts Guide, please call us on 133 233 or visit your local office.
Print or download a PDF of this guide
SGIO Motor Insurance Premium, Excess and Discounts Guide - Policies commencing on or after 4 November 2010
SGIO Motor Insurance Premium, Excess and Discounts Guide - Policies commencing 16/08/10 to 03/11/10
SGIO Motor Insurance Premium, Excess and Discounts Guide - Policies commencing 14/12/09 to 15/08/10
SGIO Motor Insurance Premium, Excess and Discounts Guide - Policies commencing 02/07/09 to 13/12/09
SGIO Motor Insurance Premium, Excess and Discounts Guide - Policies commencing 28/09/08 to 01/07/09