How to renew your car or home policy

You should receive a renewal notice at least 14 days before your policy expires, via post or email.

Here’s what to do:

  1. Review the accuracy of all the details in your Certificate of Insurance and compare it with your old policy
  2. Check your sum insured and excess(es) and decide if this level of cover is right for you
  3. Confirm or update your payment method

Typically, policies are set to automatic renewal. If this is applicable to you it would be stated on your Certificate of Insurance.  

If you are on manual renewal or need to make changes, call 13 2423 before your renewal date. 

Ways to save on your insurance premium

Changes that suit your needs, budget and circumstances can make differences later. 

Re-estimate your sum insured for home and contents insurance 

Regularly review the sum insured shown on your Certificate of Insurance, as your building or contents may have changed since you first took out your policy. 

You don’t want to overestimate your sum insured and therefore pay a higher premium or underestimate the sum and leave yourself underinsured.  

Building insurance calculator

Contents insurance calculator

Learn more about estimating your sum insured.

Tips to save on your home or car insurance premium

Here are actionable steps you can take to help save on your premiums.  

Save on home insurance

Save on car insurance

Pay monthly at no extra premium

Paying monthly instead of annually won’t cost you any extra premium, helping you spread the cost across the year. 

Benefits for CommBank customers

CommBank Yello

For CommBank Yello Homeowner eligible customers, $10 monthly cashback on each eligible home insurance policy if you: 

  • Have an active CommBank home loan and 
  • Have an eligible CommBank transaction account and
  • Make 30+ outgoing transactions per month from your eligible account or credit card 

Learn more about CommBank Yello.

See full Commbank Yello T&Cs for more details. 

Discounts

  • Get up to 15% off when you combine Home Building and Contents Cover1 
  • Save up to 10% on Car Insurance when you apply online2

Renewal FAQs

Typically, policies are set to automatic renewal. If this is applicable to you it would be stated on your Certificate of Insurance.  

If you need to make changes or opt out of auto-renewal, call 13 2423.

Your insurance premium is likely to change when you renew your policy, even if your personal circumstances haven't changed. 

Each year your premium is determined using your latest information and external risk factors across Australia. Aside from your claim’s history, there are several factors taken into consideration when calculating your premium at renewal. This includes: 

  • Weather events 
  • Repair and supply costs 
  • Inflation 
  • The frequency of natural disasters 

For more information about how your premium discount/s and applicable excesses are determined, read the Premium, Excess and Discount Guide for your product on our website.

The cost of an insurance premium for home or car is typically made up of several components. Here is a snapshot: 

  1. Base premium 
  2. Government taxes and levies including the Emergency Services Levy (ESL), the Goods and Services Tax (GST) and Stamp Duty.

  1. Review your policy: Understand what's covered, including limits and exclusions. 
  2. Check your cover limits: Ensure you have enough cover to meet your needs, budget and circumstances.
  3. Regularly review your cover: Reassess your cover after significant life changes. 

You'll be given up to 14 days of temporary cover if you permanently replace your vehicle. These 14 days begin from the date you buy the new vehicle.

Call 13 2423 if you’ve bought a new car, as your policy will need to be updated.

For the temporary cover to apply:

  • You need to provide full details of the replacement vehicle within 14 days of taking ownership of it
  • You need to receive an agreement to cover the replacement vehicle
  • You need to pay any additional premium required

The temporary cover will be the same type as your existing cover. For example, if you have Comprehensive cover your temporary cover will also be Comprehensive.

Depending on the type of car you own, you can insure it for either market or agreed value. It’s important to note this is only available with Comprehensive Car Insurance.

Here’s what they are:

  • Agreed value is the amount that has been agreed to insure your car for. You will know the agreed value from your Certificate of Insurance.
  • Market value is the reasonable amount that the market would pay for your car immediately before it’s loss or damage, taking into account the age, make, model, condition and kilometres travelled, among other things. This means this amount could vary during your Period of Insurance and the value isn’t shown on your Certificate of Insurance.

You can find out more in the Product Disclosure Statement (PDS)

We’re here to help

  • Service

    Call 13 2423 to make changes to your existing policy. 

    • Mon – Fri, 8am - 8pm
      (Sydney/Melbourne time) 
    • Sat, 8am – 5pm (Sydney/Melbourne time)
      Call +61 2 9633 9391 from overseas.
  • Claims

    You can lodge a claim 24/7 in the My Claims Portal via NetBank or the CommBank app. 
     
    Alternatively, you can make a claim by calling 13 1361.

Things you should know

  • 1 If you purchase combined Residential Building and Contents Cover, a discount of up to 15% will be applied to your basic premium. If you purchase combined Investment Building and Contents Cover, a discount of up to 10% will be applied to your basic premium. 

    This discount cannot be used in conjunction with any other discount (other than those listed in the relevant Product Disclosure Statement or any Supplementary Product Disclosure Statement) or in conjunction with any other promotional offer, unless advised in the promotional offer that this discount will apply. This discount may be removed or changed effective from the renewal date. This discount cannot be backdated. Minimum premiums may come into force and reduce the extent to which discounts are applied. 

    No discounts apply to Portable Contents Cover when taken as a standalone policy.

    2 This discount cannot be used in conjunction with any other discount (other than those listed in the relevant Product Disclosure Statement or any Supplementary Product Disclosure Statement) or in conjunction with any other promotional offer, unless advised in the promotional offer that this discount will apply. This discount may be removed or changed effective from the renewal date. This discount cannot be backdated. Minimum premiums may come into force and reduce the extent to which discounts are applied.

    Home Insurance and Car Insurance are provided and issued by Hollard Insurance Partners Limited ABN 96 067 524 216, AFSL 235030 (Hollard) and distributed by the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). Hollard is not part of the CBA Group. CBA and its related entities do not sell, issue or guarantee the obligations or performance of Hollard or the products Hollard offers and this insurance product does not represent a deposit with or liability of either CBA or any of its related bodies corporate. If you purchase a Home Insurance or Car Insurance policy, CBA is paid a commission which is a percentage of your premium.

    For products issued by Hollard, information about the target market can be found within the product’s Target Market Determination available here.

    This information has been prepared without considering your objectives, financial situation or needs.  You should, before acting on this, consider the appropriateness of the product to your circumstances. A Product Disclosure Statement (PDS) is available at all Commonwealth Bank branches, by downloading them from commbank.com.au or by calling 13 2423 and should be considered before making any decisions about this product. You should also read the Premium, Excess and Discount Guide (PEDG), Key Facts Sheets (KFS), and Financial Services Guide (FSG) by clicking on the links, or by calling 13 2423 for a paper copy.

    Hollard is a signatory to the General Insurance Code of Practice. The Code Governance Committee is the independent body that monitors and enforces insurers’ compliance with the General Insurance Code of Practice. Their purpose is to drive better Code compliance, helping the insurance industry to improve its service to consumers.

    For more information on the code visit www.codeofpractice.com.au.