A motor policyholder has failed in a bid to make Suncorp pay about $14,000 more than the insured sum on her written-off car.

The complainant’s policy initially had an agreed value of $43,990, but on renewal the sum was reduced to $29,100.

This change coincided with a $536 increase in base premiums, from $1421 to $1957.

The car owner acknowledged she was aware of the premium change, because it was listed on the first page of the policy document. But she argued Suncorp misled her by only detailing the new agreed value further along in the document.

She also said the premium increase was inconsistent with the reduction in cover and that she suffered stress after discovering the payout did not cover the amount owed on her car loan.

Suncorp said the document clearly disclosed the changes, and it was the complainant’s responsibility to review the information before renewing.

It said the adjustment was based on industry data and it had no obligation to maintain the car’s agreed value.

The premium increase followed a “recalibration of commercial factors and considerations”.

The previous premium was discounted under a campaign between Suncorp and the car dealer that sold the policy, but the discount did not apply at renewal.

In a dispute ruling, the Australian Financial Complaints Authority accepts the claimant was probably unaware of the change in value and a reasonable person would not have expected such a drop.

However, Suncorp clearly displayed the change, with reference to the previous amount, in renewal documents.

The insurer also shared enough information to explain the premium change, which was in line with its pricing assessments, AFCA finds.

See the ruling here.