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NRMA Insurance launches $10 third-party fire and theft motor cover

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IAG brand NRMA Insurance announced today its Third-Party Fire and Theft Car Insurance product will be available at $10 a month for a limited period from next Sunday (June 7) to August 7.

The two-month promotional offer, which will be the subject of a new TV campaign, applies to a 12-month policy and is open to existing policyholders who want to take out new cover, as well as new customers.

“While traffic volumes are beginning to increase again, we know the economic impact of the coronavirus pandemic will continue to be felt by many,” NRMA Insurance EGM Consumer Distribution Amanda Whiting said.

“We hope that by offering our car insurance at such a competitive rate, we can help ensure our customers’ cars are still protected at a time when spending might need to be reined in.”

The policy provides cover against damage the insured causes to another vehicle or property, and the cost of theft and fire to the insured’s vehicle up to a market value of $10,000.

A spokeswoman for NRMA told insuranceNEWS.com.au the insurer is not able to provide a firm estimate on how much discount customers will enjoy if they sign up for the promotional offer as the premium charged is normally dependent on "a number of variables".

An online quote for third party fire and theft cover obtained today from NRMA Insurance’s website for a 2015 Toyota Camry model shows it would cost about $67.34 a month in premium with a $695 excess, assuming the policy starts tomorrow. The quote also assumes the vehicle is still under finance and is parked in a garage.