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This means you should apply for your renewal now to avoid any disruptions to your membership whilst the renewal process is taking place! NOTE: If you have an auto renewing subscription this will happen automatically.
My renewal has just arrived, agreed value has reduced [naturally] but without any claims for probably 10 years or more, the premium has jumped by 20%. This is with Apia who I think may not expect their customers to get another quote.
There was a thread here some time ago of another insurance...