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Hey Thony,
It goes up every year. I don't know if there's any real reason as to why they do it other than to squeeze you for more money each year. Get a quote with GIO or something and it may be significantly cheaper. You can then call up NRMA and get them to price match. Alternatively, you can even get a online quote with NRMA and often you'll find that it's even chaper that your renewal notice. Then get them to price match that quote.
Every year or second year I just hop between GIO and NRMA because they both do the same thing.
As for the market value thing, I usually go with an agreed value. It's possible to even insure my car at an agreed value for what I bought it 3 years ago, $88k. It only adds an extra $100 or so to the premium to insure it for that as opposed to the market value of ~$50-60k.
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