Insurance Question

[LTDHO]

BEN73, let me get this right, you got a discount on insurance any your complaining?

Not sure if you know, but there has been a lot of catastrophes recently and the money for the claims have to come from somewhere.

[AndrewR_AUII]

I'm with RAA, I (the insured) was responsible for the vehicle which was parked on Strata property when somebody reverse down the side of it (not the Falcon).

No loss of no claim bonus, no excess payable.
Think it depends on the Insurer.

[PHANTMXR6]

Originally Posted by Ben73

Yes I understand all that.
But my car is not rare. Slow as ****, and all my details are the same as last year, except now I am off my P's so that can only help. Surely they rate P platers as a high risk then full licence driver.

Yes, but as cars get older the premiums increase as well.

[FgNewbie]

Ben73, I keep thinking there is something missing from your puzzle.
Can you ask your insurer to explain ?

[bigsta]

Ben just ring around and get other quotes

[xisled]

A lot of people think when they get off there p plate insurance premiums get less. That is wrong, insurance may give you a better no claim bonus/rating, if you have not had an accident and that means you get more discount on your policy. But insurance companies will group you in the same group until you are 25. I think there are about 3 different age groups insurance company use to make premiums. 16 - 25. 25 - 40 (or around here), 40 - 100. The cheapest premium usually is the 25 - 40 year old range. Also all the other stats goes into it to make a premium.

The ages may be off, but that's how its classed.

Its funny people over 25 putting policy in there parents name and think they are cheaper. It usually about the same price.

[deemo]

so which insurer to go with? (in NSW)

NRMA any good? just cars? choice of repairer?

[Fiesta God]

Remember that when you are buying insurance, it is ALL ABOUT the claims process. The product you are buying is the "experience you have in making a claim".

So what is important to you? Do you want to choose who repairs your car? Or are you happy for your insurance company to send it to whoever they like?

Is your car important for you in getting around - i.e. do you need a hire car if you have an accident? Or could you do without it for 2 weeks while it is being repaired?

Do you need an insurer who will cover modifications/unusual vehicles and not cause any problems when you try to claim? Or is everything stock standard?

Do you do a lot of highway travelling and thus are prone to cracked windscreens from trucks and animals? Is a free windscreen important to you or can you do without it?

If someone writes your car off, are you happy to be paid out the lowest amount that it's possibly worth for that make and model, or would you prefer to protect your investment and have it insured for an agreed value?

These are the things to consider when shopping around, not the price. An extra 200 bucks a year for agree value, choice of repairer and a hire car may seem expensive in the short term, but if some idiot without insurance t-bones you at an intersection, you will be wishing that you had paid the extra 200 bucks to have all of those benefits.

[deemo]

i understand whats said about what you shoukld be looking for in an insurer but im still stuck and puzled, who to go with?
I read reviews and customer feedbacks for all well known insurers and they all have had some bad runs with some of theyr customers, mid you pplcomplain more often if they had a bad experience than otherwise but even then AAMI, bingle and real were the worst, youi, just car, gio, budget were very close by, nrma not soo bad
i would realy like to have a choice of repairer, all of the insurers have that "option" to the point that it has to be cheaper than they own quotes andthey reserve the right of who repairs it, so therefore no you do not have a choice

so choice of repairerout of the window, now im after overall customer satisfaction and by reading all the reviews and comments i believe nrmais the way to go.

oh yea, agreed value cover; they all offer that as well, you pay a bit extra but its nice to have, thing is as soon as your reneval comes round that agreed value is out of the window

so yeh, im still puzzled, what to do?
im thinking just car or nrma, can anyone inlight me on these two or recomend another ?

[xisled]

Just Car is very close to AAMI, as Just Car was based on AAMI Reapir process. Just car is owned by AAMI and uses AAMI's insurance licence. Same with bingle.

NRMA is pretty similar to RACV (victoria). All owned by IAG. NRMA is ok for your family type of car, but they are way off for any sort of V8 or classic car. Shannon's seem to be good heaps of people use them and they specialized in Performance and classic cars.

Heaps of reviews on the net are based on the premium, when they come to look at insurance company's, but the only way your going to be able to work out what is right for you. Is to, 1 read there booklets and see what the insurance company's offer. And second call them up and ask them questions, that way you can decided what is the best insurance company for you.

Right a list of whats important to you. example.
Agreed value.
Free hire car while your car is off the road from theft or accident damage.
choice of repairer.
Rating/No Claim Bonus.
Multi policy Discounts.
Will mods accessories be covered.
Age excess, standard excesses and any restrictions on drivers.
Any modification or High powered car excess.
Does company offer Rating 1 for life/maximum no claim bonus for life
is there windscreen protection.
Do I get 1 front windscreen or all glass protected for nil excess.
What happens after accident, Can I just goto a repairer or do I need to bring into a center.

These are just some questions you could ask. But everyone has different wants and needs for insurance. You need to make a list whats important to you.

[P S Y C H O]

I work for an insurer. there are well over 40 different factors that make up a premium.

Insurance does go up marginally based on CPI.
being off P Plates doesnt make it cheaper your age does, as you get older insurance gets cheaper, big drops at 21 25 and then 30, in fact with most companys insurance rates until you turn 40.

Ben if your NCB (no claim bonus) offered this year is 45% it means you were on a 25% NCB last year, the 1200 discount they have told you is what you would have paid if you had made a claim and went to a rating zero hence a 2900 premium

[T3-TS50]

So who do you work for phsyco?
Is Suncorp going to go under with the Qld situation?
I believe they are one of two insurers that cover all types of floods.
Are all policy holders going to see rises because of the floods ect?

[LTDHO]

Originally Posted by T3-TS50

Is Suncorp going to go under with the Qld situation?

I doubt it. Majors have a thing called reinsurance. It's insurance for insurers.

Originally Posted by T3-TS50

Are all policy holders going to see rises because of the floods ect?

I would think so, well it makes sense.

[xisled]

Originally Posted by T3-TS50

So who do you work for phsyco?
Is Suncorp going to go under with the Qld situation?
I believe they are one of two insurers that cover all types of floods.
Are all policy holders going to see rises because of the floods ect?

With the thing in Queensland Suncorp have a thing called reinsurance. What that is that once Suncorp cost reach a certain amount such as $200 million, there insurance kicks in. You have to remember Suncorp own half the insurance company's in the industry, so what they do is they add up how much all there insurance company's have lost, including Suncorp itself and once it hits the dollar amount it is re insured for a bigger insurance company will pay for the rest. This includes any expenses the company has taken such as overtime pay for the company's employees.

And yes just like policy's increased with the Victorian brushfire's all premiums are going to get some sort of increase.