Insurance WTFs

mike_nofx · 27-08-2012, 12:09 PM

Just thought i'd share a bit of a "WTF" on my latest insurace renewal.

Start from the beginning, I bought my 06' BF egas Futura wagon in August 10' for $10k. When arranging insurance with NRMA I organised an agreed value of (from memory) $12k, which was infact at the low end of the market value.
Reasons being, it lowered my premium (over costs of "market value" insurance) AND I felt a $12k payout if there was a total loss was more than fair, seeing I only paid $10k.

Anyway, come renewal time in 2011, agreed value through depreciation had dropped to $10,900. Premium $674.26, Still fair, So I renewed as normal.

Now here comes my 2012 renewal, $632.49 premium (I was surprised it actually dropped!) but realised my basic excess had risen from $600 to $650, and the new agreed value through depreciation was only $8,550, which I wasn't too happy about.
Did my car really drop in value by $2350 in one year? Maybe.

So I call up to ask about the value of the car, to which they answer depreciation. I then ask what market value currently is, and it is $9-$12k depending on kms, condition, extras etc etc.

So now I changed to market value, premium dropped from $632.49 to $625.93, and my car is insured at a minimum (by todays rate) $450 more.
Considering my car is one of the nicer examples, and kms arent THAT high, its probably worth more than the $9k minimum.

Just a reminder to check your renewals!

ravenhard · 27-08-2012, 12:14 PM

the problem you have with the market value is it not going to be a guarenteed $9k-$12k. It could be lower. While they say it might be between $9-12 now, in 11 months time if its a write off it maybe less than $8k depending on the market.

I always prefer an agreed value for this reason, I know all year what I woild be getting, not some random number some insurance valuer will give you

Kable72 · 27-08-2012, 12:42 PM

Last time I renewed my insurance, my premium dropped by 500 dollars for a year. MY agreed value only dropped 1500 or so.

LTDHO · 27-08-2012, 01:31 PM

Quote:

Originally Posted by ravenhard

the problem you have with the market value is it not going to be a guarenteed $9k-$12k. It could be lower. While they say it might be between $9-12 now, in 11 months time if its a write off it maybe less than $8k depending on the market.

I always prefer an agreed value for this reason, I know all year what I woild be getting, not some random number some insurance valuer will give you

Exactly.

superfly · 27-08-2012, 01:45 PM

Quote:

Originally Posted by ravenhard

the problem you have with the market value is it not going to be a guarenteed $9k-$12k. It could be lower. While they say it might be between $9-12 now, in 11 months time if its a write off it maybe less than $8k depending on the market.

I always prefer an agreed value for this reason, I know all year what I woild be getting, not some random number some insurance valuer will give you

If it's a new car though, most companies will replace the car with a brand new one if it's written off in the first couple of years.

I have this on my XR50, so I've just got market value. Premium is $516, $500 excess.

Cheese3 · 27-08-2012, 01:47 PM

HERE IS A FUNNY STORY

Well i had my T3 insured for 32k last year with RACV, it went to personal lock up so i didn't insure it. I went to inure it last week full compo an agreed an they wont go higher than 16k . . . I asked them to take 16k and try and buy a T3 . . .

EB# · 28-08-2012, 07:16 AM

Through a few enquiries with GIO recently, I have found that their insurance quote on
a 3 year old FG XR6T is more expensive than the quote on a brand new one.... WTF.

EB# · 28-08-2012, 07:21 AM

Quote:

Originally Posted by Kable72

Last time I renewed my insurance, my premium dropped by 500 dollars for a year. MY agreed value only dropped 1500 or so.

Which insurer ? Every year my premium goes up and the value goes down !

Yellow_Festiva · 28-08-2012, 09:01 AM

To all insurance companies 99% of their customers are just a name and policy number on a database....

EVERY time insurance comes up for renewal, I shop around online for the best deal... With 3 cars per year you can save many hundreds of dollars over the generic renewal figure.

Don't forget there are the mobs who will "beat the larger players by $100", or "give you $50" if they can't. Even if you don't want to deal with the discount players, you can use them as a bargaining tool with your preferred insurer.

mike_nofx · 28-08-2012, 09:46 AM

No one ever gets the $50 if they can't match your quote!!

Though if anyone has, I'd like to hear it.

Yellow_Festiva · 28-08-2012, 10:42 AM

Quote:

Originally Posted by mike_nofx

No one ever gets the $50 if they can't match your quote!!

Though if anyone has, I'd like to hear it.

Of course, it's a marketing ploy. I think very few people would ever get the $50, unless you have a premuim that is several hundred dollars below their price and they simply can't match it.

So, they 'beat' your quote by $1 and hey presto, no $50.

But, as I said, you would use it as a bargaining chip when getting the best price. I have saved a few hundred for 1 premium simply by saying that I'm holding my renewal from company XY and I need a good financial reason to give you my business....

Many larger purchase prices are negotiated in the same way, insurance is no different.

BPXR6T · 28-08-2012, 07:25 PM

Quote:

Originally Posted by EB92

Which insurer ? Every year my premium goes up and the value goes down !

Shannons by any chance? They've gotten stupidly expensive recently.

Nikked · 28-08-2012, 07:39 PM

Agreed value is agreed value.

Best edvise is to dump NRMA, they are evil, jesus could not save them.

creative · 28-08-2012, 08:20 PM

I was pleasently suprised with my renewal again this year.

Im with shannons, policy came down to about $600 give or take F/c with all the bells.

Moved area and was expecting a hike and got a reduction. Informed them of the rebuild increased my agreed value to $24k and it was still less... Happy all round!

ILLaViTaR · 28-08-2012, 09:03 PM

Well had some clueless european driver kangaroo hopping and locking up at a green light, does it again the moment I take off and he's already reversing the moment I slam the brakes on and we hit. If the idiot didn't reverse I would've been a victim of the behind law and being at fault, despite what I could only decipher as him intentionally trying to commit insurance fraud.

Anyway moving on to the point he decided to deem me at fault to his company anyway, he just paid the excess and got his car fixed and I was uninsured at the time (2 weeks out lol). So HIS insurance company have come after me demanding $4300 in damages to his car. This letter came 4 months exactly after the accident and I had never been previously contacted.

Naturally I told them to get ****** he's lucky I don't pursue damages to my car (only 1 headlight and I had a spare but still). I realise it's the insurance company and not the driver coming after me but they're doing that because this moron deemed me at fault hoping it would all just disappear and he'd keep his A1 rating. They demanded a drawing I told them again I'm not at fault stop wasting my time and ended the call, they said (aggressively) they'd send out the diagram letter, I haven't received it.

Same thing happened to my friend, he was also uninsured but he was at fault, he still told them he wasn't paying and managed to get away with it.

xisled · 28-08-2012, 09:10 PM

Quote:

Originally Posted by ILLaViTaR

Well had some clueless european driver kangaroo hopping and locking up at a green light, does it again the moment I take off and he's already reversing the moment I slam the brakes on and we hit. If the idiot didn't reverse I would've been a victim of the behind law and being at fault, despite what I could only decipher as him intentionally trying to commit insurance fraud.

Anyway moving on to the point he decided to deem me at fault to his company anyway, he just paid the excess and got his car fixed and I was uninsured at the time (2 weeks out lol). So HIS insurance company have come after me demanding $4300 in damages to his car. This letter came 4 months exactly after the accident and I had never been previously contacted.

Naturally I told them to get ****** he's lucky I don't pursue damages to my car (only 1 headlight and I had a spare but still). I realise it's the insurance company and not the driver coming after me but they're doing that because this moron deemed me at fault hoping it would all just disappear and he'd keep his A1 rating. They demanded a drawing I told them again I'm not at fault stop wasting my time and ended the call, they said (aggressively) they'd send out the diagram letter, I haven't received it.

Same thing happened to my friend, he was also uninsured but he was at fault, he still told them he wasn't paying and managed to get away with it.

Quote:

Originally Posted by melv1n

I cant see these things holding much value in years to come.
There are always die hards though.

If you think you got away with it. In a years time you will get a letter from a debt collector.

mike_nofx · 28-08-2012, 09:53 PM

Quote:

Originally Posted by Nikked

Agreed value is agreed value.

Best edvise is to dump NRMA, they are evil, jesus could not save them.

For what reasons specifically?
I always get quotes from other companies every time my renewal arrives, NRMA is always cheapest. I have many policies with them, so that may be why.

I have made a couple of claims with them, both on building insurance and car insurance and have been happy so far.

Have heard some companies put up so much of a fight to get out of paying, but hasn't been my experience with NRMA.

mcnews · 28-08-2012, 10:02 PM

I am just amazed the OP pays more for his insurance than I do my new GT-E.

mike_nofx · 28-08-2012, 10:08 PM

Age I suppose, I am under 30. And you?

Not to mention I made a claim in 2010 which saw 2 4x4s written off.
I kept my 65% no claim bonus, but premium no doubt went up, which itself I see as another WTF.

MITCHAY · 28-08-2012, 10:21 PM

Renewals are issued by computers. They want people to pay blindly. Call them up and get a better deal or find one elsewhere.

One year it was even more expensive and less agreed value than quoted online for a new customer.

I had $400 knocked off, got rating one and agreed value upped on the spot.

All it took was a phone call. Ring up every year and compare it to an online quote as well otherwise you're doing yourself out of money, potentially a lot of it .

mcnews · 28-08-2012, 10:40 PM

Quote:

Originally Posted by mike_nofx

Age I suppose, I am under 30. And you?

Not to mention I made a claim in 2010 which saw 2 4x4s written off.
I kept my 65% no claim bonus, but premium no doubt went up, which itself I see as another WTF.

39. But I do up the excess to keep premium down. I have saved enough by doing that over the last few years to pay the excess three times over if I needed to.

ILLaViTaR · 29-08-2012, 04:55 AM

Quote:

Originally Posted by xisled

If you think you got away with it. In a years time you will get a letter from a debt collector.

pfffft I'm not one of the sheep, you'll have to find another way to intimidate me into paying the big companies, if you actually read my post you'd be aware it's my friend who was at fault not me and he has his reasons. As for my situation I wasn't at fault but they went ahead assuming I was and didn't consult me, went ahead and repaired his car. I'm quite aware of where I stand as I have had legal advice regarding it .

I'm annoyed I wasn't insured when it happened but at the same time it ****** me off that I have to pay one company to get another company off my back when infact the other company has no right whatsoever to even be harassing me in the first place.

Let's make one thing clear, these companies are not the law, they are agencies looking out of their clients, and don't they have no right to bill you for damages for other peoples property when it's not you're fault, and even if it is they don't have the authority. It's a civil matter and has to go through court, agencies are not authorities no matter how much you want to try and scare people into thinking so.

ILLaViTaR · 29-08-2012, 05:21 AM

Oh and 2 years ago someone ran up my **** uninsured (tailgating), was a cracked out bogan, AND HE GOT AWAY WITH IT. My god he must be like the first person in the universe to escape debt I've heard EVERYONE pays up or they go to jail and are very bad people.

EB# · 29-08-2012, 07:27 AM

Quote:

Originally Posted by BPXR6T

Shannons by any chance? They've gotten stupidly expensive recently.

No, currently with GIO. I switched from being a long term NRMA customer
a couple of years ago after their premium jumped up by $250. I am also
somewhat limited for provider options, as my car is modified.

And for the thread generally, here's another 2xWTF's:

On a couple of occasions, I've been through the entire on-line quote system, then
received a final message to 'contact by phone for the premium figure'. I ring
up, wait and wait, and they tell me 'we can't insure a modified car', and I say,
'why not tell me that at the start of the on-line process?' WTF.

I did the YOUI quote a while back and spoke to some joker on the phone that
actually said he was 'genuinely excited' about the quote he was about to
give me on my insurance and how much money I was about to save... !!
His quote was twice what I was already paying. WTF.

LTDHO · 29-08-2012, 08:37 AM

Quote:

Originally Posted by ILLaViTaR

Oh and 2 years ago someone ran up my **** uninsured (tailgating), was a cracked out bogan, AND HE GOT AWAY WITH IT. My god he must be like the first person in the universe to escape debt I've heard EVERYONE pays up or they go to jail and are very bad people.

Sad thing is that today people are not responsible for their actions and/or DGAF so so a lot of the time the innocent part has to wear the cost.

ILLaViTaR · 29-08-2012, 02:17 PM

Quote:

Originally Posted by LTDHO

Sad thing is that today people are not responsible for their actions and/or DGAF so so a lot of the time the innocent part has to wear the cost.

Unfortunately so, not to mention it puts the insurance premiums up, lucky only my headlight shattered and I had a spare. When I got rear ended though by the nutter there was a bit of damaged I only had 3rd party at the time, thought I was stuffed, aami actually covered me up to 3k in damages thank god if I was hit by an uninsured drover, despite only being 3rd party. Was bloody lucky on that one!