Insurance policy hit !

[N5GTi6]

I've just received the Comprehensive vehicle insurance policy renewal for our 2018 308 T9 Touring.

With no changes in my circumstances from last year I've found that the policy cost has almost doubled !

Comparative quotes from other companies show roughly the same prices being quoted.

What gives ? Have thieves all of a sudden taken a liking to Pugs ?

Regards

Justin

 

[DoubleChevron]

Is it your postcode ?

 

[COL]

Its the insurance companies price gouging, they are trying to recoup their losses from the natural disasters that have been happening around the country.

I have had insurance companies trying it on with house insurance as well, I have changed companies several times in the past 7 years.

The insurance companies are hoping you don't check and just pay the premium, especially with this auto renew that they like to push on their customers.

All I can say is shop around until you find a company with realistic premiums.

 

[N5GTi6]

Is it your postcode ?

I've tried a requote - all online - changing from my Sydney metro postcode to a country postcode and the quote has come down a little - but not a huge amount.

Cheers

Justin

 

[N5GTi6]

Its the insurance companies price gouging, they are trying to recoup their losses from the natural disasters that have been happening around the country.

I always get multiple new quotes every year. I'm too busy to have to work even more hours to pay for a more expensive premium because I can't be bothered getting a quote. It really doesn't make sense to me.

I've got a quote through Shannons now - they also insure several of my other cars. Their price is back at an expected, acceptable level.

I'll be ringing my other existing insurer on Monday to mention that I'm thinking of going elsewhere - I've found that can spring them into action to keep business.

Regards

Justin

 

[COL]

I always get multiple new quotes every year. I'm too busy to have to work even more hours to pay for a more expensive premium because I can't be bothered getting a quote. It really doesn't make sense to me.

I've got a quote through Shannons now - they also insure several of my other cars. Their price is back at an expected, acceptable level.

I'll be ringing my other existing insurer on Monday to mention that I'm thinking of going elsewhere - I've found that can spring them into action to keep business.

Regards

Justin

I know its a pain in the ass every year when house & car insurances come around. I always expect a huge price hike and then having to spend time chasing up a reasonable premium.

 

[DoubleChevron]

Especially house insurance. They seem to have a punishment clause built in. If you don't change each year, the annual amount increases dramatically. You can find, even doing a quote for your house on there website will return a much lower rate than your renewal (trying to get you business ... because once people have changed, direct debit just keeps helping itself after they have jacked up the premiums after the first year). Our house insurance has jump enormously ... staggeringly over the last 4 years. I still can't complain, we have been flooded from the top down ... it must be 5 or 6 years ago now. And the insurance company completely gutted and redid the house, and put us up in accommodation for several months.

 

[N5GTi6]

I know its a pain in the ass every year when house & car insurances come around. I always expect a huge price hike and then having to spend time chasing up a reasonable premium.

I think I've been lucky in the past then. I've never really had much of an increase, so the hit this year has been quite a shock, with the wife talking of selling one car. Since we know that can't happen I'll need to work at getting the cost increase reduced !

Regards

Justin

 

[N5GTi6]

Especially house insurance. They seem to have a punishment clause built in. If you don't change each year, the annual amount increases dramatically. You can find, even doing a quote for your house on there website will return a much lower rate than your renewal (trying to get you business ... because once people have changed, direct debit just keeps helping itself after they have jacked up the premiums after the first year). Our house insurance has jump enormously ... staggeringly over the last 4 years. I still can't complain, we have been flooded from the top down ... it must be 5 or 6 years ago now. And the insurance company completely gutted and redid the house, and put us up in accommodation for several months.

The reason companies like insurance companies in particular NEVER get my bank account details !

Regards

Justin

 

[DoubleChevron]

The reason companies like insurance companies in particular NEVER get my bank account details !

Regards

Justin

I think they have re-zoned a lot of entire areas as flood planes .... and dramatically increase the insurance rate (even if you're sitting on the top of a hill in the "flood zone"). as they are applying it to entire areas, not just the problem places

 

[COL]

Especially house insurance. They seem to have a punishment clause built in. If you don't change each year, the annual amount increases dramatically. You can find, even doing a quote for your house on there website will return a much lower rate than your renewal (trying to get you business ... because once people have changed, direct debit just keeps helping itself after they have jacked up the premiums after the first year). Our house insurance has jump enormously ... staggeringly over the last 4 years. I still can't complain, we have been flooded from the top down ... it must be 5 or 6 years ago now. And the insurance company completely gutted and redid the house, and put us up in accommodation for several months.

I have always managed to find an insurance company that has an acceptable premium. If you do your insurance through a website there is usually a discount for not involving a human so you can save a bit there.

There has been a few times where i have actually saved money by changing insurance companies.

 

[COL]

The reason companies like insurance companies in particular NEVER get my bank account details !

Regards

Justin

Even if you have auto renew, you can stop it happening by getting on the company's website and changing it.

 

[COL]

I think they have re-zoned a lot of entire areas as flood planes .... and dramatically increase the insurance rate (even if you're sitting on the top of a hill in the "flood zone"). as they are applying it to entire areas, not just the problem places

I think they have re-zoned the whole country, I don't live in a flood prone area or a bush fire area, but when ever these events happen I seem to cop the premium increase.

 

[Greenpeace]

I think they have re-zoned the whole country, I don't live in a flood prone area or a bush fire area, but when ever these events happen I seem to cop the premium increase.

Yes, and then the Shire Councils start adding "flood resilience levies" or some such "empty your wallet" schemes to your rates.
Our rates have both a flood resilience levy and a bushfire resilience levy added.
We've never flooded or had a bushfire in my immediate area.
Sort of like wanting your cake and eating too, it isn't it?

 

[lowpugV2]

It is getting ridiculous now though. Insurance has always crept up but this year is nuts. My home contents went up by $250 for no apparent reason. I'm not in a flood or fire prone area at all. And my 308's insurance went up by $300 ( while they adjusted the agreed value down by $8000!) everyone I know is saying the same thing. Of course I have shopped around but it's high with every quote. It's almost as if the insurance companies have made some agreement to align their pricing high...

 

[COL]

My premium went up by around 7% this year, but in fairness the cover for the house went up by around 10% and the cover for the contents went up by around 6%.

In previous years with other insurers the premium has risen by 25% and the cover for the house and contents has gone up 5%.

Anything more than inflation or the cost of replacing your buildings and contents is just trying it on and price gouging.

All we can do is try and keep the insurance companies honest.

My car insurances are due in August so will see what sort of surprise we get then.

 

[Greenpeace]

It is getting ridiculous now though. Insurance has always crept up but this year is nuts. My home contents went up by $250 for no apparent reason. I'm not in a flood or fire prone area at all. And my 308's insurance went up by $300 ( while they adjusted the agreed value down by $8000!) everyone I know is saying the same thing. Of course I have shopped around but it's high with every quote. It's almost as if the insurance companies have made some agreement to align their pricing high...

Our family home went up 35% this year.
I rang around and got exactly the same cover, but for a higher property value than on the other's renewal, for less than I paid with the other insurer the previous year.
When I rang to cancel the old policy I was met with "oh, you've been with us for 26 years, you've never a made a claim, you're a valued customer, let me see what I can do for you".
I said, "your company just put my policy up 9 times the percentage of the CPI, how valued do you think I feel"?
She said "oh we're all doing it tough, my insurance went up a lot too you know". "The company is doing the best it can in today's economy, it's struggling as well".
I said, "you do know your employer just announced a $755 million dollar after tax profit don't you"? "Pardon me if I don't shed a tear for them".
Crickets.

Two of our rental properties renew at the same time.
They are the same construction, same value, are located 2 doors apart on the same side of the same street. Neither have had any claims made since we've owned them, neither have a mortgage..
They were insured for the same amount and for exactly the same level of cover.
One went up 10%, the other 32%, like WTF.
A phone call to the insurance company (S#nc#rp) was met with "oh there are hundreds of different things we look at that can have an effect on the policy's price".
I said "which those hundreds of things has changed on the 32% increase property since last year"?
"I don't have that information", was the reply.

I spent around 2 hours online this financial year insuring our four properties, and saved $3,000 in total, over the renewal quotes I received from the previous insurers.
All the replacement policies have either an equivelent or higher level of cover than that stated on the previous insurer's renewals.

Insurance companies are not our friends, we are just a gravy train in their eyes.

 

[Peter]

Same here , massive increase for insuring the 308. So for shots n giggles I did an online quote , same address and details but this time a 1968 Ferrari (valued at around 10 times than the 308 is) and that insurance premium was lower than they quoted for the 308

 

[DoubleChevron]

Same here , massive increase for insuring the 308. So for shots n giggles I did an online quote , same address and details but this time a 1968 Ferrari (valued at around 10 times than the 308 is) and that insurance premium was lower than they quoted for the 308

Statistically it would be a very safe insurance bet. You would keep it in a secure locked garage and never drive the thing. That is why shannons has been extremely well priced for old vehicles. The more modern the vehicle the more expensive they are. Once you hit about the mid 80's ... premiums go up quite a bit. no doubt because it is a daily drivable "usable" car, so it more likely out being driven ... so more likely to be involved in theft/crashes/damage.

 

[Peter C]

Insurance renewal notices are things that I "really" look forward to. By the time you get on line quotes, ring around, ring your existing insurance company and compare notes with friends, I need a Bex and a good lie down!

Council rates are another source of angst, but at least there's not the hassle of the aforesaid - you just gotta pay up!