Insurance Increases

Lacehim

Got a nice bill from Suncorp in the mail today, with an increase of $580 in our insurance for our house, and 2 cars.  Bit of a jump when we haven't claimed ever and there hasn't been any effects from floods or storm damage to our area.

Anyway, phoned them up for a moan... hehe that's the pom in me.  And I just asked for an explaination, and they started talking money off because I've been a good long term customer with no claims.  It just goes to show that sometimes you need to remind them that you are a real person and phone up and politely ask why!

Saved me $150+ for 15 minutes work!  And most of that was onhold!

Has anyone else had massive price increases?  Also while your looking over your policy, check the names and addresses very carefully.  They make a big difference if they aren't correct, and you insurance company won't phone you to fix it up, they will just charge your more!

derrilex

Nice going lacehim. Taking the risk factor out of it,  I still wonder why premiums on cars go up. They are a depreciating asset which is valued at current market value. Market value goes down every year and yet to insure a car of less value the premium rises. It cost no more to repair a older car than a new one and the older the car the more likely the insurer is to right it off. Go figure.  Unlike the house which appreciates ( hopefully) and is subject to re building costs at current market rates.

Koffee_Kosmo

on 1328061049:

Nice going lacehim. Taking the risk factor out of it,  I still wonder why premiums on cars go up. They are a depreciating asset which is valued at current market value. Market value goes down every year and yet to insure a car of less value the premium rises. It cost no more to repair a older car than a new one and the older the car the more likely the insurer is to right it off. Go figure.  Unlike the house which appreciates ( hopefully) and is subject to re building costs at current market rates.

You cant take the risk factor out of the equation Insurance is a gamble weighted on beating the odds for as long a period as can be had, and hope that a claimable event does not happen If it does its paid by the pool of funds If that pool of funds is crippled by a major catastrophe it has to be built up to a break even level KK

UNM

If there is a major event  the insurance company  claims on their insurance. http://en.wikipedia.org/wiki/Reinsurance I called up to cancel my car insurance a couple years ago as somebody  else was cheaper and they immediately offered me a loyalty discount that brought the price down, surprisingly enough, to just below the competitor. It is worth comparing prices at every renewal, but remember that some policies are better than others in, certain situations

derrilex

Agree KK but in most cases where there has been no claim for the previous year/s the risk factor doesnt change. With Lacehim, I doubt whether his risk factor has changed and if it had he should be asking questions - as he did.

Koffee_Kosmo

I was waiting for someone to note That is until they reword the policy so it does not cover you for certain things or cover to a value of  :head: KK

derrilex

Aha, so if a reworded policy doesn't cover to the same extent as the previous year then the policy should be cheaper. - yeah right :rofl: :rofl:

Jonty

You reckon that rise was bad... Have a look at this from the RACV down here: The RACV gold member, who lives 60 metres from the Hopkins River on Ziegler Parade, was shocked to find his home and contents renewal had gone up from $735 a year to $5793

Dry_bean.

on 1328085747:

You reckon that rise was bad... Have a look at this from the RACV down here: The RACV gold member, who lives 60 metres from the Hopkins River on Ziegler Parade, was shocked to find his home and contents renewal had gone up from $735 a year to $5793

derrilex

Sounds like it eh. I havent yet spoken to any of the flood victims in my area but you can bet that suncorp will be out to recoup as much as they paid out