Dramatic Insurance Increase

[cruisindub]

Hi Swaggers,

Has anybody noticed a vast and dramatic increase in their insurance, (both house and car) upon renewal of recent?

Is it a carbon tax increase excuse???

Our home and contents insurance went up $102.00 on the premium renewal, for very basic insurance.
(Our house isnt worth alot, neither are our belongings...... though without it doesnt bare thinking about.)

Car insurance for the very basic and very simple 3rd party only insurance on my old 2wd rusty Ford Courier ute, has increased $35.00

Anybody else noticed anything like this?

Now to begin to search various other insurance companies and compare prices once again.
 
Maybe Woolies insurance might be interesting?

Do they just try it on, see if you'll pay it without question??

Insurance company is SGIO, no claims or changes to the insurance coverage!

[shanegtr]

I had a similar thing with the building insurance on my rental property. Noticed a reasonable increase in premiums, done a shop around and come up with a deal that was substantially cheaper - $200 cheaper in fact. Kinda is a piss of as well since I was a steady customer to the previous company, 8+ years, but a massive difference in premiums will force people the other way

[Hairs]

G'day cruisindub,
I heard some dude on the radio saying that there were a lot of factors why premiums were going up.
A lot of natural disasters of late,
Their operating costs had risen,
And a fall in interest rates was being blame as well.
Which will result in less money in your super, because super funds invest heavily in Insurance companies.
Or so the story goes,

As Shane mentioned, get on the blower and ring other mobs, there doesn't seem to be any loyalty from them, so why show them any.
They seem to give better discounts to new customers than those that have been with them for awhile without claims.
It would seem that at every renewal time, no matter what it is we have insured, we have to change mobs to get a better deal. APITA really.
Just be aware that a couple of the newer mobs, are heaps cheaper, at renewal time they will refuse to renew, when you approach the next insurance company there is a question that will ask, Have you been refused an insurance policy?
You must answer YES to this, you will pay more for your insurance.

Good luck with it all.
 

[Bird]

Sorry you think $100 and $35 is a large increase?? Serious?


There was a story in the leader in the shire where some blokes house insurance went up something like $4000..

Apparently now after 40yrs of living in the same place, his house is now on a flood plain.  Bloke in my club has a rental in Chelsea and his has gone up $1800....
The Gov has release no new data on flood plains in round 8 years according to the article.

Just try and think of a happy place... and buy lots of this.

[KingBilly]

My two cents worth.  When shopping around for insurance, make sure you are comparing apples with apples.  Cheap insurance is cheap for a reason (or all insurance would be the same price).  The big insurance companies own the cheap insurers.  Check who underwrites the cheapies and you might be surprised.  To keep premiums down, cheaper insurance does not have the benefits and extras that main stream insurance offers.  Now if you don't need the extras, that's fine and you can save a dollar but if you want a free windscreen each year, or whatever, make sure you check the PDS before getting excited about saving that dollar or two.

KB

[McGirr]

You may consider increasing the excess to bring the premuims back a little.

Mark

[krisandkev]

I understand they are running a business, need to make profits, pay share holders their dividends etc, but it is strange that after a disaster they have to raise the premiums, but if there is a year where no or only very minor disasters occur you do not see the premiums coming down.  But what can we do. Nothing.  The other point I suppose is that it is better to have profitable companies then ones going into receivership.
And I suppose if we owned the business we would also be after profits. 
Kevin

[Bird]

But what can we do. Nothing.  The other point I suppose is that it is better to have profitable companies then ones going into receivership.
And I suppose if we owned the business we would also be after profits.

The flip side is I can see many many people dropping insurance as they wont be able to afford it. I know hard working people who have $5.00 left at the end of the week.

Then when things go tits up, the Shit hits the propellers..

[cruisindub]

To add a little further...........

Over 20% increase on house premium, $604 up from $502.
Same excess, no claims, no changes, just sent the renewal papers, didnt think that was right, checked what I paid last year and swore a little under my breath.

Over 30%ish increase on car premium, $137 up from $101.??
Samê excess, no claims, no changes etc etc etc

A small inflation type rise I can understand, say 3-4%, but regardless, not happy.

Justvfilled out online quite request from Coles/woolies,............

[Mrs smith]

After 20+ years with the same contents insurance provider I've moved on.
Never made a claim.
44K nill excess cover increased from $240 to $506
An increase in the excess of $500 would have reduced it too $455
An increase in the excess or $1000 brought it back to $423 still far to dear
so now they can ki$$ my a$$, covered again for $240 so much for loyalty.
Apparently the increase is due to the inclusion of flood cover.

[cruisindub]

Edit,
Quotes requested using exact same info as on the renewal papers.
(House coverage/contents coverage amounts)
Exactsame info for house details, ie deadbolts/shutter bedroom numbers etcs etc,

I'll compare excesses etc. Upon quotes received back, but at moment is $550 excess for the basic 3rd party insurance which isn't that interesting. (Or cheap either)

[Mace]

This is relevant:

http://www.treasury.gov.au/PublicationsAndMedia/Publications/2011/NDIR-Recommendations

Many insurance companies no longer offer the "opt out" of flood cover option.  its not that new flood areas have been recognised, its that Insurance companies are now hitting anyone within cooee of one with "flood cover".  Our house insurance has gone from $800 to $1500.  I shopped around, and the cheapest quote I could get with another company was $3200 (on a $250k property). Our house has never flooded, but the block has been inundated once (1993) - in what was recognised as a 1 in 500 year event.

Finding a good Insurer that offers the "no flood cover" option (but does have storm damage cover) is a big issue, anybody know one?

[KingBilly]

Apparently the increase is due to the inclusion of flood cover.

You are not comparing like for like.  Amount of increase due to additional flood cover sounds about right.

The number of people who whinged and bitched because they weren't covered for floods in Brisbane and then wanted government handouts is what has forced the changes with insurance company policies in Qld.

KB

[KingBilly]

Edit,
Quotes requested using exact same info as on the renewal papers.
(House coverage/contents coverage amounts)
Exactsame info for house details, ie deadbolts/shutter bedroom numbers etcs etc,

I'll compare excesses etc. Upon quotes received back, but at moment is $550 excess for the basic 3rd party insurance which isn't that interesting. (Or cheap either)

As I said above, make sure you compare like for like.  Look a bit deeper than just the basics.  Cheaper policies will have less inclusions.  Look at things like fusion cover, accidental breakage, hire car, transport and accommodation.  If you don't need the extras, that's OK but you will have to compromise if you look at cheaper policies.  That's just the way it is.

KB

[Mrs smith]

You are not comparing like for like.  Amount of increase due to additional flood cover sounds about right.

The number of people who whinged and bitched because they weren't covered for floods in Brisbane and then wanted government handouts is what has forced the changes with insurance company policies in Qld.

KB

I'm sorry,
I didn't have flood cover to start with, didn't ask for it to be added and don't have it now
Hows that not Like for like ?

[KingBilly]

After 20+ years with the same contents insurance provider I've moved on.
Never made a claim.
44K nill excess cover increased from $240 to $506
An increase in the excess of $500 would have reduced it too $455
An increase in the excess or $1000 brought it back to $423 still far to dear
so now they can ki$$ my a$$, covered again for $240 so much for loyalty.
Apparently the increase is due to the inclusion of flood cover.

I'm sorry,
I didn't have flood cover to start with, didn't ask for it to be added and don't have it now
Hows that not Like for like ?

You said the increase was due to flood cover.  I assumed you were comparing the cost of insurance with flood cover (new premium) against cost of insurance without flood cover (last year's premium).  Therfore not comparing like for like.

KB

[chester ver2.0]

You are not comparing like for like.  Amount of increase due to additional flood cover sounds about right.

The number of people who whinged and bitched because they weren't covered for floods in Brisbane and then wanted government handouts is what has forced the changes with insurance company policies in Qld.

KB

Yep as above and the Ombudsman has also tighted up on this BS the insurance companies tried by saying sorry i know you have flood cover but it was not a flood it was a storm surge which you are not covered for.

So basically they have been told to broaden their cover and to do that risk is increased so you guessed it premiums go up

Another one to look at is read the fine print as to who actually underwrites the policy cause if it is an overseas mob i think the aussie dollar can have some impact

[cardinal28]

Household and vehicle insurances are both the same - I received the renewal notice from my insurance company (Lumley Special Vehicles) for my 4x4 the other day and it had increased slightly. Their excuse was that they had been affected by a lot of natural disasters and everybodys cover has increased.
So I thought I would get a quote from somebody else. Rang AAMI and it was quite a bit cheaper, even with all the accesories on the 4x4, but things changed signifently when I mentioned the OME suspension and a 2" lift. The quoted price skyrocketed and ended up a lot higher than LSV.
Naturally I have stuck with LSV, who also offered an agreed value policy to cover all the accessories, and no premium increase for the lift.
A lot of insurance companies advertise cheap policies - and thats what you get, a very basic policy, until the add ons.

GK

[briann532]

Don't know if its just me, but I've noticed a consistent trend in my insurance.

I shop around, get a good deal, after checking policies, cover etc to compare apples with apples.
Then when I'm satisfied I pay my money.

Then after the 2nd renewal price skyrockets.

I believe they figure you've renewed once, you're satisfied so you'll renew again.

I now shop after every renewal. I've also found that providing them with written quotes from other insurers gets them matching or beating.
If they want my business they need to be better than the others.
I also never just purchase insurance solely on price. Allready covered in this thread, but check the PDS......

Insurance companies are like ......oh yeah, this is a family forum..... we'll you know what I mean...

Cheers
Brian

On the brighter side, I always hope I've wasted my money on insurance. If you need it, somethings gone wrong.

[krisandkev]

Household and vehicle insurances are both the same - I received the renewal notice from my insurance company (Lumley Special Vehicles) for my 4x4 the other day and it had increased slightly. Their excuse was that they had been affected by a lot of natural disasters and everybodys cover has increased.
So I thought I would get a quote from somebody else. Rang AAMI and it was quite a bit cheaper, even with all the accesories on the 4x4, but things changed signifently when I mentioned the OME suspension and a 2" lift. The quoted price skyrocketed and ended up a lot higher than LSV.
Naturally I have stuck with LSV, who also offered an agreed value policy to cover all the accessories, and no premium increase for the lift.
A lot of insurance companies advertise cheap policies - and thats what you get, a very basic policy, until the add ons.

GK

Interesting as I just changed to AAMI as they provide cover for contaminated fuel. I spoke to them about the lift on our cruiser and they said that was fine.  No extra charges.  They said they were more concerned with performance modifications such as engine chips and exhaust modifications?    Kevin

[Bird]

Interesting as I just changed to AAMI as they provide cover for contaminated fuel. I spoke to them about the lift on our cruiser and they said that was fine.  No extra charges.

thats whats ****ed bout australian insurance.. you could ring back tomorrow and get another answer.

TCIS used to do 4wd Victorian cars thru CGU I thnk it was... Then that stopped, but I was happy with CGU and their service nad price. Called them direct, they wouldnt do any lift at all.. NONE... but other people I knew had their cars insured with them..

Same with Shannons... everyone said how awesome they were.. I calleed and was told they didnt deal with 4wds... Yet I called 4 yrs later with the GU and low and behold, they came back with the second best price and agreed value of the lot...

Go figure.

[Bird]

Don't know if its just me, but I've noticed a consistent trend in my insurance.

I shop around, get a good deal, after checking policies, cover etc to compare apples with apples.
Then when I'm satisfied I pay my money.

Then after the 2nd renewal price skyrockets.

I believe they figure you've renewed once, you're satisfied so you'll renew again.

its just about the oldest scam in the book really.

[elle.mac]

We are with CGU and our contents came down by $10-20ish and our car insurance went up by $10-20ish for us.  We found we had few options in getting insurance due to our location and what we wanted the Prado to be insured for.