Insurance. Is there really that much difference between them..?

[Darcy7]

Hi all

The missus and I have been on something of a cost saving program lately and one thing that has come up is the question of changing insurance on the Patrol.  We're currently with RACV and have been for many years but their premiums have slowly crept up over the years.

I did the Comparethemarket thing last week and was shocked to find that I could almost half the premium by changing to another insurer.  Some of the difference I can see is that they take into account the lower ks we will travel and that both nominated drivers are over 40 years old.  But still its a huge difference.

What I'm concerned about is not getting the same level of cover for those things that may not be obvious without a detailed reading of the product disclosure document.

I'm wondering if anyone else has gone through this exercise and what the experience is if you've had a claim.  At the moment we are looking at Real Insurance as the best value so far.  Have never heard a good or bad thing about them.

Any advice would be welcome.

thanks

Darcy

[krisandkev]

Darcy I have gone through looking at different companies but one of the things I had to be sure about was cover for fuel contamination which is extremely important for our diesel vehicle.  Some companies will not provide the cover; some say it is viewed on a case by case basis while others said definitely covered.  I also looked at where our vehicle would be covered, off road for example. I went with AAMI for our car and have just had to make a claim and they have been very easy to deal with.  Mind you it was a simple claim and only for $1,500 for repairs.  Our camper trailer is with QBE and a few years back we had to make a $7,000 claim and I cannot speak highly enough of them.  But when I looked at them in 2012 for our vehicle they stated they do not cover for contaminated fuel.  The strange thing about comparing companies is that while several companies will actually be owned by one large company they provide different coverage.  All very confusing.   Kevin

[Darcy7]

did a bit more research on this and have found a few reasons:

1. No drivers under 40 year of age
2. quote based on max 10,000ks per annum
3. no modifications to the vehicle (chips or exhaust)
4. $800 basic excess.  You ought to see the others...!!!
5. Online quote only.
6. Premiums can change depending on the time you get the quote.
7. No rating one protection.
8.  NOT COVERED OFF ROAD...!!! 

Pays to read the PDS....!

cheers

Darcy

[RedProw]

Yep...that is why it is important not to shop on price alone. A lot of people seem to get hung up on the price. I understand that knowing where those hard earned $$$$ are going needs to be considered, but equally important is knowing exactly what you are being covered for should something happen to your pride and joy. Pays to read all that fine print when shopping around, as the cheapest price isn't always the best option.

Good luck.