Caravan Insurance Inrease of 26%
Submitted: Friday, Oct 31, 2008 at 16:02
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Member - SKI'er (QLD)
We have had our Coromal Poptop with last years agreed value of $28,500 insured with APIA for an annual fee of $312.
We recently got a letter from them offering their new 2008-09 policy details. Agreed value reduced by $1000 to $27,500 and the annual premium increased to $394.18.
That is an increase of $82.18 per annum on policy or a whopping 26.33% increase on last year. This percentage increase would be higher if I knew how to calculate in the decrease in insured risk covered.
Did I have a claim ? No. If I had I would probably have had to sell the house to afford the caravan insurance.
Has anyone got some other insurance provider suggestions.
Regards
SKI'er
Reply By: The Landy - Friday, Oct 31, 2008 at 16:24
Friday, Oct 31, 2008 at 16:24
As a general comment; the cost of insurance is likely to increase as the cost of capital and reinsurance (insurers’ on-selling the risk) has gone up due to the credit crisis that has unfolded over the past twelve months.
This will include all forms of insurance.
That isn’t to say that you can’t get a cheaper rate by shopping around, but keep in mind that cheapest may not be best either.
AnswerID:
332877
Follow Up By: ange77 - Friday, Oct 31, 2008 at 17:29
Friday, Oct 31, 2008 at 17:29
We've had our van now since Sept22nd and rang around a lot of insurance agencies but finally went with the one where we got our van from CIL insurance. Our van is valued at 38,500 and insurance cost was $512. Don't know if they will be cheaper but their number is 1800 112 481 might be worth a try, good luck:-)
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Follow Up By: Member - SKI'er (QLD) - Saturday, Nov 01, 2008 at 15:11
Saturday, Nov 01, 2008 at 15:11
Thanks The Landy for your input,
You appear to be right on the button re rising insurance costs cliamed to be linked to global credit tightenings.
Spoke to am acquaintanc at the Bowlo today. He is with my insurance providewr and recently got his home & content insurance offer for the forthcoming year. He had no claims but was offered an in excess of 25% increase in premiums
Regards
SKI'er
FollowupID:
600871
Reply By: ange77 - Friday, Oct 31, 2008 at 17:31
Friday, Oct 31, 2008 at 17:31
I just realised I put my reply as a follow up on your reply from landy, hope you find it sorry!
AnswerID:
332889
Follow Up By: Member - SKI'er (QLD) - Friday, Oct 31, 2008 at 17:48
Friday, Oct 31, 2008 at 17:48
Thanks Ange77
I gave CIL a ring. They quoted $506. I told the lady that she was dearer than APIA She was apologetic but added that they have just had a masive increase in their rates.
Looks as if Landy was right on the button.
Thanks for your input.
SKI'er
FollowupID:
600749
Reply By: Member - shane (SA) - Friday, Oct 31, 2008 at 19:32
Friday, Oct 31, 2008 at 19:32
Same happened to us three weeks ago, I rang the insurance company and said to the lady that i was not happy with the $102.00 increase. She also said about the increases in world premiums, i replied with" I don't mind paying a little extra but not that amount" I also mentioned that we have several policy's with them. In the end we agreed on $35.00 increase and all was happy. It cost you nothing to ask.
Shane.
AnswerID:
332909
Reply By: Member - barry F (NSW) - Friday, Oct 31, 2008 at 20:02
Friday, Oct 31, 2008 at 20:02
I agree with Shane. Its a good bargaining point if you put all or most of your insurance business with the one provider. We are yet to complete our plan to do so but are finding pretty good reductions in standard renewal premium quotations when we point this out at time of renewing. Good luck
AnswerID:
332913
Reply By: MEMBER - Darian (SA) - Saturday, Nov 01, 2008 at 09:24
Saturday, Nov 01, 2008 at 09:24
Their own costs are one thing to insurers, but they will all 'have a lend of us' (or worse) if given the chance - there have been first hand accounts here over recent years about regular clients being treated like chumps when it comes to reinsuring. And it must be said, that far as I can see, the cost of the insured item only plays a part in the risk calculation for them - IE - an expensive van could be cheaper to fix when damaged, than an incident with a much cheaper van - all depends on incident / claim stats etc.
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332980