Insurrance price rise

Shop around, you will be surprised with some of the quote you get. Cheers

Hi K & J
I understand your concern !!
The following is my personal experience.
By all means shop around as other post suggested.
But unfortunately with Insurance " All Is Not What It Seems " !!
I was insured with a company " Lucky your with " ?????? for yrs & yrs.
No problems until I needed to make a claim !!
My 80 series LC stolen fully packed to go away. Never to be seen again !!
I had "Agreed Value Policy " just paid for 12 months all accessories listed but not in writing ??
I had been trying to get accessories listed on policy for ages as well as a clarification as where I am covered traveling " Off Road " I was constantly told..
All accessories are listed and I'm covered anywhere off road in Aust as long as I'm not doing anything silly ???????
What constitutes " Being Silly " !!!!!!!!!!! Could get nothing in writing ????
Guess what happened when LC went missing .. ( In secure car park at Melb Boat show - Go figure ??? )
Would only pay market value ??? 3 months later I got what I was owed !!!!
Don't know how these Insurance accessor's sleep at night knowing they have screwed another policy holder ??? Money talks... Commissions = $$$$$$$
I'm sorry if this has dragged on, my intension is not to start a forum debate about which Insurance Co is best but to point out the pit falls I have encounted.
My advise to all is no matter what Ins Co you decide to choose make sure of the following..........

1.. Decide on Market or Agreed Value in writing.
2.. Get everything in writing - stated on policy.
3.. Keep all receipts for Mechanical/Accessories + photos ( That's what saved
my case ) Proove the condition your vehicle is in.
4.. Make sure you have everything in writing !!!!!!!!!!!!!!

Don't be like me and take things for granted... Get everything in writing....
And keep those receipts - it really did help my case.
If you can't get it in writing before you hand over your hard earned cash ...
Go elsewhere. No matter what Insurance Co you are dealing with.
We all like to save our hard earned $$$$$ "BUT" you get what you pay for ???
CHEAP IS NOT ALWAYS THE BEST !!!!!!! GET IT IN WRITING !!!!!!

Hope this helps someone from falling into the pitfalls I did.......

Safe 4x4'n
Barry

PS.. The Ins Co I am currently with for House/Car/Boat gives me every change I make in WRITING.....

Remember too that over the last year or so the insurance companies have had to pay out a lot as a result of bushfires and floods so they need to claw that money back from the punters to maintain the huge profits, fancy offices and never mind the advertising.

Insurance companys are no different then any other business, they have to make a good profit.

With disasters happening around the world and the fall of the world financial markets last year, insurance companys have taken a big hit.

I don't work for an insurance company but I under stand world money markets, how it works and what impact it has on large and small companys.

We saw on average a 5-7% increase on most spare parts we buy but stuff direct out of the USA increased between 25-60%, why because they had to to stay afloat and because they can.

People think Insurance, gas, electricity, telcos, and banks are there to help us it it is out god forsacken right to have cheap services from them but at the end of the day they are doing us a favor by providing these services.

Don't get me wrong I hate increases just as much as the next person but at the moment it's a fact of life and we have to learn to live with it

Shop around. Get quotes online.

My previous insurance company cranked up their premiums a bit every year. Online quotes told me they were charging $1000 more than the competition on 5 policies we had with them. I discussed the premiums, they wouldn't change, so I moved.

Kirk & Jeanette
Check out Campervan & Motorhome Club Insurance, we just got the caravan and vehicle (agreed value) insured for very resonable rate.
Rick P

This seems to be very common practice with insurance companies. I get three quotes each year from different companies, last year I was insured with RAC WA and had an increase of over $100 when I got the renewal. When I rang them to say I was not renewing I was asked why I did not call them to arrange a better price. I stated that my driving record and claim history should have been sufficient to ensure their best price without having to call them. This is not the first time this has happened so I think it is probably standard practice to try to extract the extra dollars with each renewal hoping people will just pay up. Companies don't recognize loyalty any more so it doesn't matter if you change every year and when you read their policies they are all near on the same so go for the best price.

Beware all,,,

our boat policy (slightly off topic but RELEVANT) had section agreed value and the $ value of XXXX

just found out (no claim but revising all our insurance) that this means that THE LAST TIME THE BOAT WAS VALUED IT WAS WORTH XXXX,

it is now worth XXXX minus yyyyy due to us not having the boat revalued for some time

ahhhhhhhhh the fine print

we have been paying premium for XXXX when we only needed to pay for current "AGREED VALUE"

BEWARE THEY USUALLY WIN

A bit off topic but in the theme ............ Some people may remember the storm that hit The Gap late 08 now this opened the eyes of many (me included) to the good and bad in insurance companies.

In the first few weeks who could get things fixed DID (many cases are now coming to light not a good move) and monies were paid out ASAP, as time moved on it seemed things really depended on the which assessor you got and the insurance company you were insured with.

I will say some of the bigger insurance companies, as time evolved and from the many people I had to deal / speak with did not rate their own very well and many indicated they would not insure with them again.

Of course there is always the other side as well and there were some good outcomes and good assessors but I can say these were very very few from where I was looking from.

I also agree you need to video EVERY room and if you have receipts for TV's computers, furniture ETC keep them in a safe location. With your house and contents it pays to check on replacement costs from time to time, are you fully covered? The average cost to build a house is around $350000

No matter what you are insuring it should be stated on the policy what is included to be insured, I feel this may have caused some of the issue from the storm. Bear in mind that bit of a puff caused some 32000 claims with around 100 homes destroyed and many more with major structural damage.

I moved from my insurance companied that I was with after many years a couple of months prior to storm as the premiums where getting out of control and I shopped around and saved near $1000 on my insurances. As it turned out a VERY good move as the storm proved.

I can say cheaper is not always better you still need to be comparing apples with apples as they say.

So I will be interested in my premiums this year I maybe shopping around again.

Brian