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Thread: The Insurance Thread

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    Member rubin's Avatar
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    The Insurance Thread

    Firstly, I'm not selling anything, just wanting to help out where I can. I don’t like seeing people getting shafted if there is anything I can do to assist. Something that I notice is common place is that many people do not understand their own Insurance, or want some advice on what to do, so I thought it may best to start an Insurance thread itself, where I am happy to offer advice, suggestions or solutions to any problems or issues you may have.

    (Unless you are a formal client of mine, I do not/will not earn anything from this advice, and have no allegiances to any specific insurer. This is general advice, but I am happy offer some more detailed suggestions if you want to ask anything (I wont charge for it either).)

    A quick bit on my background – I am an Insurance Broker having been in the industry for some 10 years now. My primary focus is offshore marine and energy, but I have been involved in both underwriting, claims and broking of personal products (home, contents, motor etc) in the past, as well as some significantly bigger risks (commercial properties, drilling rigs, boat builders etc) and workers comp, personal accident etc.

    First things first, some quick background.

    Insurers are either:
    - The Underwriter – The company who carries the risk.

    - An Agent – either a trading name of an underwriter, or someone who has arranged an agreement to utilise a specific portion of the Underwriters capacity. This does not mean that they are part of the same company, it simply means that in a claim, the money will come from the Underwriter, not the agent.

    Insurers also operate different treaties/portfolios (think of it like bank accounts) for different policy types, meaning that if they get hit hard with claims on say Homes, this doesn’t affect those customers that only insure their cars/bikes etc.

    IAG own CGU, Swann Insurance, NRMA, SGIO, WFI, A.M.I and Lumley Insurance.

    QBE are Australia’s largest insurer, and one of the top 20 worldwide. 70% of QBE’s business sis derived from overseas subsidiaries, and 40% of their workforce.

    Suncorp own:
    GIO, Vero, AAMI, Shannons, APIA, Just Car, Insure my Ride (or did), Terri Scheer, Bingle and are the most diversified in terms of Agency agreements in Australia.

    For what its worth, an estimated 87% of Australia is insured with IAG, QBE or Suncorp companies.

    Now, for the Others:

    Youi – is owned by a South African company. The claim of being the fastest growing Australian Insurer is easy when you start from 0% market share. They have a dubious record of paying claims, and are under investigation by ASIC (Australian Securities and Investment Commission – The Financial Services regulator) for their actions. Use at your own risk.

    Budget Direct are also a South African company owned by Auto and General and backed by Calliden. Budget Direct won’t cover motorbikes (as far as I’m aware, but happy to hear different). Budget’s track record isn’t particularly long or special, which is in stark difference to other A&G companies like Dawes Insurance (if you have a prestige/high end car, check them out, they are the shit!).

    There are plenty others as well (real, progressive, Woolworth insurance), and I could spend months writing out the list and probably not get every single company. Simply put, if I haven't mentioned them, they are worth the paper they are written on.

    What everyone should be concerned with, is not how cheap the premiums are, but what claims they will pay and how good their service is. When you buy insurance, you are buying a promise from a company that they will help you if you get in trouble.

    Like with everything, you pay for what you get (for the most part).

    Some other info:
    - Read the PDS/wording!!!! I cannot stress this enough.
    Every policy is different, so don’t assume that by buying car/bike or home insurance from SGIO, and then switching to QBE you are getting the same thing – you won’t be.

    - Don’t go for Multi-policy discounts unless they actually are worth it. In most cases, you are missing out on something, because not every insurer is great at everything.

    - Stick with one of the big 4 companies (IAG, QBE, Allianz, Suncorp), and pay the extra.
    As an example, I had a client who got a ‘great offer from youi’ on their Landcruiser, saved him $400 on comprehensive cover apparently. 2 weeks later it was written off, but apparently youi had a time exclusion on his cover (not being used during 10am and 4pm or something). Goodbye car, and no money for it.

    - Australia is not America - insurers cannot decline a claim hoping it will go away without reasonable circumstances to do so.

    - In the event of a claim, it is up to you (the insured party) to show proof of loss, I.e prove that you owned the item in the first place, what/why/how it was damaged, and in most cases, source repair/replacement quotes.

    And for godsake, if you want a comparison of coverage on anything, use an Insurance broker! They can tell you specifics about the coverage and for your specific circumstances. I-select, compare the market (meerkat) are useless compared to what people in my field can do for you.
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    Member potato's Avatar
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    can i add coles insurance?

    thats IAG as well and SGIO assessors do the assessments


    Straightline2ten your motorcycle and motor car repairer for smash repairs

    insurance or private work, plastic welding,resprays, restoration and classics

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    Informative post! I only have one question?

    Do premiums increase if you happen to ride an R6 and travel through the intersection of newcastle and palmerstone on a Sunday evening (9-10PM)?
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    Member rubin's Avatar
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    Quote Originally Posted by potato View Post
    can i add coles insurance?

    thats IAG as well and SGIO assessors do the assessments
    If you wish.

    I know it's underwritten by IAG, but believe that the wording is pretty average and doesn't have the bells and whistles.


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    Member rubin's Avatar
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    Quote Originally Posted by Sauer View Post
    Informative post! I only have one question?

    Do premiums increase if you happen to ride an R6 and travel through the intersection of newcastle and palmerstone on a Sunday evening (9-10PM)?
    Only if your very shocked and very scared whilst doing so, but you must be pretty lucky.


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    Insure my ride looked ok on paper for inclusions.. and was also green slip in NSW.. but they are no longer accepting renewals. And so policies are being picked up by Shannon's.

    Based on Suncorp owning Shannons in you opinion I should be okay? Anyone had to move to Shannon's already and what was the result on your premium?

    Thanks for you effort rubin

    Heath


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    Member rubin's Avatar
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    Quote Originally Posted by grief67 View Post
    Insure my ride looked ok on paper for inclusions.. and was also green slip in NSW.. but they are no longer accepting renewals. And so policies are being picked up by Shannon's.

    Based on Suncorp owning Shannons in you opinion I should be okay? Anyone had to move to Shannon's already and what was the result on your premium?

    Thanks for you effort rubin

    Heath


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    Historically, Shannons have been far better on the service side than Insure my ride, as they were originally targeting the collectors/premium market. That's not that insure my ride were bad either.

    I would think you'll probably pay more with Shannons going forward, but there may be a deal where they will do the increases over multiple years or similar. The other alternative is Shannons start offering different policy levels, and therefore different premium levels (eg gold, silver and bronze) but again, too early to say.

    Ultimately, it will likely be a case of both, as wen insurers (such as Suncorp) undertake these moves, its because they have a poor performing portfolio. They will be expecting to lose business as a result of this decision, and are probably hoping to halve the number of insured persons that were previously covered by Insure My Ride.





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    Member Coastal0's Avatar
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    I've heard good and bad things about QBE - what's your personal opinion on them?

    I know you mentioned they were the biggest, but it looks like people have received both good and bad treatment in their hands.

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    Quote Originally Posted by Coastal0 View Post
    I've heard good and bad things about QBE - what's your personal opinion on them?

    I know you mentioned they were the biggest, but it looks like people have received both good and bad treatment in their hands.
    There is no such thing as perfect insurer – what has been great for one person, will be a poor for someone else. In many circumstances it’s a case of the person claiming not knowing what they need to do and it not being explained to them properly.

    Ultimately, people need to remember that every insurance policy is the same, where if you are making a claim, you need to substantiate your loss (i.e prove it). Sometimes its easy, sometimes not so much, but provided what your claiming is actually covered (or probably covered), most australian insurers are actually trying to get you to give the information they need to pay the claim.

    QBE Positives:
    They pay their claims quickly and promptly.
    Their market captilisation means that they wont be doing an Insure my Ride and closing shop.
    Standard Coverage on most policies is generally pretty good.

    QBE Negatives:
    Most of the claims staff, at least lodgement, are overseas and are general claims people.
    Most of the claims staff are data entry people, not technical people who understand the details of your car/bike/boat etc. Unfortunately, this is a similar issue for most insurers, and comes down to staffing.
    Because they are big, things do get missed/lost/unactioned etc and you do need to chase them, rather than have them chase you.

    hope it helps.
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    Member rubin's Avatar
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    This may have been better placed for the OP, but

    In the event of a claim (I’ll be quiet generic here), you (the policy holder) will need to:
    a) Show cause of loss. i.e what has happened that has caused you to suffer a loss or damage etc. Sometimes simple, sometimes not so. Demonstrate this.
    b) Show that you have an insurable interest. Do you own, lease or are personally responsible for that item/property/thing? Show me how/why.
    c) Provide quotes for reasonable repair costs or replacement costs. This is also called the ‘Prudent uninsured test’ or what would an average, reasonable person pay to repair or replace the item if they didn’t have insurance.
    d) Comply with the obligations of your policy. Was your home broken into? Make a police report. Was your car/bike involved in an accident? Get the details of the other party (name, phone etc). Notify your insurer within a reasonable time frame, and if they request it, allow an assessor/surveyor to attend – it will make things easier.

    Remember, they are there to help you, but you need to help yourself first.

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    Member GsxInShed's Avatar
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    I just did an online quote..?.. with Swann for bike waste of fkn time... But I was directed to the pay page in 9 clicks.....:-)

    Coles...? don't insure bikes?

    So now I have a GSX 250 SSM import Katana....AANNNDDDDD an Aristo TT I can't get insured...wtf?

    I don't have extra 3rd party on the ute

    And the GSX 1100 is never gonna get a policy... now is it..?

    And I need insurance...because....? ( I'm a goody 2 shoes'.....yeh nah..)
    " Imagination is the seed of life..."

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    Quote Originally Posted by GsxInShed View Post
    I just did an online quote..?.. with Swann for bike waste of fkn time... But I was directed to the pay page in 9 clicks.....:-)

    Coles...? don't insure bikes?

    So now I have a GSX 250 SSM import Katana....AANNNDDDDD an Aristo TT I can't get insured...wtf?

    I don't have extra 3rd party on the ute

    And the GSX 1100 is never gonna get a policy... now is it..?

    And I need insurance...because....? ( I'm a goody 2 shoes'.....yeh nah..)




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    You want peeps to take your advise.....Rubik..?

    wanna clean up the people skillz...brah..
    " Imagination is the seed of life..."

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    The Insurance Thread

    Ok, I'll bite and try and decipher your whinge/rant.

    Why was Swann a waste?
    Why won't the 1100 be insured anymore?
    I'm not sure why your questioning online quotes or Coles, but ok.

    If no one will insure you - wtf have you done wrong?

    What do you mean by extra 3rd party?

    Why do you need insurance?
    Can you afford to pay to replace your bike, the car you hit, the road property damaged because of the accident and all of your medical bills out of your own pocket, as well as the driver of the cars medical bills?
    No?
    Buy insurance then.


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    I just got paid out from Shannons for my Range Rover which I ran into a tree... "swerved to miss kangaroo" easiest claim ever. As an ex panel beater I have dealt with many assessors and never had a problem with shannons however they are ridiculously more expensive than Swann when it comes to bikes. They didn't even care about my monitored gps tracking device fitted. There are many differences in the policies compared to Swann which I'm happier to accept for the price difference


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    rubin Why is it that when I get a full comp quote from different insurers, I get asked "Have you done a motorcycle training course in the last x years or x months", and yet whether or not I answer that I get no change (better or worse) in my insurance quote ? Am I too young (22) to get some sort of change because of that ? Or is my bike deemed "high risk" regardless of the rider's background because it's a faired supersport ? Always wanted to ask
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    Quote Originally Posted by Ryanoceros View Post
    rubin Why is it that when I get a full comp quote from different insurers, I get asked "Have you done a motorcycle training course in the last x years or x months", and yet whether or not I answer that I get no change (better or worse) in my insurance quote ? Am I too young (22) to get some sort of change because of that ? Or is my bike deemed "high risk" regardless of the rider's background because it's a faired supersport ? Always wanted to ask
    Same for me with swann.

    Training/no training, locked/unlocked garage make no difference to my premium, so I go no training and unlocked just in case they are trying to be sneaky and loophole me out of a payment.
    Last edited by nos; 20-01-2017 at 08:09 PM.

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    Quote Originally Posted by Coastal0 View Post
    I've heard good and bad things about QBE - what's your personal opinion on them?

    I know you mentioned they were the biggest, but it looks like people have received both good and bad treatment in their hands.
    The only bad part I had was the repairer and having to take it back three times.
    "Some people are like clouds. When they disappear it's a beautiful day"

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    Member MikeL's Avatar
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    Quote Originally Posted by Ryanoceros View Post
    rubin Why is it that when I get a full comp quote from different insurers, I get asked "Have you done a motorcycle training course in the last x years or x months", and yet whether or not I answer that I get no change (better or worse) in my insurance quote ? Am I too young (22) to get some sort of change because of that ? Or is my bike deemed "high risk" regardless of the rider's background because it's a faired supersport ? Always wanted to ask
    Quote Originally Posted by nos View Post
    Same for me with swann.

    Training/no training, locked/unlocked garage make no difference to my premium, so I go no training and unlocked just in case they are trying to be sneaky and loophole me out of a payment.
    Huh, that's odd, I've never been asked the training question. I've been asked where I park at home (ie on the street, open carport, garage) but never about training. Could be I'm too old though, old dogs, new tricks etc etc
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    Member Yakka's Avatar
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    Quote Originally Posted by Ryanoceros View Post
    rubin Why is it that when I get a full comp quote from different insurers, I get asked "Have you done a motorcycle training course in the last x years or x months", and yet whether or not I answer that I get no change (better or worse) in my insurance quote ? Am I too young (22) to get some sort of change because of that ? Or is my bike deemed "high risk" regardless of the rider's background because it's a faired supersport ? Always wanted to ask
    Perfect combo.. jack up the price, I would wouldn't you? In another 20 years you will look back and think I was lucky to get away with that, or say I did dumb shit when I was younger... the insurers know how it works. Young blokes are invincible - I was too at that stage but I woke up which my insurer knows now!!
    No road to rough no muff to tough.
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