Insurance policy hit !
- Thread starter N5GTi6
- Start date
I did say "...a diligent loss assessor..."; maybe, I should have said an arsehole of a loss assessor that gets paid on the number of claims he/she knocks back.
We've had members here that were not permitted to change wheel size from 19" to 18" (or vise versa) if I recall because it was deemed to be a modification.
Nevertheless, I concur that a clutch cable is a bit of a stretch to be classified a modification.
Bear in mind that the main insurers in this country are not Australian - very, very wealthy private individuals. Nothing wrong with that but their insurance policies do have terms and conditions that must / maybe applied.
There are some insurers that require zero alcohol blood levels - not below legal limits.
If one can not tolerate a knock back from their insurer, one must read the terms and conditions that their insurer issues that policy.
John
We've had members here that were not permitted to change wheel size from 19" to 18" (or vise versa) if I recall because it was deemed to be a modification.
Nevertheless, I concur that a clutch cable is a bit of a stretch to be classified a modification.
Bear in mind that the main insurers in this country are not Australian - very, very wealthy private individuals. Nothing wrong with that but their insurance policies do have terms and conditions that must / maybe applied.
There are some insurers that require zero alcohol blood levels - not below legal limits.
If one can not tolerate a knock back from their insurer, one must read the terms and conditions that their insurer issues that policy.
John
you are a fair dinkum Greeny!But they all re-insure most of the risk taken on and that's often not local. The whole industry works on the basis that there will be a low level of claims and major events can turn out to be unfunded as the claims are too large in total. Consider the insurance of mortgages leading up to the GFC.
You might also recall the 'names' who were caught up in the Lloyds Insurance drama quite a long time ago now. Where they accepted an essentially unlimited liability to cover payouts they thought would never happen in return for the premium cash flow. It seemed like money for nothing until a few event required large payouts.
You might also recall the 'names' who were caught up in the Lloyds Insurance drama quite a long time ago now. Where they accepted an essentially unlimited liability to cover payouts they thought would never happen in return for the premium cash flow. It seemed like money for nothing until a few event required large payouts.
What I 'm saying is its an almost impossible task. If I buy a 5 year old car .... how on earth would I ever know if something has been changed. A 50year old car ..... Yeah, not possible
OK, maybe again I've used the wrong word. There are "many" non Australian insurance companies providing insurance to the Australian public.
I chose AAMI (QBE) for the new Peugeot 508 GT wagon as my money stays in the country. I was cheesed off that the "motoring enthusiasts" was not in any way interested in covering the Peugeot even though they were have / are the same parent company.
John
You only really know which represented good value after making a claim. Different experience by those insurers of claims from people in groups you fit into and with similar characteristics can vary. One insurer may have had bad experience with parts for a particular brand and knows it will cost them a fortune in rental car support etc. Maybe one is hungry for market share, another isn't or really doesn't want your particular type of business. Pick the one that suits your situation best. Not necessarily the cheapest.
I whole heartedly agree with you Shane.What I 'm saying is its an almost impossible task. If I buy a 5 year old car .... how on earth would I ever know if something has been changed. A 50year old car ..... Yeah, not possible
That's why we have the insurance ombudsman. Many find out just what they were / are covered for when the time comes to make a claim.
Read the terms and conditions before, not after.
John
AAMI is part of Suncorp. Unrelated to QBE. NRMA is no longer part of the road service 'club' but just a brand of IAG. All those listed entities have foreign parties on their share register. Allianz is a German company, but you are dealing with a local subsidiary and so much of your money remains in Australia even if profits go offshore and sty there to the extent Allianz if owned by non-Australians.
That’s not a fair question, given that you are generally talking to a customer service person! Now, if you managed to get to talk to the person who has the final say in the calculation of premiums, you might have a case for asking it.
Then again, you might be looking for a new insurance company.
I was loyal to the same company for my properties for 20 odd years, never made a claim.
Around 5 years ago they started to take the bend me over and.........(well you know the rest) approach.
Because of, (insert), floods, bushfires, Covid, alien attack, swarm of locusts, whatever f#cking reason they could pull out of their a#se, was the reason my premium was going up 30 odd%, no matter that I was never a victim to any of the reasons given.
Insurance companies are leeches, pure and simple.
A necessary evil.
Only solution would be for the government to offer insurance . But than again, whatever they touch seems to go down the drain; that leaves us between a dog (male) and a fire hydrant.
. But than again, whatever they touch seems to go down the drain; that leaves us between a dog (male) and a fire hydrant.I've never had a claim but from what I've seen of the aftermath of bushfires the cheapest isn't always the best and prompt on the ground support is invaluable.
Really?
GIO - originally stood for Government Insurance Office. In what world was it not a success story?
The NSW GIO had a monopoly on "Green Slips" before they were called that - 3rd party insurance was incorporated into the registration fee, and as far as I remember you had no choice. When GIO was privatised they lost the monopoly.
Yes, GIO did have a monopoly on 3rd party insurance in NSW. And, yes, you had no choice.
I don't remember if the privatisation of GIO that coincided with it losing the monopoly.
Interesting side note. We purchased a vehicle from South Australia last week and when the seller was completing the registration transfer section, I noticed that the 3rd party insurance providers, along with their premiums, were all listed on the rego renewal form. When you go to pay for your registration - online, post office, or wherever - you select which 3rd party insurance provider you want (I think by ticking the relevant box), and it looked like you pay one fee which covers the registration fee plus the premium for the 3rd party insurance provider of your choice. It seems so much less hassle!
QLD is the same, you elect your own 3rd party insurer.
At one stage Suncorp were sending out $40 gift certificates for swapping over to them when your rego was due.
Obviously that indicates there's over $40 of profit to be made on every single compulsory 3rd party policy in QLD, they are not going to give you $40 back and run at as loss.
Down here in the island state the CTP is paid at the same time registration fee is paid, which is so much simpler. We also only have one provider of CTP which is MAIB (Motor Accident Insurers Board) https://maib.tas.gov.au/