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Car insurance premiums

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Can anyone in the industry explain this to me?

5 year old car. Perfect nick, low low kms. No claims ever. Max NCB. Nothing has changed since last year

Agreed value: down 6% on last year

Comprehensive premium: increase 23% on last year.

This is through the manufacturers own ins co, up to now, been sig cheaper than the major ins cos, even with this hike they are still cheaper. I emailed them and got a robo answer as to why the premium has jumped so much. 

Any clues from anyone in this field?

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9 minutes ago, Parkside said:

Can anyone in the industry explain this to me?

5 year old car. Perfect nick, low low kms. No claims ever. Max NCB. Nothing has changed since last year

Agreed value: down 6% on last year

Comprehensive premium: increase 23% on last year.

This is through the manufacturers own ins co, up to now, been sig cheaper than the major ins cos, even with this hike they are still cheaper. I emailed them and got a robo answer as to why the premium has jumped so much. 

Any clues from anyone in this field?

Floods in NQ.

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3 minutes ago, Parkside said:

Affecting policy in suburban sydney

They have to cover their losses somewhere. The same thing happens after most large Insurance hits.

What was their robo response giving as the reason?

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I get that. They should just say that in their response instead of this 

Your premium is based on the likelihood of a claim being made on your policy in the future, and a number of factors are used to calculate this, including but not limited to:

Pricing factors, changes in business costs, policy options, safety and theft statistics, vehicle details, address, age, vehicle usage, etc.

 

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Simply, there is no reward for loyalty.

I knocked 40% off my proposed renewal premiums by going to a different provider under the same umbrella insurer.

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I've been dealing with this too today for our little 2012 Yaris.

2 yrs ago, premium with Youi was $600 (covers our daughter who is under 25 driving also).  Next year it jumped to $800.  I rang them and asked them why it had jumped so much when the market value of the car had fallen.  They reduced it back to $600-ish.  Told me they just automatically increase it every year unless you ask.

This years renewal arrived y'day - $750.  I got some online quotes from Budget Direct and can get the same deal for $450.  So Monday, I'll be telling Youi to match that or we walk.

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Mate......   renewed a property insurance in February 2019 on a property through CBA insurance for $1400.   Changed the ownership structure in March 2019.  totally owned property before and after, no mortgages so rang re the policy and ownership change. Had to cancel it, rather then just transfer it across which sh!tted me as the GIO has just let me do that with other stuff but this was CBA.....long story short, now $1900.   Questioned on the $500 increase in less than 30 days, did I say 33% more in less than thirty days, unexplainable......  needless to say, I changed companies.  Was just dumbfounded.

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Come back when you see 200%+ increase like I had on a landcruiser years ago.  Had $800 in the first year, second year was $2,300.  Suncorp claimed they were giving discounts to get new customers the year before.  Rung around and got it for $680 or similar elsewhere.  Seems to be the strategy of companies to just pick a percentage of customers, hike up the prices and expect a good portion of them not to notice and be prepared to lose those that do.  Plenty of home owners didn't wake up to the RACV upping the home insurance on a lot of suburbs in Melbourne to over $9,000 per annum back in 2010 until people started to see their bank accounts getting drained

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Yep I have learned u need to check everything yourself every year, can’t even rely on the ferret websites etc. disappointed as the Prado has been insured with Toyota insurance for 4 years and they’ve always been way cheaper even with an 18 year old named driver. They are now within $20 of 2 other companies and I’ll go with the cheapest

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1 hour ago, Parkside said:

They are now within $20 of 2 other companies and I’ll go with the cheapest

I’d go with the best policy in that case. 

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6 hours ago, Parkside said:

Comprehensive premium: increase 23% on last year. This is through the manufacturers own ins co, up to now, been sig cheaper than the major ins cos, even with this hike they are still cheaper. I emailed them and got a robo answer as to why the premium has jumped so much. 

81,000 claims for hail damage apparently - that's gotta hurt.

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48 minutes ago, trinube said:

81,000 claims for hail damage apparently - that's gotta hurt.

Yeah, I remember now that ours went up markedly after the storm here a few years ago. Hailstones as big as tennis balls falling in the CBD during afternoon peak hour. Cars were just stuck in traffic being literally smashed to pieces. According to the insurance council, there was over $1.1B dollars damage, and a number of people ended up in hospital.

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Same over here. We lived right in Winchester town, rented place with no parking, sometimes the cars were parked 4 streets away.   Low crime area in general but high chance of damage due to narrow streets, vans, parking damage etc.

Now we live our own place, outskirts of town,  double driveway, garage, very very quiet area. Mrs FP's policy went down £88 and somehow, mine went up £26!

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We often swap insurers every year. Ie: NRMA, then GIO the next year, AAMI the year after, back to GIO, back to NRMA.....

The reason.... each year you are treated as a new customer and the rate is always cheaper. Message here is no loyalty for repeat business.

Their business model sucks.

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9 hours ago, IronmanFoz said:

We often swap insurers every year. Ie: NRMA, then GIO the next year, AAMI the year after, back to GIO, back to NRMA.....

The reason.... each year you are treated as a new customer and the rate is always cheaper. Message here is no loyalty for repeat business.

Their business model sucks.

I do this trick with my RAC  (breakdown) cover.  Let it expire, re-join after a few days as a new customer, don't even have to swap providers but get it at half the price of the renewal.  Crazy!

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On 22/03/2019 at 8:04 AM, IronmanFoz said:

We often swap insurers every year. Ie: NRMA, then GIO the next year, AAMI the year after, back to GIO, back to NRMA.....

The reason.... each year you are treated as a new customer and the rate is always cheaper. Message here is no loyalty for repeat business.

Their business model sucks.

How does that go with NCB?

NSF

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2 minutes ago, Notsofast said:

How does that go with NCB?

NSF

most of them just ask the question if you have had a claim with any insurer and if not you can access a NCB... some of them will increase that if you are with them for a period though..

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Ended up changing. That's banks, home and business finance, credit cards, car insurance in the last 3 months. Super is next.

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