Insurance Companies Rant....

[z|gen]

slightly off topic, but anyone know an insurance company who will cover a quad bike? none of the mainstream companies seem to..not even under house and contents

[Emperor]

try classic cover insurance, my old boss got them to cover his 2 wheel motox

[strx7]

Had this on mine when i was with State.

My car 'lost some value' and premiums went up by over $100/pa.

Have a talk to Bay Finance (Tauranga based) very good to deal with

strx7's mrs works there

His mrs here... (hijacked his account) PS itsBay Insurance <click me

ALL premiums are going up unfortunately but an increase of $300pa is freakin ridiculous! definitely go in and have a go at someone about that.

Caged cars...
no mainstream insurance company will insure these but you don't want a mainstream insurer to cover your pride and joy do you?! Loudtoy you will be through Classic Cover by the sound of it - same as our cars - this is a great policy and I can help anyone wanting a quote for this type of cover.

Values and market values...
98% of policies are market value but will have a figure written on them which is the value that you or the companies 'red book' have provided. In the event of a total loss the loss adjuster will get a valuation done and the insurer will get one done, average will be offered as payout. If you disagree get your own valuation if you still disagree then keep getting valuation but the average of all valuations will still be taken in most cases.

Brokers vs Direct insurers...
Policy wordings and benefits are usually better through a broker as they have access to better policies! On renewal if your premium goes up they will shop around for you (all available options they have) and change your insurer if it will benefit you. In event of a claim they do all the hard work for you, if you disagree with a payout/outcome they fight the battle with the insurer - they work for you, not the insurer

Hope that helps - any questions feel free to ask me.

Megan.

[Alex B]

AMI at first on the phone said yes to insuring a GT-T even gave me a price, went into the branch to sort it out, got told they would insure no one under 25 with a turbo. Thought this was a little bit weird as they had just insured some friends of mine same age (22) with a GT-T.

Complained, got a phone call saying sorry we were a bit hasty, come and see us again....wtf, how can you go from a clear cut "no one under 25, to an maybe.

Now they don't want to know about insuring an Integra Type R, lower power. Maybe higher theft risk? Who knows anyway....My problem is not with the non want to insure a young person with a fast car, its the inaccuracys in the storys between diffrent people that get me.

[Timmo]

haha funny- I clicked on the link out of curiosity and it wasn't until I saw the Bay Insurance logo that I realised I work about 5m from it (at Rayonier above)

[strx7]

haha funny- I clicked on the link out of curiosity and it wasn't until I saw the Bay Insurance logo that I realised I work about 5m from it (at Rayonier above)

are you's the foresty guys with the white hilux's?

[Timmo]

That's the one

(I don't get a Hilux though...well, only when I need one)

[strx7]

one of the hilux's rubbed along the rear guard of our supra when one of them was attempting to park last year.....

[Timmo]

Hmm sorry to hear that....if it is any consolation it wasn't me (I only started working here at the start of the year)

[strx7]

Hmm sorry to hear that....if it is any consolation it wasn't me (I only started working here at the start of the year)

His mrs here again... thats all good I was a bit peeved at the time but they may not have even realised it had happened I guess. Quite funny that you are only upstairs, small world!


Haven't had any e-mails requesting a quote yet... >>megan@bayinsurance.co.nz<<

[bs]

Hmm sorry to hear that....if it is any consolation it wasn't me (I only started working here at the start of the year)

His mrs here again... thats all good I was a bit peeved at the time but they may not have even realised it had happened I guess. Quite funny that you are only upstairs, small world!


Haven't had any e-mails requesting a quote yet... >>megan@bayinsurance.co.nz<<

You do now!

[xsspeed]

just renewed mine through clic, gutted I didnt recheck this till just now!

[Leon]

how can you go from a clear cut "no one under 25, to an maybe.

Same way AMI had my friends Group A STI rally car covered with comprehensive insurance at exactly the same time I got written confirmation from the Wellington branch manager that AMI would not cover any caged car because 'it added cost to repairs to the car, and the premiums would not account for that'

ps: I made two of their staff cry when I visited them in person. That was a fun day. Then I went to Classic Cover and got insurance with them instead.

[DexGT]

ps: I made two of their staff cry when I visited them in person. That was a fun day. Then I went to Classic Cover and got insurance with them instead.

I'm starting to think your not the nice friendly person I thought you were ..................... instead your like one of those motorsport types

see you sunday

[dnalunchie]

yea mine went up about $300 bucks buts thats cos i put it into another car...lol

twice

[Leon]

nice friendly person I thought

Note to self: Make Webster cry.

[DexGT]

ps: I made two of their staff cry when I visited them in person. That was a fun day.

Note to self: Make Webster cry.

I'm sensing a pattern here

[MAD FX]

So just thought I'd add something here...I work in insurance, have done since 2001, been through the market cycles, done personal lines, commercial, liability, know the industry very well and...

All insurers are losing money at the moment, there has been an influx of new players in the market and all have been competing with lower premiums to grab market share and have relied on investment income to make up for the shortfall (insurance companies are actually investment companies, use the premiums to invest before they pay claims). Now, with the credit crunch and investment returns down they are all trying to return their books of business to a position of making an underwriting profit, ie from their actual insurance operations.

The worst hit books are funnily enough personal lines, they haven't put the rate increases through over the last few years when they should have, with the exception of Vero who started the process a couple of years ago. The biggest player in NZ is IAG (State and NZI) who are about to announce another loss, they will be pushing rates up in a big way over the next 2 - 3 years. The only real exception is AMI as they are a mutual, don't have to return a profit to shareholders.

Given the state of the market it could be worth taking the premium hit if you've been with them a few years, build the relationship and premium pool with one insurer so they'll look at claims more leniently, shopping around may save money in the short term but not work so well long term.

Other problem is with personal insurance no one stays in it for long so you often get muppets who don't know what they're talking about...

Also another nod to Bay Insurance, been dealing with them over the years and they are good operators, not one of the big corporates

Anyway, I guess I'm saying that the industry has been suffering for a few years and the premium increases are necessary, not a money grabbing exercise because they can, but thats just my 2 cents worth...

[snwtoy]

Given the state of the market it could be worth taking the premium hit if you've been with them a few years, build the relationship and premium pool with one insurer so they'll look at claims more leniently, shopping around may save money in the short term but not work so well long term.

Wait, you're saying that customer loyalty has an impact on the payout of claims?

[MAD FX]

Yep sure does...funnily enough the companies make commercial decisions and pay a lot of claims that aren't actual claims, based on customer loyalty and relationships with brokers and stuff...they're not actually evil corporations out to take your money, only fair go portrays them like that...