Insurance Companies Rant....

[B1NZ]

Just wondering if anyone has had their insurance on motor vehicle come up for renewal recently and had a shock at increases?

I was saying a while back when the insurance companies where introducing the "no claims bonus for life" scheme that eventually everyone would have it and they would just increase everyone's premiums to compensate for this!

Well it seems to have happened, My car has lost some of its value (Which is to be expected over time) and the premiums have risen about $300P/A, will be going into a branch to abuse someone this week, If I don't get the outcome I want I will be shopping around for better value!

Interested to see if anyone else is having the same problems? I had this same problems a few years back with AMI Quadrupling my premiums for no reason

[FXGTV]

Wait, so your car has gone down in value AND they raised the premiums 300 bucks? I'd like to hear them explain the reasoning behind that one. $300 is a huge increase!

[Leon]

Time for fingers to do the walking ... get a different flavour of suck next year. Rage at them when they do the same thing in a years time.

[MrOizo]

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

[xsspeed]

My premium just dropped around $50.
Same value stated, although they also state that market value will be taken in the event of a full loss

[Mr Revhead]

market value will be taken in the event of a full loss

in other words they will pay out 1/4 of what you expect.

my premuim went up a coupla dollars and value went down $300ish

[Simon K]

Same value stated, although they also state that market value will be taken in the event of a full loss

As Warwick said, be prepared for a shock should this happen. I went through it last year and it's the standard proceedure for commercial policies(which I have). Was told my car would be paid out for market value instead of an "Insured value" which left me looking at being car/jobless with $4.5K.

One month worth of bouncing emails and that figure doubled after finding that my signwriting was also supposed to be covered seperately(had to get numerous quotes)

[AJz]

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

[xsspeed]

market value will be taken in the event of a full loss

in other words they will pay out 1/4 of what you expect.

my premuim went up a coupla dollars and value went down $300ish

A bit more than a quarter. Have already been through this process with previous car, hence why I added the market value statement. You will find this is the case with just about all policies unless you have tied them down to an "Agreed Value" (which more often than not comes with higher prmeiums). This differs to the stated value of the car that you tell them over the phone.

[rollaholic]

market value is a crock, in my experience it means two guys who are supposedly independent, but rely on the insurance companies for their living, come round and make up some BS as to why your car is not worth $&#$% all.

as far as i can see insurance gives you a deposit on your next car, and takes 'care' of any other mess you might have caused

[Bling]

Do you have the right to get your own valuations done though?

If you can 'prove' the market value of your car would have been X amount?

[xsspeed]

yep you can get your own valuations done, just has to be someone from an LMVD iirc

I was going to do this but needed new car ASAP so took the money.

Re the valuers being independant, I was chatting to our family friend who owns a car garage, who said that they are generally quite fair. I didnt think they were (especially when one valued my car at 7k and the other at 3.5k - average value taken) but I put that down to the fact my insurance was with NAC more than anything else (pricks)

[Mr.Phreak]

Do you have the right to get your own valuations done though?

If you can 'prove' the market value of your car would have been X amount?

http://www.iombudsman.org.nz/html/faqs/about_car.aspx

[Mr Revhead]

iv always had agreed value
market "value" is what they would expect to get if they sold the car at auction.
ie stuff all

[strx7]

market value is a crock, in my experience it means two guys who are supposedly independent, but rely on the insurance companies for their living, come round and make up some BS as to why your car is not worth $&#$% all.

Spoken like someone who's had dealing with them.

As suggested above, if you want a good deal on car insurance, ring Bay Insurance and ask for Megan, she'll suss you out a sweet deal

[Al]

Didn't you have this problem a while ago...

Can't say I've ever had insurance go up at renewal in the 11 years I've had a car, but the insurance for the Clio is over twice what I paid for the MR2 and goes half as fast

[B1NZ]

Didn't you have this problem a while ago...

Can't say I've ever had insurance go up at renewal in the 11 years I've had a car, but the insurance for the Clio is over twice what I paid for the MR2 and goes half as fast

I did, different insurance co, AE111 Levin premiums went from $700Pa to $1300PA with no claims etc.

Switched companies and was until recently paying $500pa for 97 STI

[Loudtoy]

Didn't you have this problem a while ago...

Can't say I've ever had insurance go up at renewal in the 11 years I've had a car, but the insurance for the Clio is over twice what I paid for the MR2 and goes half as fast

I did, different insurance co, AE111 Levin premiums went from $700Pa to $1300PA with no claims etc.

Switched companies and was until recently paying $500pa for 97 STI

Try JRI in New Plymouth. I got my race car insured thrugh them, agreed value and stuff all sweet all they needed was the details and a photo of it. Also insured for touring stages of rallys which is handy although am yet to do a rally in it. Cost was 361 pa which is good considering everyone else who i talked to either wouldn't insure it or if they would the price was over $1000 per year. All for a car that does most of it's travelling on a trailer!

[B1NZ]

Didn't you have this problem a while ago...

Can't say I've ever had insurance go up at renewal in the 11 years I've had a car, but the insurance for the Clio is over twice what I paid for the MR2 and goes half as fast

I did, different insurance co, AE111 Levin premiums went from $700Pa to $1300PA with no claims etc.

Switched companies and was until recently paying $500pa for 97 STI

Try JRI in New Plymouth. I got my race car insured thrugh them, agreed value and stuff all sweet all they needed was the details and a photo of it. Also insured for touring stages of rallys which is handy although am yet to do a rally in it. Cost was 361 pa which is good considering everyone else who i talked to either wouldn't insure it or if they would the price was over $1000 per year. All for a car that does most of it's travelling on a trailer!

yeah, I might try them as I will be going through them with the corolla in the next month or so once the cage is in because most insurance co's wont touch a caged car for some reason?

[jakesae101]

Didn't you have this problem a while ago...

Can't say I've ever had insurance go up at renewal in the 11 years I've had a car, but the insurance for the Clio is over twice what I paid for the MR2 and goes half as fast

I did, different insurance co, AE111 Levin premiums went from $700Pa to $1300PA with no claims etc.

Switched companies and was until recently paying $500pa for 97 STI

Try JRI in New Plymouth. I got my race car insured thrugh them, agreed value and stuff all sweet all they needed was the details and a photo of it. Also insured for touring stages of rallys which is handy although am yet to do a rally in it. Cost was 361 pa which is good considering everyone else who i talked to either wouldn't insure it or if they would the price was over $1000 per year. All for a car that does most of it's travelling on a trailer!

yeah, I might try them as I will be going through them with the corolla in the next month or so once the cage is in because most insurance co's wont touch a caged car for some reason?

with some of the mods on my car thats happening i will have to change companys im paying 1000 pa as it is for full cover anyway because its on there proformance car list because its supercharged