I thought these people were supposed to find the best deals going!
Just got a quote from them for a CTP, $80 dearer than my normal provider.
JC.
GaryKelly said
03:38 AM Jul 6, 2013
Yeah, like that American insurance company that only does insurance on line - can't remember the name. But I got a quote on line and it was about $100 dearer than NRMA!
Wombat 280 said
04:40 AM Jul 6, 2013
Since when does anyone in the insurance industry do you a deal and certainly not a broker
neilnruth said
05:33 AM Jul 6, 2013
JC I just go to the CTP comparison search facility on the net. After checking that we decided to stay with who we were with. You just fill in a few details about your car and you get about 8 quotes and you can also check what they each offer as 'extras'.
chaslib said
11:53 PM Jul 6, 2013
Hi there - In defense of the poor old misunderstood insurance broker (yep, I have one to thank for my superannuation payout!!) - they can only quote CTPs for the agencies that they hold. ie. if they are not an agent for NRMA, they can not quote NRMA (this applies to general insurance also). It is not necessarily a case of not getting the best price for you - it is getting the best price from the insurers that they have Underwriting Agreements with. Some CTP insurers only deal direct with the public. As neilnruth said - easiest to go online and compare and buy.
Cheers
justcruisin01 said
03:44 AM Jul 7, 2013
I was just courious to see how they compared with my regular provider, no comparason.
chaslib said
04:16 AM Jul 7, 2013
Brokers generally do come in more expensive than going direct. First - they are competing with insurers who operate online, or through the local bank or building society and the majority of these have lesser levels of cover and do not have the overheads and second there is that great little thing called a broker fee which can be anything from $0 to $500 depending on the type of insurance and the input and work needed to place the insurance. Where brokers come into their own is with business insurance and more so the "corporate" or high risk insurances, for example, caravan parks, amusement and tourist places. Many brokers do not like the mums and dads insurances (home and motor) because in todays economic climate people are happier to reduce their insurance coverage to save money and do shop around alot. Many brokers now days preferred to only accept home and motor insurance if there is commercial insurance involved or the person was an existing client. The work involved in doing the home and motor insurance was not worth the small income from it from commission and the broker fee. One thing is certain - if there is a problem claim, I would rather have a broker fight for me than do it myself! like everything in life, there are pros and cons.
Cheers,
D and D said
05:10 AM Jul 8, 2013
Interesting, in SA the government sets the premium and its the same for everyone - didn't know NSW had competitive arrangements.
chaslib said
06:06 PM Jul 8, 2013
When it comes to CTP insurance, it is pretty much standardised in the cover but the premium depends on where you get it from - wherever you get it, just ask the simple question "what does this cover me and everyone else involved for". It is in the areas of general insurance that you will find vast differences in cover (and the service provided). For an example, if you buy from an "insurance agent" then their responsibility is to the insurance company as they actually are working for them. If you buy from an insurance broker, then they are working for you - the consumer - and not for the insurance company. Lots of twists and turns in the insurance industry and there are many good and bad stories coming out of it.
I thought these people were supposed to find the best deals going!
Just got a quote from them for a CTP, $80 dearer than my normal provider.
JC.
Hi there - In defense of the poor old misunderstood insurance broker (yep, I have one to thank for my superannuation payout!!) - they can only quote CTPs for the agencies that they hold. ie. if they are not an agent for NRMA, they can not quote NRMA (this applies to general insurance also). It is not necessarily a case of not getting the best price for you - it is getting the best price from the insurers that they have Underwriting Agreements with. Some CTP insurers only deal direct with the public. As neilnruth said - easiest to go online and compare and buy.
Cheers
I was just courious to see how they compared with my regular provider, no comparason.
Brokers generally do come in more expensive than going direct. First - they are competing with insurers who operate online, or through the local bank or building society and the majority of these have lesser levels of cover and do not have the overheads and second there is that great little thing called a broker fee which can be anything from $0 to $500 depending on the type of insurance and the input and work needed to place the insurance. Where brokers come into their own is with business insurance and more so the "corporate" or high risk insurances, for example, caravan parks, amusement and tourist places. Many brokers do not like the mums and dads insurances (home and motor) because in todays economic climate people are happier to reduce their insurance coverage to save money and do shop around alot. Many brokers now days preferred to only accept home and motor insurance if there is commercial insurance involved or the person was an existing client. The work involved in doing the home and motor insurance was not worth the small income from it from commission and the broker fee. One thing is certain - if there is a problem claim, I would rather have a broker fight for me than do it myself! like everything in life, there are pros and cons.
Cheers,
When it comes to CTP insurance, it is pretty much standardised in the cover but the premium depends on where you get it from - wherever you get it, just ask the simple question "what does this cover me and everyone else involved for". It is in the areas of general insurance that you will find vast differences in cover (and the service provided). For an example, if you buy from an "insurance agent" then their responsibility is to the insurance company as they actually are working for them. If you buy from an insurance broker, then they are working for you - the consumer - and not for the insurance company. Lots of twists and turns in the insurance industry and there are many good and bad stories coming out of it.