Just thought that I should share this so as to highlight the benefit of negotiating for a better deal.
This time let us talk Insurance renewal fees. Just received the renewal notice for our 2001 Avalon Grande. So I decided to ring Coles Insurance who are part of W.F.I. (WESTFARMERS) ( we have WES shares) Their quote was $883 plus a $600 excess charge. Ok, Now I rang my long time insurer QBE whose renewal was ............Wait for it........... $331.12 up from $301.00 last year. Negotiated new price for this year as I had asked for the same price I paid last year and we settled on $306.05 . Now here is the best part. All of our 5 policies ( 2 vehicles - caravan- house - contents) with QBE carry a Nil excess This procedure of phoning for a reduced price applies to all our QBE renewal notices, and I save $$$$$$$$$$$$$ So folks, never pay the ticketed price. One phone call can save it all. They assumne that 80% of their clients will just pay the invoice. Jay&Dee
-- Edited by JayDee on Saturday 11th of June 2016 08:56:17 AM
jrg said
10:47 AM Jun 11, 2016
Similar experience we were traveling and missed the car insurance my fault renewal quote $748 (probably would have paid it) Car uninsured panic rang my insurancer phone quote being new policy $657 paid imediately .Get home to a letter saying their sorry to have lost my business pretty easy IMHO look after your excisting client base and we will stay.Anyway I saved $90 dollars
Brisand said
12:41 PM Jun 11, 2016
You should deal through a broker, they look around for you and get you the best conditions, and you would have still be covered by your broker if you were overdue, but remember if you shop around for the best price you are not experienced enough to know the best policy.
Also those like the other person on this site who wanted to pay the same amount as last year I assume would like to work for the same wage year in year out !
JayDee said
01:08 PM Jun 11, 2016
Also those like the other person on this site who wanted to pay the same amount as last year I assume would like to work for the same wage year in year out !
I guess that I could have left this alone, but like any business NEGOTIATING is what the deal is all about.
Give the service and the right price and one will always have a healthy business
Jay&Dee.
Plus a $ saved is $2 one does not have to earn.
rockylizard said
03:32 PM Jun 11, 2016
Gday...
Please just be VERY certain what is INCLUDED in the coverage AND what is EXCLUDED in the policy.
One should be purchasing COVERAGE for how one will be using the vehicle/van/motorhome/camper.
One should NEVER make the decision for an insurance policy on price alone. One only gets what one pays for.
Be VERY aware of the conditions under which the coverage is provided ... there is NO saving if the policy does NOT cover the way the asset will be used by by YOU.
Remember -caveat emptor - The principle in commerce that the buyer alone is responsible for assessing the quality of a purchase before buying.
It is too late to find out the limitations of the coverage of a policy after a claim is made.
Cheers - John
-- Edited by rockylizard on Saturday 11th of June 2016 09:16:07 PM
Alla said
08:58 PM Jun 11, 2016
Wise words from Rocky.
Just been doing this same exercise and had variations from $560 to $2940 (no, that is not a typo) all for the same insured value.
When I get the info on what the policy covers, the main thing I do with a PDF I concentrate what's NOT covered.
The other thing to come out of my enquiries is whether the policy shows "Agreed Value" or " Sum Insured" or "Amount Insured". The cheapest above rate was for "Sum Insured", which meant according to the consultant. that only the current market value of the insured van, if written off, is paid out during the period of insurance. not the figure shown on the policy
"Agreed Value" with these words stated on your policy, means the amount listed on your policy is the actual amount that is paid out. One could assume that perhaps the premiums for Agreed Value may always be more expensive than sum insured. So checking exactly what you are getting is paramount.
I am still looking as my renewal comes up in July and the premium is bound to go up while the insured value will be marked down!
Alan
JayDee said
09:27 PM Jun 11, 2016
We have been with QBE with the same policies for more than 10 years.
We have had to make a few claims, household fusion. No issues and nil excess.
Vehicles. Avalon has had 3 dings and all repairs, no issues and again nil excess.
And just recently, I was rear ended whilst driving the cruiser and again repairs and nil excess.
All vehicles also have a windscreen replacement and agreed value.
So I can only say... 10 our of 10 for QBE.
But like it is in life ...... In the end it is up to you who you choose.
Jay&Dee
hako said
02:48 PM Jun 12, 2016
Apparently QBE no longer carry a nil excess - I've just this moment completed a quote with QBE which ended up $396 for a $400 excess (no nil excess offered/available) - this is $70 dearer than my current Coles insurance taken out 2 months ago although Coles is $600 excess.....both premiums are about the same taking that into account.
Maybe they gave you nil excess as you have multiple policies and a reduced premium to boot.
Good Luck.
Mills said
10:35 AM Jun 13, 2016
Sounds like you are an Insurance Broker
regards
Mills
JayDee said
03:01 PM Jun 13, 2016
Denis, I just checked with QBE re our own insurance policies, and we have NIL excess on 4 of our policies and a $200 excess on the caravan. They wanted $99 waive the $200 van excess and that was for just 6 months as our van policy is due for renewal in December.
Therefore that is a no brainer as far was we are concerned.
Could well be that we have all policies with QBE and we are a long term client as well.
Glad to share info.
jay&Dee
Hylife said
11:32 PM Jun 17, 2016
Brisand wrote:
........
Also those like the other person on this site who wanted to pay the same amount as last year I assume would like to work for the same wage year in year out !
Wages has got nothing to do with it. Insurers will rip you for whatever dumb@rses will stupidly pay. Why would anyone want to pay more each year if your car is worth less? You've got to have rocks in your head.
If the value of the insured is reducing each year then so is a portion of the financial risk to the insurer and therefore so should the premium. Yet year after year folks insure their vehicles for market value and pay more each year. If it is your bricks and mortar home that is increasing in value you would understand premium increases, but on a vehicle, that's just nuts!
If we take car "X" and see that new it costs $35,000, would you expect a one year old model now only worth $30,000 to cost the same to insure as a brand new one worth $35,000 ? Of course not. Why? Because repair costs for fixable accidents will cost the same if it was a new or 1 year old, but a portion of that premium is calculated for a 'write-off' situation. For a write off, the insurance company financial risk reduces each year.
Switch to agreed value and if the financial risk has reduced then your premiums actually go down each year.
This time let us talk Insurance renewal fees.
Just received the renewal notice for our 2001 Avalon Grande.
So I decided to ring Coles Insurance who are part of W.F.I. (WESTFARMERS) ( we have WES shares)
Their quote was $883 plus a $600 excess charge.
Ok, Now I rang my long time insurer QBE whose renewal was ............Wait for it...........
$331.12 up from $301.00 last year.
Negotiated new price for this year as I had asked for the same price I paid last year and we settled on $306.05 .
Now here is the best part. All of our 5 policies ( 2 vehicles - caravan- house - contents) with QBE carry a
Nil excess
This procedure of phoning for a reduced price applies to all our QBE renewal notices, and I save $$$$$$$$$$$$$
So folks, never pay the ticketed price. One phone call can save it all.
They assumne that 80% of their clients will just pay the invoice.
Jay&Dee
-- Edited by JayDee on Saturday 11th of June 2016 08:56:17 AM
You should deal through a broker, they look around for you and get you the best conditions, and you would have still be covered by your broker if you were overdue, but remember if you shop around for the best price you are not experienced enough to know the best policy.
Also those like the other person on this site who wanted to pay the same amount as last year I assume would like to work for the same wage year in year out !
I guess that I could have left this alone, but like any business NEGOTIATING is what the deal is all about.
Give the service and the right price and one will always have a healthy business
Jay&Dee.
Plus a $ saved is $2 one does not have to earn.
Gday...
Please just be VERY certain what is INCLUDED in the coverage AND what is EXCLUDED in the policy.
One should be purchasing COVERAGE for how one will be using the vehicle/van/motorhome/camper.
One should NEVER make the decision for an insurance policy on price alone. One only gets what one pays for.
Be VERY aware of the conditions under which the coverage is provided ... there is NO saving if the policy does NOT cover the way the asset will be used by by YOU.
Remember -caveat emptor - The principle in commerce that the buyer alone is responsible for assessing the quality of a purchase before buying.
It is too late to find out the limitations of the coverage of a policy after a claim is made.
Cheers - John
-- Edited by rockylizard on Saturday 11th of June 2016 09:16:07 PM
Just been doing this same exercise and had variations from $560 to $2940 (no, that is not a typo) all for the same insured value.
When I get the info on what the policy covers, the main thing I do with a PDF I concentrate what's NOT covered.
The other thing to come out of my enquiries is whether the policy shows "Agreed Value" or " Sum Insured" or "Amount Insured". The cheapest above rate was for "Sum Insured", which meant according to the consultant. that only the current market value of the insured van, if written off, is paid out during the period of insurance. not the figure shown on the policy
"Agreed Value" with these words stated on your policy, means the amount listed on your policy is the actual amount that is paid out. One could assume that perhaps the premiums for Agreed Value may always be more expensive than sum insured. So checking exactly what you are getting is paramount.
I am still looking as my renewal comes up in July and the premium is bound to go up while the insured value will be marked down!
Alan
We have had to make a few claims, household fusion. No issues and nil excess.
Vehicles. Avalon has had 3 dings and all repairs, no issues and again nil excess.
And just recently, I was rear ended whilst driving the cruiser and again repairs and nil excess.
All vehicles also have a windscreen replacement and agreed value.
So I can only say... 10 our of 10 for QBE.
But like it is in life ...... In the end it is up to you who you choose.
Jay&Dee
Maybe they gave you nil excess as you have multiple policies and a reduced premium to boot.
Good Luck.
Sounds like you are an Insurance Broker
regards
Mills
Therefore that is a no brainer as far was we are concerned.
Could well be that we have all policies with QBE and we are a long term client as well.
Glad to share info.
jay&Dee
Wages has got nothing to do with it. Insurers will rip you for whatever dumb@rses will stupidly pay.
Why would anyone want to pay more each year if your car is worth less? You've got to have rocks in your head.
If the value of the insured is reducing each year then so is a portion of the financial risk to the insurer and therefore so should the premium. Yet year after year folks insure their vehicles for market value and pay more each year.
If it is your bricks and mortar home that is increasing in value you would understand premium increases, but on a vehicle, that's just nuts!
If we take car "X" and see that new it costs $35,000, would you expect a one year old model now only worth $30,000 to cost the same to insure as a brand new one worth $35,000 ?
Of course not. Why? Because repair costs for fixable accidents will cost the same if it was a new or 1 year old, but a portion of that premium is calculated for a 'write-off' situation. For a write off, the insurance company financial risk reduces each year.
Switch to agreed value and if the financial risk has reduced then your premiums actually go down each year.