I'm in the process of rectifying some deceptive practices I've encountered this week, whilst renewing a policy.
Last year I agreed to price X for our tugs comprehensive insurance which included a figure of several thousand dollars for accessories. Having read the proposal I fulfilled my duty of care to the insurance company and disclosed anything relevant, and I paid the premium.
Here is deception 1. The company mailed my receipt with a "copy" of the policy. It looked exactly like the proposal in layoutetc etc so I filed it thinking all was completed. However they had changed the accessories figure to $1,,,, yes one bloody dollar.
In this years renewal proposal was the $1 figure (that's why I went back and looked at the last renewal) and a Product Disclosure Statement (PDS) for a farm vehicle.
So being inquisitive I rang the company and asked about the PDS and how this affected the market value etc etc. They had to seek advice and emailed me back that they couldn't give my a market value as it changed regularly, and as to the $1 who knows.
Here's the deception in progress now - insure with us again and we will list the vehicle as a farm vehicle when it's not and I haven't said it is,,, laughable in the extreme as market value is likely to be $10,000 or so.
So what to do???
I rang the underwriter and they were very surprised and shocked and I'm in the process of making a formal complaint.
Beware this deceptive process.
Bottom line NOW reinsured with my previous company who I was advised were out of business when my policy a few years ago was transferred to the deceptive practices company. Policy is now direct with major insurer/underwriter for $130 pa net saving, a $11,500 accessories value versus the $1, and a great market price $12,000 more than to be expected in normal circumstances (or about $35,000 more than if a "farm vehicle") on the roads towing the van 90% of the time.
BEWARE MY FRIENDS
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Why is it so? Professor Julius Sumner Miller, a profound influence on my life, who explained science to us on TV in the 60's.
yep - they will screw you. The other one is even if you insure for an agreed value (in other words you want to have your vehicle to be insured for say $70K and they charge you the premium accordingly, they will decrease that value 12 mnths later. They also change your premiums and excess without notifying you. The only way to look for these changes is to compare it to the previous year. If you buy a new vehicle, most will replace it with another new one if the original is written off in the first 2 yrs
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Cheers Bruce
The amazing things you see when nomading Australia
Baz,
I do not like market value, depending on where you look eg Red Book or XYZ or.... and then there is a range of values low and high to take their pick. Much prefer agreed value, and must be stated on the renewal.
Baz, I do not like market value, depending on where you look eg Red Book or XYZ or.... and then there is a range of values low and high to take their pick. Much prefer agreed value, and must be stated on the renewal.
Peter
Yes agree, but many have agreed value OR market value whichever is the lesser if I recall.
It is heavily weighted in favour of insurance companies.
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Why is it so? Professor Julius Sumner Miller, a profound influence on my life, who explained science to us on TV in the 60's.
