Just wondering if someone recently (post queensland floods) get their contents insurance?
We we with Suncorp paying around $300 a year for around $60,000 coverage. They have increase the premium from $300 to $420 (around 30%) which is a massive jump. So, not sure if its just them or simply throughout the industry.
Any thoughts?
mine had a massive jump as well…. (I don't live in Queensland, nor in a flood prone area) The woman on the phone said my postcode had been reassessed….
Sounded like crap to me…..
I think suncorp paid out most of the claims for the queensland floods. I guess they are trying to make money back. Hence, I am trying to look for an alternative.
Make sure whatever alternative you do find, does cover you for all definitions of flood… no point saving $120 and then losing $30,000 (just guessing, maybe even more), if a flood does come along and finding out you're not covered.
I do not like in flood risk area at all.
In this capitalist corporate world they simply chase profits at the expense of all (individuals, society as a whole, everyone). Therefore instead of taking a hit (considering they are playing a risk and probability game that you wouldn't need to claim) to the bottom line, or perhaps selling some of their substantial asset base, they simply put up prices to cover it.
It is happening everywhere now. Just look at water companies as an example. What used to be the council doing as much as possible with little, they now simply aim for "profit" at the expense of all else due to it being run by private companies. Anyone using AllConnex will know what I mean. Effing joke!
But private companies are cheaper and better… just ask the economists!
Totally agree.. I've yet to see a Private firm offer the same level service at the same price as the formerly Government owned/operated institutions managed to offer.
Electricity
Water
Telecommunications
Health
In every case, we've been told things would be cheaper and would be more reliable when we sold them to corporations… in every situation, the prices have soared and service levels have declined.
I had a look around. It seems AAMI was cheaper compared to NRMA or GIO.
AAMI is cheaper only for the first year. Once they have your records in their system it'll never be better than any other insurance for the successive years.
I have two cars and my home and content insurance with AAMI. Every year my total insurance costs are going up by around $450 without claiming anything from AAMI. When I checked they told me that it's my Post code being re assessed. True I am not living in a millionaire suburb. But I personally never had any accidents or losses in the suburb I live. Long back I have had two accidents when some other cars hit mine from behind when I was stopped at Traffic lights. Both occasions were in very expensive and good areas. Interestingly in both cases they were rich ladies :) Anyway they were also long back and not my faults.
The second car I have is worth about 2500 and last year it's insurance was $885 and this year the invoice came as $970. It's ridiculous as the car mostly sits inside garage and only goes out to pick kids from school on some days. I've now had enough with AAMI as well and currently shopping for insurance for next year.
In my opinion AAMI is better only in the first year.
I have to agree with AntMan76
its all about profit now.
Instead of recognising customer loyalty ( after 7 years with them) they increased our premium by almost 30 % as well as applied an additional $ 300.00 ( now 400.00 per claim) unreasonably but would not budge after I complained to the resolution department.
I took my business to NRMA last week - having a local office nearby - no need to talk to bad mannered call centre people with no customer service skills in Queensland who gave out different information each time - and would not recognise a wrongly dated manually data input in their system as a staff fault from their side , but instead counted it as a separate claim ( within the last 5 years - and as such one gets penalised by higher premiums- higher access )
Consumer be aware !!!
You'll find a lot of insurance companies increased their premiums quite substantially. If they didn't you can safely assume they were among those that refused to pay out. We had a big jump with NRMA.
I don't think I'd be happy with that sort of a jump in my excess harribo, especially without consultation. It's really an additional hidden increase in the premium itself when you consider that there's usually a higher premium attached to a lower excess.
Dont forget you can haggle with insurance compancies, espoecially with price beating. Ive gotten better offers with nrma and suncorp after btheir originbal quotes. Its only health insurance where this is difficult becuase the products are so varied.
Do you live in a flood risk area?
If so, it makes sense… you should pay more because you're more likely to claim!